Audit committee effectiveness: What works best -
Video series

Co-authors, Catherine Bromilow and Don Keller, of Audit committee effectiveness: What works best address eight key issues in this video series to give you a better understanding of some of the topics covered in the book. These include financial statement oversight, risk management, financial reporting fraud, tone at the top, and bribery and corruption risk. They also highlight ideas to get more out of the committee's various working relationships - specifically with management, the external auditor and internal audit.

Best practices for overseeing financial statements delves into areas that give audit committees the advantage in gaining better understanding and visibility to core business issues which will enhance the effectiveness of the oversight role.
Risk management, including IT oversight provides specific considerations to audit committees who are involved with overseeing risk management to enhance their efficacy and thoroughness.
Assessing the risk of financial reporting fraud looks at the committee's role in reducing the likelihood of fraud and discusses specific preventative measures and red flags that require attention 1.
Corporate culture and tone at the top includes those steps a committee should consider in getting to the bottom of corporate culture and the tone established by the company's leadership team.
Bribery and corruption risk considerations dives into key issues audit committees should focus on to ensure bribery and corruption risks are being properly considered and mitigated in the company's control structure.
Relationships with management provides tips for committees to create a positive, trusting relationship with management while maintaining the necessary skepticism to ensure thorough,objective and insightful oversight.
Managing the external audit relationship includes ideas for committees to get the most out of their outside auditor relationship to better enable directors to leverage that relationship to the fullest possible extent.
Maximizing the value of internal audit addresses how to elevate the profile of the internal audit team and ensure the highest level of effectiveness for that critical role.

1 Association of Certified Fraud Examiners' 2010 Report to the Nations on Occupational Fraud and Abuse