More than three million people serve on boards and audit committees in the U.S. alone. But huge risks come with these coveted jobs. SEC scrutiny is at an all-time high, with boards and audit committees now held liable to for acts of fraud and other corporate malfeasance-even if they had no knowledge of wrong-doing in the organization.This essential guide mitigates the risks and dramatically increases the effectiveness of boards and audit committees by uncovering 10 crucial steps every governing body should take, including: * Cultivate independence * Build a balanced team * Leverage independent advisors * Address stakeholder concerns * Direct the external audit * Approach risk proactively * Spearhead fraud deterrence initiatives * Promote accountability * And more Comprehensive and practical, this book simplifies complex corporate governance standards, and helps readers satisfy the requirements of board service while protecting themselves and the organization.