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The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities by Ronald Kral, Sheila Moran

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CHAPTER TEN

Expect the Unexpected

FEW THINGS are worse than getting caught unaware, especially when it’s bad news. To protect shareholder value, boards must anticipate not just bad outcomes through active risk management but also crisis response so that bad news is addressed swiftly. In this chapter, we outline crisis-management and crisis-media plans, board-level fraud responses, and succession planning principles to ensure continuity in two key management roles that affect the audit committee: the chief financial officer and the chief audit executive.

The Need for Crisis-Management and Crisis-Media Plans

Headline news related to ethical scandals derailed the succession plans of two well-respected business titans, Warren Buffett and Rupert ...

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