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Strong Audit Committees: Complex Challenges, Fundamental Concepts
Lawrence W. Schwartz
Executive Summary Gathering information each year to refresh our tutorial for Bank Director’s annual Bank Audit Committee Conference, certain high-performing characteristics always seem to work their way into the conversation. While current events and trends should always inform audit committees’ thinking, the best performing committees are those that are not distracted from their essential tasks. The audit committee’s synthesis of the events, risks, market forces, and the committee’s understanding of the bank’s operating processes and outcomes are key to the committee’s successful oversight. Thoughtful, independent analysis of these complex and interconnected factors are essential for sound risk management decisions. Here...
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Lawrence W. Schwartz is a partner and director of specialty practice of PBMares, LLP, a 250-person MidAtlantic accounting firm. He has been a partner in CPA and business advisory firms since 1984. He chaired the audit committee for BankAnnapolis from its inception until 2010. He is a director and chairs the audit committee for First Virginia Community Bank, a $600mm community business bank headquartered in Fairfax, VA.