Open to newer audit committee members and those who needed a refresher, Patricia Langiotti, Chair of the Director’s Enterprise Risk committee and former Audit Committee Chair for National Penn Bancshares, Inc., and Lawrence W. Schwartz, Audit Committee member for Annapolis Bancorp Inc. and Audit Committee chair for First Virginia Community Bank, led the Audit Committee Primer.
MONDAY | JUNE 9
9:30 a.m. – 10:00 a.m.
10:00 a.m. – 12:30 p.m.
Session I: Everything You Ever Wanted to Know About Audit Committee Membership
- Why an audit committee?
- What is the role of the audit committee and how has it evolved over time?
- Characteristics of high performing audit committees – What works? What doesn’t?
- Developing and Using the Audit Committee Charter: formulating your plan and using the charter to guide you on your way
- Discussion of Key Charter Elements
- Using the Charter to Discharge your Duties
- Typical meeting structure
- Primary Duties and Responsibilities of Audit Committee Members
- Managing Risk, Internal Controls
- Monitoring Legal and Regulatory Compliance, Reports from Third Parties, Financial Reporting
- Engaging and Monitoring Performance of Independent External Auditors
12:30 p.m. – 1:30 p.m.
1:30 p.m. – 4:00 p.m.
Session II: An Overview of the Roles and Responsibilities of an Audit Committee Member
- Compensation Oversight
- The Whistleblower Process
- Earnings Releases and Other Public Communications
- Bank Audit Committee’s Relationship With:
- Board of Directors
- Lead Independent Director (or independent chair)
- Other Committee Chairs
- Regulators and Examiners
- Bank Management
- The Director of Internal Audit
- The role of the Audit Committee Chairperson
- The Audit Committee’s role in Risk Management
- Formulating and formalizing your Risk Appetite and connecting this to your Strategic Plan
- When the Internal Audit Function is Outsourced or Co-Sourced
4:00 p.m. – 5:00 p.m.
Session III: The Changing Financial and Regulatory Environment
- New and Emerging Bank Audit Committee Concerns – What Keeps You Up at Night?
- Managing Asset Quality
- Goodwill Impairment
- The Art and Science of ALL Calculations
- Capital Adequacy
- The Competitive Marketplace and Impact on Risk
- Increased Regulatory Scrutiny
- Public Relations Challenges
5:00 p.m. – 6:00 p.m.
Reception for Peer Exchange + Primer Attendees
Sponsored by: WeiserMazars LLP