Magazine : Archives : 3rd Quarter 2010
Front-burner Issues for the Audit Committee
When it comes to serving as audit committee chairman at BankAnnapolis, Carter Heim finds himself spending twice as much time at board and staff meetings compared with 2005, a few years before the financial crisis. One reason: increasing demands by regulators. One recent task included reviewing management’s efforts to meet regulator scrutiny on how the $434 million Maryland bank calculates its allowance for loan and lease losses. Regulators wanted more of an emphasis on recent performance, meaning the audit committee had to review how the bank was constructing its algorithms to estimate potential losses, which in turn would determine how...
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