I am preparing for my first audit committee meeting EVER! I have good overall idea of how the meetings should go, but my one question is....What types of things would the audit committee vote on? Do they vote on my recommedations or approve my reports?

I plan to review the audit reports and managment's repsonses, the current status in the audit plan, and any external or regulatory exams, and possibly the progress of unresolved findings from previous audits/exams.

Thanks!

They don't need to approve your reports. They should approve any audit plans.

Thanks!! The sample audit plan we have says that they should approve/reject my recommendations. I am not sure how I feel about this. An audit committee is a new thing for me and the bank.

I have had discussions within the audit committee regarding recommendations made, however I have never put them up for a vote.

Our Audit Committee votes to approve minutes from previous meetings;vote to approve policy, their charter and perhaps the audit plan

I present my audit & compliance report to the AC & full board each quarter. The full board votes to approve as presented. This will provide documentation in board minutes, they have been presented & approved.

Our Audit Committee approves the ALLL methodology each quarter and the inclusion of the financial statements in the quarterly filings.

Thanks everyone for your responses!

Historically, I have always had the Audit Committee approve their charter, audit policy, audit pre-approval policy, meeting minutes, audit schedule, Sox key controls, annual financial statement (before published), and external auditors. The charter and policies roll up to the Board for approval. The Audit Committee meeting minutes also are included in the Board packet for their awareness.

Many things are presented to the Audit Committee but they do not require their approval however they are documented in the meeting minutes. Examples include ALLL calculation and risk assessments.

I don't think their is a right way or a wrong way. You just want to make sure you are providing your Audit Committee everything they need to do a good job for your bank. And above all be sure everything is documented in the meeting minutes.