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#1622572 - 11/01/11 02:18 PM Auditng Board Packets
trinna Offline
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Joined: Oct 2003
Posts: 288
Has anyone had anyone experience with auditing the information given to their Board of Directors for review at their meetings? I would love a program for this but am having trouble locating one.

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#1622580 - 11/01/11 02:31 PM Re: Auditng Board Packets trinna
Cornfed Turtle Offline
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Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Don't know if this helps, but....most of what I look at in the BOD packets is specific to another audit. For example, in commercial lending, I might check to make sure they approved the lending policy and that they are getting the reports that the policy says they will. Same with audits of Insiders, Investments, ALLL etc.

Once a year, I review the annual packets to make sure we set a compensation committee, named executive officers, kept me on as the auditor (whew!), etc. There are some items in our state code that I check through. This isn't an audit though; I take our audit plan to the BOD once a year, and I look for these annual items at the same time.

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#1622589 - 11/01/11 02:42 PM Re: Auditng Board Packets Cornfed Turtle
osucpa Offline
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Joined: May 2011
Posts: 1,402
I verify certain information is presented to the BOD but in no way is it an audit.

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#1622592 - 11/01/11 02:44 PM Re: Auditng Board Packets Cornfed Turtle
A_G Online
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Joined: Jul 2004
Posts: 18,958
Other things to consider might include: who prepares the information, their independence, reliability of the source data (ie - sample test the accuracy of the information provided), and is the information given sufficient enough to adequately monitor and control risks?

I agree with cornfed that you should definitely look at any state requirements.
With the lights out, it's less dangerous.

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