Do you submit the audit committee minutes to the BOD for review?

Our audit chair approves our minutes and then reports the minutes at the next BOD meeting. So, yes.

The internal auditor drafts the audit committee minutes. The head of the audit committee reviews the minutes and approves them. He presents a brief verbal summary and the minutes to the board of directors.

We have a compliance officer sit in on the Audit Meeting and she does the minutes while I present the audit reports, etc. She does a rough draft of the minutes which we then send to the Audit Commmittee for approval. The approved minutes then go to the next Board meeting.

Generally, the minutes from all board level committees and the significant management committees (i.e. ALCO, Technology, etc.) should be presented to the full board for approval.

The Internal Auditor (Me) records and transcribes the minutes; they are approved by the Audit Committee Chairman at the next monthly meeting; then are presented a week later to the Board of Directors for their approval with a brief synopsis by the Chairman.

I (Asst. Auditor) take the minutes at the committee meeting, then they are approved by the chairman of the audit committee, then he presents them to the audit committee for approval, then they go to the BOD.

Are all banks required to have a formal audit committee, regardless of asset size?

It is my opinion that, depending on your regulator, you will probably almost always get criticized in someway, if there is no audit committee.

The level of critisism will depend of the size of your institution.

What we have found that works well for our bank, is that the audit committee meets an hour before the monthly board meeting. We have an executive assitant who is responsible for keeping all of the minutes (ALCO, Audit, Internal Loan, etc.) and all are subsequently approved by the BOD.