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#2069874 - 03/17/16 09:16 PM Audits to the full BOD??
seas78 Offline
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Joined: Dec 2002
Posts: 21
Question, our CEO is trying to minimize the size of the Board packet. I am wondering if certain audits MUST go to & be approved by the full BOD, or if approval at Audit Committee level (& having full Board receive the Audit Committee Minutes) will suffice. Most of my audits do just go to my AC, but wondering about my ACH Audit? RDC Audit?

I am thinking the Information Security Audit & BSA for sure need to be provided to the full BOD..

I want to pacify the boss of course, but I also do not want to pay the price when examiners come. Any feedback is appreciated!

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#2069973 - 03/18/16 05:10 PM Re: Audits to the full BOD?? seas78
RR Jen Offline
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RR Jen
Joined: May 2003
Posts: 3,760
Running and riding everywhere ...
Check your policies, but historically none of mine did. ($500 million OCC bank) Not even IS or BSA. The full board received an update from the AC Chair and a copy of the minutes each quarter. Our external auditors did meet with them annually at a meeting to discuss the audited financials at a summary level, but the detail was provided to AC.
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#2069998 - 03/18/16 06:17 PM Re: Audits to the full BOD?? RR Jen
Cornfed Turtle Offline
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Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Ditto here. Fed bank under $1B.

Minutes and summaries go the BOD. AC Chair updates them. I've been asked to show on occasion when the BOD wants details or discussion on a topic.

AC meets with the externals at least twice and they meet with the BOD annually. Very high level summary with the pretty copies.

Like Jen though, our polices state such id OK.

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#2070133 - 03/21/16 12:40 PM Re: Audits to the full BOD?? seas78
osucpa Offline
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Joined: May 2011
Posts: 1,406
All audits get presented to our Audit Committee, only the minutes get pushed to the BOD. Audit Chair updates the board. 1.5 billion size bank.

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#2070298 - 03/21/16 08:55 PM Re: Audits to the full BOD?? seas78
seas78 Offline
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Joined: Dec 2002
Posts: 21
We are 304 million. Policy is definitely part of the problem in regards to the bulk of items being sent (not just audit, but from IT, compliance, loan dept, etc.). I audit to policy & policy currently requires a lot of things to go. I will make recommendations on policy changes, but want to be sure we do not stop sending things that examiners are going to expect to see being sent.

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#2070313 - 03/21/16 09:49 PM Re: Audits to the full BOD?? seas78
KPAP Offline
Member
Joined: Dec 2014
Posts: 59
Midwest
We're similar to some of the others, all audits go to our Audit Committee but only the minutes go to our full BOD. We're a 700 million OCC bank.

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#2071486 - 03/29/16 08:20 PM Re: Audits to the full BOD?? seas78
Quadspapa Offline
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Quadspapa
Joined: Aug 2002
Posts: 3,275
Quadrupletville, Texas
We're similar to some of the others, all audits go to our Audit Committee but only the minutes go to our full BOD (thank you examiner XXX). We're a 400 million FDIC bank.
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#2072053 - 04/01/16 03:06 PM Re: Audits to the full BOD?? seas78
renniks Offline
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renniks
Joined: Sep 2003
Posts: 2,162
New England
Small Bank--107 million. All audits go to the Audit and Risk Committee; the Committee Chair makes a report to the full Board. This seems to work with the examiners--FRB (and before that FDIC).

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