I'm hoping some Chief Audit Executives or Directors might be willing to share some of their practices and expertise. My bank has grown substantially over the years and I want to make sure my practices are in alignment with others. I'm trying to figure out what is the appropriate balance between providing enough detail to the Audit Committee that they can meet the responsibilities assigned within their Charter but also not be too much in the details (Executive desire)? I also want to find a good balance for myself that I don't have to create a lot of additional documentation or reporting for just the AC meetings since the department already does so much writing/reporting internally. Below is a summary of what I currently provide to the AC. It would be super helpful to know what others are doing or if they have done something that really makes Executive management and the AC happy? Also, as an additional detail - we have very structured ALCO, ERM, Management Loan committees in place and those committees report to the Board of Directors - so my Audit Committee has no responsibilities/oversight directly for those areas (no overlap in reporting).
Meeting frequency -Every other month
1. Audit Plan - Dashboard (status of projects, what's in que, what's ahead, alignment with annual goal) etc.
2. Internal Audit Reports - For every audit performed, we provide a dashboard showing total # of findings, # agreed to by management, # with a corrective action plan, corrective action Gantt chart showing resource and remediation timeframe. We also scrub out all high risk items and talk through those observations one by one and the corresponding management response/action plan.
3. External Audit Reports - Again we scrub out all high risk items and talk through those individually one by one and the corresponding management response/action plan.
4. Audit Response Tracker - Semi-annual dashboard with graphs, trends. We scrub out all items that are aged 1 year+ and discuss each one of those individually and the updated corrective action plan.