We have been advised by the FDIC to form an Audit Committee. I am a one-person audit department. They have suggested that 2-3 outside directors also participate.

Can anyone tell me what items we would review or what should be agenda items? I don't know where to start.

Thanks.

Start with Internal Audit and Audit Committee Charters. IIA has some examples on their site. At our meetings, we briefly discuss the audits completed since the last meeting, where we are in completing the audit schedule, any investigations we did, etc. Quarterly the AC reviews the financial statements before release. Annually, they meet with the CPA's to approve their engagement, then meet with them again to go over their audit findings prior to the annual statement release.

In addition, you may want to go to the AICPA website and download their Audit Committee Toolkit which contains a lot of valuable information.

cinbo, PM me your BANK email address, I have some stuff that I can send to you.