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#691155 - 02/22/07 04:21 PM Audit Committee Minutes
ESK Offline
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Joined: Dec 2006
Posts: 24
Washington
I'm trying to figure out a good way to record the AC minutes each month. In the past, we had a senior manager record the AC minutes but I was able to get that precarious situation reversed.

Now, I'm going with a digital voice recorder and trancribing the minutes personnally but I'm finding it more challenging than initially presumed -- with respect to both time and my mad transcription skills .

What are some of your solutions to record and transcribe minutes and if you've also been using a DVR, can you recommend a good easy-to-use transscription software?

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#691181 - 02/22/07 04:34 PM Re: Audit Committee Minutes ESK
A_G Offline
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Isn't the AC meeting with the internal auditor(s) at each meeting? Why not have him/her/them take the minutes?

Or maybe the Bank's secretary?
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#691184 - 02/22/07 04:34 PM Re: Audit Committee Minutes ESK
SavannahOne Offline
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Posts: 1,163
Georgia
Be careful with recordings of meetings in real time, they are subject to subpoena and can easily run afoul of state privacy laws.

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#691233 - 02/22/07 04:56 PM Re: Audit Committee Minutes SavannahOne
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
Take Savannah's Advice.

I vote Bank secretary. The auditor is a participant in the meeting. Shouldn't be taking notes or tallying votes.

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#691256 - 02/22/07 05:10 PM Re: Audit Committee Minutes Cornfed Turtle
#Just Jay Offline
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Cheeseheadland
We use the Bank Secretary.
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#692704 - 02/23/07 09:31 PM Re: Audit Committee Minutes ESK
BR549 Offline
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SC
I'm the Internal Auditor & I take notes during the meeting to prepare the minutes. As soon as I'm out of the meeting, I'm writing the minutes so everything is fresh in my mind. I find it easier just to do it myself since the Secretary would not know what needs to be recorded.

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#692729 - 02/23/07 09:47 PM Re: Audit Committee Minutes BR549
rlcarey Offline
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Galveston, TX
Or more importantly "what doesn't need to be recorded".
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#692734 - 02/23/07 09:50 PM Re: Audit Committee Minutes rlcarey
QCL Offline
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NW IL
I take notes on my laptop during the meetings.
But I do not lead the meetings. We're just restructured the department, so Audit is no longer my chief responsibility - compliance is.

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#692746 - 02/23/07 09:58 PM Re: Audit Committee Minutes QCL
rlcarey Offline
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Galveston, TX
mopn - are these the official minutes???

If not, no members of management should be allowed to take their own notes in these types of meetings (except making a notation on a to-do-list or something similar). All management notes are discoverable and you only want one version of what happened in the meeting.
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#692787 - 02/23/07 10:30 PM Re: Audit Committee Minutes rlcarey
QCL Offline
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I take the only copy.
They are the official minutes.
Should we be doing something different.

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#692838 - 02/24/07 12:24 AM Re: Audit Committee Minutes QCL
Countess Kiwi Offline
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Minnesota
Our audit committee chairman, an outside director, took the minutes of our meetings. I reviewed them before they were submitted for official records. Right or wrong???
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#692849 - 02/24/07 01:42 AM Re: Audit Committee Minutes Countess Kiwi
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Washington
Countess Kiwi, I'm not sure how one can physically preside over the meeting and take minutes at the same time (I know there's no way I could) but I don't know if there's a problem with what your chairman is doing.

In my situation, I consulted with a very wise manager of ours and decided to continue with the DVR route (I learned that as long as I get everyone's consent prior to recording, we should be okay). I also learned that the minutes at the core only require a few things -- the members in attendance, motions made and approved, and agenda items/actions that were actually 'done' during the meeting, though paying homage to the more 'sensitive' items that are discussed.

Here I was approaching it more like a transcript of the conversation flow which drove me mad trying to get a handle on it. What started off as over 4 pages long, only 20 minutes into it, I've trimmed back down to less than 2 pages for the whole hour-long meeting.

I'm back closer to sanity now.

Steve

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#692852 - 02/24/07 02:00 AM Re: Audit Committee Minutes ESK
Countess Kiwi Offline
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Minnesota
Our minutes almost never were longer than a page. We had an agenda, which carried over to the minutes. The minutes noted approval of the prior minutes, whether each item on the agenda was approved and who approved it, which members were in attendance, and when the next meeting was. Very basic and he used the agenda for a guide and made notes on it. The information I provided, audit schedule etc, was attached to the minutes for reference.
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Do what you can, with what you have, where you are.
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#692869 - 02/24/07 01:46 PM Re: Audit Committee Minutes QCL
rlcarey Offline
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Galveston, TX
MOPN - I think you are fine. The point that I was trying to make is that there should only be one set of minutes and that other than the official scribe, other participants in the meetings should not also be taking detailed notes.

As far as recording meetings, IMHO it is a very bad practice. Once recorded it becomes an official corporate record. Destroying a corporate record after the fact gets a little tricky in today's environment and I don't think that any bank wants every word uttered in these meetings to potentially be available to the public through discover.
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