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#950341 - 04/27/08 03:57 PM Audit Committee Agenda
Trap31 Offline
New Poster
Joined: Mar 2007
Posts: 11
Hello,

I am new to compliance and am preparing for my first Board Audit/Compliance Committee meeting. Would anyone be willing to share a standard agenda that you use? I'm looking for topics of discussion other than audits, exams and SAR's.

Thank you
Last edited by Poulsbo Banker; 04/27/08 03:57 PM.
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#950395 - 04/28/08 12:05 PM Re: Audit Committee Agenda Trap31
DeeQ Offline
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DeeQ
Joined: Dec 2002
Posts: 40,763
Turnpike Exit 10
Monthly Compliance Report format:


1. Compliance Program:

Compliance risk is defined as the risk to earnings or capital caused by the non-conformance with or violation of laws, rules, regulations or internal policies and procedures. The bank’s compliance with applicable laws, regulations and policies is monitored on a continuous basis. Any deviation from such is deemed serious and remedied immediately. Department Heads have reported no such violations.

Additionally, ongoing training for all personnel helps to mitigate compliance risk. Any new service or product that the Bank will offer will be implemented with compliance of the applicable laws and regulations in mind.

2. Training:

• Online training is continuous.

3. Compliance Reviews:

Internal – Systems and procedures are currently in place within the bank to ensure ongoing compliance with applicable laws and regulations.

•

External –

•

4. Other Compliance Issues:

•

5. Monthly BSA Report:

•
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Get your facts first, then you can distort them as you please. - Mark Twain

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#950397 - 04/28/08 12:09 PM Re: Audit Committee Agenda DeeQ
DeeQ Offline
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DeeQ
Joined: Dec 2002
Posts: 40,763
Turnpike Exit 10
Monthly Audit Committee Report format:


I. Meet separately with ...

II. Review of March Compliance Report

III. Review of the March 2008 bank reconciliation summary concluded that all...

IV. The following audits were acknowledged as complete for the month of April 2008:

V. The following are other issues and updates to comments from prior period Audit Committee Meeting:

VI. Along with performing continuous examinations for the Bank, the following were also performed:

NEXT Committee meeting date:

_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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#950411 - 04/28/08 12:46 PM Re: Audit Committee Agenda DeeQ
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
I'm not an auditor and have never been one. But I will offer one suggestion for your first meeting -- Start with a very brief self-introduction. Be prepped with a bio sketch of the people who will be in the room, if you don't know them already. In your self introduction, don't over-promise, but do introduce any initial plans you have to change whatever was being done in the past, if you have those plans well-documented and have already given management and/or the audit committee a heads up on them. Don't use the board meeting to announce anything that will cause embarrassment or surprise to those with whom you will have to work.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#950461 - 04/28/08 01:58 PM Re: Audit Committee Agenda John Burnett
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,398
Florida
I agree with everything said.

You may want to read over previous minutes from the committee to provide some background guidance on what the Audit Committee is accustomed to. Also, if they have been on the Audit Committee before, ask them for some guidance on what they consider important, and potentially some expectations. They may feel comfortable with the format and not want to change anything.
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Integrity. With it, nothing else matters. Without it, nothing else matters.

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