This is a webcast of the live New York session.Why you should attend
As we continue to see many new regulations from the SEC, PCAOB and financial institution regulators, we also continue to see numerous challenges emerge for the audit committee. If you are a director or member of an audit committee, or if you advise audit committees, this program will help you understand what is required of the audit committee, and those who advise them, in this rapidly changing environment. You will hear from an expert faculty of public company directors and audit committee members, lawyers and CPAs who advise audit committees, and government regulators who oversee the audit and financial reporting processes. Each panel will offer practical advice based on real-world examples to give you the information and tools you need to successfully perform and meet the many challenges facing audit committees and boards today.
What you will learn
- The most important developments in the past year for audit committees, including SEC and PCAOB developments
- Continuing impact of the Dodd-Frank regulatory reform legislation on financial reporting and audit committees
- Dealing with the host of new regulations from the financial institution regulators - what audit committees and their advisors need to know
- Key accounting developments: important changes and GAAP/IFRS convergence update
- How to build and maintain strong compliance programs
- The audit committee’s role in overseeing risk
- Ethical issues arising when advising audit committees
Special Features
- One full hour of ethics CLE credit
- Interactive panels
Who should attend
Public company directors, audit committee members, lawyers, CPAs and other public company advisors will take away valuable practical information and skills necessary to succeed in the current financial reporting environment.
PLI Group Discounts
Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.
PLI Can Arrange Group Viewing to Your Firm
Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.
Cancellations
All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.
All times are E.D.T.
Morning Session: 9:00 a.m. - 12:30 p.m. (E.D.T.)
9:00
Opening Remarks and Introduction
John F. Olson, Gene A. Capello, Catherine L. Bromilow
9:15
SEC Developments You Need to Know About
- Latest SEC staff guidance on financial reporting, controls and risk disclosure
- The SEC rulemaking agenda for 2013
- What the SEC expects of audit committees
- Recurring issues identified in Corp Fin review
Moderator: John F. Olson
Speakers: Michael J. Gallagher, Jay D. Hanson, Mark Kronforst, Donald T. Nicolaisen
10:15
PCAOB Developments: What’s Happening in the Auditing Arena?
- Continuing focus on auditor independence and skepticism
- Where does mandatory firm rotation stand - both in the United States and abroad?
- Impact of new audit committee communications standard
- Focus on audit quality - PCAOB guidance
- Auditor reporting model
- Improving the transparency of audits
- How should audit committees evaluate the eternal auditors? - CAQ guidance
Moderator: Catherine L. Bromilow
Speakers: Michael J. Gallagher, Linda L. Griggs, Jay D. Hanson
11:15
Break
11:30
Financial Reporting Developments: What Audit Committees Need to Know
- Key recent SEC disclosure guidance
- What’s coming down the road in the next year? (progress of work on key convergence standards)
- Impact of key changing standards: Revenue Recognition, Leasing, Financial Instruments standards
- How can audit committees better understand complex financial reporting standards?
Moderator: Catherine L. Bromilow
Speakers: Linda L. Griggs, Donald T. Nicolaisen
12:30
Lunch
Afternoon Session: 1:45 p.m. - 5:00 p.m. (E.D.T.)
1:45
Compliance: What Audit Committees Need To Know
- Role of internal audit
- New FCPA guidance
- C-suite fraud
- Crisis management
- Challenges and best practices for 2013
Moderator: Gene A. Capello
Speakers: Mary K. Bush, Frank R. Jimenez, Debra Wong Yang
2:45
Break
3:00
Risk Management: A Full Plate - But is it Too Much?
- Financial statement risk
- Earnings management
- Cyber security
- Limits to audit committee responsibility for risk management
- Auditor communications
Moderator: Gene A. Capello
Speakers: Mary K. Bush, Frank R. Jimenez, Mary R. “Nina” Henderson, Michael R. Young
4:00
Ethical Challenges for Audit Committees and Their Advisors: Look Out…the SEC and DOJ are Watching!
- How to deal with tough disclosure and financial reporting issues without getting your fingers burned
- When does the audit committee need its own counsel? Outside audit advice?
- What do you tell, to whom to you tell it and when as a problem issue emerges?
- To whom is legal counsel responsible? External auditors?
- Common pitfalls; how audit committees and their legal and accounting advisors get into trouble
Moderator: John F. Olson
Speakers: Peter J. Beshar, Mary R. “Nina” Henderson, Debra Wong Yang, Michael R. Young
5:00
Adjourn
Co-Chair(s)
Speaker(s)
Peter J. Beshar ~ Executive Vice President and General Counsel, Marsh & McLennan Companies Inc.
Jay D. Hanson ~ Board Member, Public Company Accounting Oversight Board
Mary R. "Nina" Henderson ~ Henderson Advisory, Former Corporate Vice President Bestfoods and President Bestfoods Grocery, Director/Audit and Investment Committee Member: CNO Financial Group and Director: Walter Energy Inc.
Frank R. Jimenez ~ General Counsel, Secretary and Managing Director, Government Affairs, Bunge Ltd.
Mark Kronforst ~ Associate Director (Disclosure Operations), United States Securities and Exchange Commission, Division of Corporate Finance
Donald T. Nicolaisen ~ Independent Director, Verizon, MGIC Investment Corp., Zurich Insurance Group, Morgan Stanley
Program Attorney(s)
PLI makes every effort to accredit its Live Webcasts. Please check the CLE Calculator above for CLE information specific to your state.
PLI's Live Webcasts are approved for MCLE credit (
unless otherwise noted in the product description) in the following states/territories: Alabama, Alaska, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois, Indiana
1, Iowa*, Kansas*, Kentucky*, Louisiana, Maine*, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, New Hampshire*, New Jersey, New Mexico, Nevada, New York
2, Ohio
3, Oklahoma, Oregon*, Pennsylvania
4, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia
5, Virgin Islands, Washington, West Virginia, Wisconsin, and Wyoming*.
*PLI will apply for credit upon request.
Arizona: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
Arkansas and Oklahoma: Audio-only live webcasts are not approved for credit.
1Indiana: Considered a distance education course. There is a 6 credit limit per year.
2New York: Newly admitted attorneys may not take non-transitional course formats such as on-demand audio or video programs or live webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
3Ohio: To confirm that the live webcast has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per biennial compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
4 Pennsylvania: A live webcast may be viewed individually or in a group setting. Credit may be granted to an attorney who views a live webcast individually. There is a 4.0 credit limit per year for this type of viewing. A live webcast viewed in a group setting receives live participatory credit if the program is open to the public and advertised at least 30 days prior to the program. Live webcasts viewed in a group setting that do not advertise at least 30 days prior the program will be considered "in-house", and therefore denied credit.
5Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, refer to your state CLE website or call Customer Service at (800) 260-4PLI (4754) or email: info@pli.edu.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.