Why you should attend
As we continue to see many new regulations from the SEC, PCAOB, CFTC and financial institution regulators, 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 in this new and rapidly changing environment. An expert faculty of public company directors who have served on audit committees, lawyers and CPAs who advise audit committees, and government regulators who oversee the audit and financial reporting processes 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
- Continuing impact of the Dodd-Frank regulatory reform legislation on financial reporting and audit committees
- Dealing with the host of new regulations from the SEC, CFTC and financial institution regulators - what audit committees need to know
- Key accounting developments: important changes in accounting for contingencies and GAAP/IFRS convergence update
- Changes at the PCAOB and proposed changes to auditing and auditor communication standards you need to understand
- How to build and maintain strong compliance programs
- The audit committee’s role in overseeing risk, especially IT 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.
Morning Session: 9:00 a.m. - 12:30 p.m.
9:00
Opening Remarks and Introduction
John F. Olson, Gene A. Capello, Catherine L. Bromilow
9:15
What's So Hard About Compliance Anyway?
- Compliance challenges in 2012
- Preventing C-suite fraud
- Regulatory enforcement issues
- Developments in Whistleblower Rules
- Compliance relationships with HR and other functions
Moderator: Gene A. Capello
Speakers: Alison T. Conn, Frank R. Jimenez, Vincente L. Martinez, Jeffrey D. Williams, Debra Wong Yang
10:15
Risk Issues that Keep Audit Committee Members Awake At Night
- IT-related risk: Cloud computing, cyber security and other risks
- Risks in social media
- Trade secrets
- Litigation contingency reporting
- Financial misstatements
- Reputational, product quality and environmental risks
Moderator: Gene A. Capello
Speakers: Mary R. “Nina” Henderson, Frank R. Jimenez, Debra Wong Yang, Michael R. Young
11:15
Break
11:30
PCAOB Developments: What’s Happening in the Auditing Arena?
- Concept releases - auditor independence and mandatory firm rotation
- Auditor communication standards
- Consideration of new reporting format
- Perspectives on what is happening in Europe
- What are the key issues that audit committees need to be focusing on in this area?
Moderator: Catherine L. Bromilow
Speakers: Michael J. Gallagher, Linda L. Griggs, Jay D. Hanson
12:30
Lunch
Afternoon Session: 1:45 p.m. - 5:00 p.m.
1:45
SEC Developments: What Audit Committees Should Be Focusing on Today
- Dodd-Frank rules impacting audit committee responsibilities
- Impact of recent judicial decision on SEC rulemaking
- Duties of, and cases against, audit committee members (Point Blank)
- Key SEC staff comment letter concerns for 2012
Moderator: John F. Olson
Speakers: Michael J. Gallagher, Jay D. Hanson, Mark Kronforst
2:45
Break
3:00
Financial Reporting: How to Educate the Audit Committee
- Key recent SEC disclosure guidance
- Future of IFRS
- Convergence standards progress
- Status of Revenue Recognition, Leasing, Financial Instruments standards
- How can audit committees better understand complex financial reporting standards
Moderator: Catherine L. Bromilow
Speakers: Susan M. Cosper, Teresa E. Iannaconi, Mark Kronforst
4:00
Ethics Issues for Audit Committees and Their Advisors
- When does an audit committee need its own lawyer?
- If the audit committee hires a lawyer, who is the lawyer’s client?
- When is a second opinion from another audit firm advisable?
- How much can audit committees rely on reports and assurances of company managers?
- When should audit committee members recuse themselves?
- When does an audit committee need to conduct an independent investigation?
- Why do audit committee members get sued?
Moderator: John F. Olson
Speakers: Peter J. Beshar, Debra Wong Yang, Michael R. Young
Co-Chair(s)
Speaker(s)
Peter J. Beshar ~ Executive Vice President and General Counsel, Marsh & McLennan Companies Inc.
Alison T. Conn ~ Assistant Regional Director, Securities and Exchange Commission, New York Regional Division
Susan M. Cosper ~ Technical Director and Chairman of the Emerging Issues Task Force, Financial Accounting Standards Board
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
Vincente L Martinez ~ Chief, Office of Market Intelligence, US Securities and Exchange Commission
Program Attorney(s)
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: res.ny@warwickhotels.com.
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