The panel discussed the impact of the Public Company Accounting Oversight Board Auditing Standard No. 5 on issuers’ establishment and maintenance of internal controls. Panelists also examined how audit committees organize through regular meetings, calendaring, and private sessions, and how they engage in continued education processes to meet their responsibilities. Also highlighted were the role of the audit committee in enterprise risk-management oversight and the experience of the audit committees in retaining their own counsel, including issues associated with attorney-client privilege.
The session was moderated by Foley Partners Arthur Bill and Michael Matthews as well as Barry Franklin of Aon Global Risk Consulting and Rich Herlin of Deloitte & Touche LLP. Panelists were Isaac Kaufman of Advanced Medical Management, Inc., James Kackley of Orion Energy Systems, Inc., and Michele Hooper of The Directors’ Council.