10th Anniversary: 2011 Financial Services Audit Committee Forum

2011 PwC Financial Services Audit Committee Forum

All segments of the Financial Services industry were represented at the 2011 event, with bank and insurance company attendees representing 67 percent.
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More than one-third indicated that Dodd-Frank and related regulations will create more roles that will blur the lines between governance and management.
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More than 50 percent believe that new capital standards from Basel and SIFI regulations present the greatest challenge for the financial services industry.
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Among the PCAOB's standard-setting projects, 49% of those polled said the project on auditor independence and audit firm rotation was of most interest to them in their role as an audit committee member.
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Many of those polled indicated basic knowledge of FATCA, while others had begun their analysis or had developed processes to address FATCA in their organization.
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Agenda

Welcoming remarks
 


Jim Flanagan Leader, US Financial Services Practice, PwC		 Ron Insana
Keynote address

Politics, policy and the economy: What issues on Capitol Hill mean for Main Street and Wall Street
Ron Insana, CNBC senior analyst and commentator		 Ron Insana
Panel 1
Washington update: What’s happening in Washington and what it means for audit committees
This panel discussed the recent turmoil in Washington and its impact on the financial services industry. Panelists addressed the hot-button issues in Washington, including the Dodd-Frank Act, the debt crisis and the coming election year – and how those on boards and in executive positions at financial services entities are likely to be impacted.

Moderator: Ron Insana, CNBC senior analyst and commentator
Panelists:
  • Catherine Bromilow, Partner, Center for Board Governance, PwC
  • Laura Cox Kaplan, Leader, US Government, Regulatory Affairs & Public Policy, PwC
  • Don Nicolaisen, Audit Committee Chair, Morgan Stanley
Panel 2
Current regulatory and standard-setting developments
Panelists in this session discussed some of the significant changes being considered by the SEC, FASB, and PCAOB - and how those changes have the potential to impact a variety of stakeholders in the financial reporting chain, including investors, audit committees, companies, and auditors.

Moderator: Michael Gallagher, Partner, Assurance Quality & Transformation, PwC		  
Panelists:
  • Denny Beresford, Legg Mason Audit Committee Chair; Ernst & Young Executive Professor of Accounting, Terry College of Business, The University of Georgia
  • Kayla Gillan, Leader, Quality Initiatives, PwC
  • Walter Ielusic, Vice President, Technical Center of Excellence Controller, General Electric Company
Luncheon address: The economic outlook: Making sense of recession and recovery
Marci Rossell, Former CNBC Chief Economist and Co-Host of SQUAWK BOX
 		 Marci Rossell

Industry sector breakouts

Asset management
This interactive session featured a regulatory update presented by Lori Richards, Principal in PwC’s Regulatory Practice, followed by two hot topic round tables discussions, facilitated by PwC partners. Discussion topics include risk management, contract review, valuation, complex instruments and trustee compensation. The session concluded with a panel discussion to highlight the key points of focus learned from the roundtables. 		Banking and capital markets
The Banking and Capital Markets session included multiple discussions on key issues impacting financial institutions and of interest to their audit committees. PwC partners provided insights and practical guidance on the continuing impact of Dodd-Frank and other regulatory developments, mortgage reform and their implications that boards should consider and financial reporting issues and requirements coming out of the SEC, FASB and PCAOB. 		Insurance
This session provided insurance company audit committee members with practical guidance and a chance to discuss with their peers current industry and regulatory developments that have impacted their companies' performance. PwC partners and guest speakers delivered insight into emerging risk, regulatory, and industry trends affecting corporate oversight.

Additional resources