Mid-Atlantic Audit Committee Network

The Mid-Atlantic Audit Committee Network was a group of audit committee chairs from leading companies based in the Mid-Atlantic region. One of a group of regional audit committee networks that served as extensions of the Audit Committee Leadership Network in North America , the Mid-Atlantic ACN convened from 2004 to 2008.  The network provided a forum for audit committee chairs to hold private dialogues to help develop practical insights and solutions to enhance the functioning of financial markets and strengthen relationships among leading companies and their directors.  The network was convened by Ernst & Young and produced by Tapestry Networks. 

Thought leadership created in Mid-Atlantic ACN dialogues was captured and published by Tapestry to a wider audience in VantagePoint. Issues of VantagePoint from the Mid-Atlantic ACN include:

Keeping pace in times of rapid change (PDF) - May 6, 2008
Accounting pronouncements are coming increasingly quickly in the midst of the credit crisis and potential recession, and audit committees continue to be at the center of many emerging issues for corporate boards. Members considered the challenges of keeping pace in a rapidly changing environment, including: the potential unintended consequences of accounting changes and the need to focus on areas of greatest impact; the possible shift to international financial reporting standards; and the role of the audit committee as a catalyst for board attention.

Enhancing audit committee effectiveness (PDF) - November 30, 2007
Members discussed how audit committees can maximize effectiveness by focusing on the right issues and operating efficiently.

Navigating challenging situations (PDF) - July 18, 2007
VantagePoint explores how audit committees address unplanned issues that occur during the year, including fraud, litigation, and other challenging situations.

Information technology governance (PDF) - January 30, 2007
Network members explore information technology (IT) governance; IT risks and opportunities; the role of the board and the audit committee in IT oversight; and sources of expertise upon which both the board and audit committee can draw to understand IT issues.

The audit committee's relationship with the finance organization (PDF) - Oct. 4, 2006
An animated and insightful discussion among the members of the Mid-Atlantic Audit Committee Network unearthed several important themes, all with substantial implications for audit committee chairs.

Risk management: In search of a practical approach (PDF)
- May 8, 2006
VantagePoint discusses practical ways for boards and audit committees to oversee enterprise-wide risk management activities effectively.

Maximizing the value of the audit and the external auditor (PDF) - Feb. 16, 2006
VantagePoint discusses how external auditors deliver value primarily through the quality of their audit services, and stresses the importance of effective relationships between the audit committee, management, and the external auditor.

Shared Responsibility: The audit committee and the board (PDF) - Oct. 27, 2005
VantagePoint discusses the role of the audit committee within the board, how the committee and its members can influence the organization, and the need for audit committee members to be well educated on pertinent issues.

Section 404: Market and regulator reaction and the future of the internal audit (PDF) - June 21, 2005
VantagePoint discusses the reactions of financial markets and regulators to the first full year of Section 404 compliance. Additionally, given internal audit's substantial role supporting Section 404 work in many companies, members shared their perspectives on the role the internal audit function should play in the future.

Section 404: Reflections on year one (PDF) - April 8, 2005
VantagePoint reflects the combined views of the Mid-Atlantic and North Central Audit Committee Networks, focusing on final costs and potential benefits resulting from the first year of Section 404 implementation, and on ways to comply with Section 404 at lower cost and with less disruption in year two.

Enterprise Risk Management and the audit committee (PDF) - Mar. 16, 2005
VantagePoint explores the uneven corporate "journey" toward a more effective risk management paradigm, addressing delegation of oversight, how to structure often intuitive processes for identifying and prioritizing risk, and what disclosing risk tells investors and directors who are assessing management's decisions.

The changing face of the audit committee (PDF) - Jan. 4, 2005
VantagePoint examines the broader, deeper role demanded of audit committees, underscoring the need for general management expertise, self-evaluation as well as auditor feedback, and committee chairs who blend financial expertise with an appreciation for both financial and non-financial risks and compliance.

Section 404: Lessons learned and value earned? (PDF) - Sep. 22, 2004
VantagePoint discusses the rising costs and predominantly intangible benefits of Section 404 activities, concluding that large, well-run companies with effective internal controls have reason for optimism - compliance is a manageable task and the not surprisingly higher external costs of Section 404 will significantly decline over time.