Tapestry Networks - Midwest Audit Committee Network

Midwest Audit Committee Network

The Midwest Audit Committee Network is a regional extension of the Audit Committee Leadership Network in North America . The Midwest ACN is a group of audit committee chairs from leading companies based in Illinois, Indiana, West Michigan, Minnesota, Missouri, and Wisconsin. Members are committed to improving the performance of audit committees and enhancing trust in financial markets.

Convened by Ernst & Young's area leadership and produced by Tapestry Networks, the Midwest ACN meets quarterly, rotating among major cities in the region. Its private dialogues help develop practical insights and solutions to enhance the functioning of financial markets and strengthen relationships among the firm, leading companies and their directors.

Thought leadership created in Midwest ACN dialogues is captured and published by Tapestry to a wider audience in VantagePoint. Recent issues of VantagePoint from the Midwest ACN include:

Information technology governance (PDF) - July 1 , 2010
The Midwest ACN held its eighth meeting on June 8 in Chicago. Network members met to discuss information technology (IT) governance, including IT risks and projects, and working with the IT organization.

Special investigations and special committees (PDF) - March 11, 2010
The Midwest ACN held its seventh meeting on February 11 in Chicago. Network members met to discuss challenges and good practices for an audit committee chair involved in special investigations as well as circumstances that warrant the formation of a special committee.

A deeper dive into risk management practices (PDF) - November 2, 2009
The Midwest ACN held its sixth meeting on October 15 in Chicago. Network members used the meeting for a deep dive into current risk management practices.

Fraud and other corporate malfeasance (PDF) - June 15, 2009
Members met in Chicago to discuss the role of the board and audit committee in preventing, detecting, and investigating fraud and other corporate malfeasance.

Keeping pace in times of rapid change (PDF) - March 3, 2009
Midwest ACN members met in Chicago to discuss the challenge audit committees face in keeping pace with rapid changes in the regulatory, market, and economic environments.

The third meeting of the network was held in Chicago on October 7, 2008. The meeting focused on a broad set of topics, including the relationships of the audit committee with the internal and external auditors and implications of a move from U.S. Generally Accepted Accounting Principles (U.S. GAAP) toward International Financial Reporting Standards (IFRS). A summary of key themes discussed can be found here.
Maximizing the value of the audit and the internal auditor (PDF)
The evolution of internal audit (PDF)

Enterprise risk management: in search of a practical approach (PDF) - April 14, 2008
Members believe that enterprise-wide risk management activities are fundamental to a well-run corporation, and they discussed practical ways for boards and audit committees to effectively oversee these activities.

Enhancing audit committee effectiveness (PDF) - December 13, 2007
Members discussed the critical need for strong audit committee leadership, the best use of executive sessions, and the role of the audit committee in managing risk.

Midwest ACN members are audit committee chairs of non-competing companies based in the region with excess of $10 billion in revenues. Current member companies include:

Aegon USA

Archer Daniels Midland

Assurant

Baxter

Brightpoint

Covance

Hewitt Associates

Lockheed Martin

Molex

Morningstar

Office Depot

Simon Property Group