The New World of Audit Committees
Please join us for a discussion about the changing role of the public company audit committee. Since the enactment of the Sarbanes-Oxley Act in 2002, the responsibilities and the workload of audit committees have increased significantly. This trend shows no signs of abating. Audit committees today are often asked to assume a wide range of responsibilities beyond oversight of financial reporting and the work of the company's outside and internal auditors, including such matters as risk assessment, cyber security, legal and regulatory compliance, and special investigations. In addition, a series of regulatory measures could add new dimensions to the committee's work and alter the relationship between the audit committee and the outside auditor.
Location and Time
1875 Pennsylvania Avenue, NW
Washington, DC 20006
5:30p.m. - 7:30p.m.
Brian CroteauBrian Croteau is the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant (OCA) at the U.S. Securities and Exchange Commission. In this position, he plays a key role in the Commission’s work related to overseeing the activities of the Public Company Accounting Oversight Board (PCAOB), managing the resolution of auditor independence issues and ethical matters, and monitoring audit and independence standard setting internationally. He also provides advice and develops positions on issues related to performance of audits, including auditor independence, that are referred to the OCA due to their complexity or policy implications. Brian has also served as Senior Associate Chief Accountant in the Professional Practice Group of OCA during his previous tenure at the SEC from 2004-2007. Prior to returning to the SEC in June 2010, Brian was a Partner in the National Office of PricewaterhouseCoopers LLP (PwC) from 2007-2010.
Thomas W. WhiteTom White is a Partner the law firm of WilmerHale and also serves as the firm’s General Counsel. He has practiced corporate and bankruptcy law at WilmerHale since 1983 and is one of the firm’s leading practitioners in the area of corporate governance and disclosure. He also has extensive experience representing corporate and institutional clients in complex business transactions and has a special focus on legal aspects of accounting and auditing. Tom hosts WilmerHale's blog, Focus on Audit Committees, Accounting and the Law, which provides a legal perspective on developments in accounting standards, financial reporting, auditing and regulation of the accounting profession. Tom is Chair of the Audit Response Committee of the ABA Business Law Section and has previously served as Chair of the Law and Accounting Committee of the section. He is also a past Co-Chair of the National Conference of Lawyers and Certified Public Accountants. As General Counsel of WilmerHale, Tom advises the firm and its lawyers on ethics, compliance and business matters.
David MiddendorfDave Middendorf is the National Managing Partner of Audit Quality & Professional Practice for KPMG LLP where he works with the Vice Chair of Audit to lead a team of more than 800 Audit partners and 7000 Audit professionals. In this role, Dave is responsible for KPMG’s Department of Professional Practice, Inspections Group and Audit Quality Process Monitoring Group and oversees audit quality control, risk management, ethics and compliance for the practice. Dave joined KPMG in 1987 and was elected to the partnership in 1998. He spent two years in KPMG’s DPP in New York City researching and consulting on technical inquires related to the accounting and SEC matters from KPMG engagement teams around the world. He worked closely with the SEC staff and the office of the Chief Accountant. From 2003-2004 he was the managing partner of the Cincinnati office. Dave was elected to KPMG’s Board of Directors in 2009, and became Lead Director in 2013. Dave has served as the Lead Partner on clients such as The Home Depot, J.C. Penny and Macy’s
Cindy FornelliCindy Fornelli is the Executive Director of the Center for Audit Quality (CAQ). The CAQ is dedicated to enhancing investor confidence and public trust in the global capital markets by fostering high quality performance by public company auditors. As Executive Director, Cindy is responsible for carrying out the mission and vision of the CAQ’s Governing Board, which is comprised of eight leaders from public company audit firms, the American Institute of CPAs, and three independent public members. Cindy also serves on the Advisory Board of the Ira M. Millstein Center for Global Markets and Corporate Ownership, the Securities and Exchange Commission Historical Society’s Board of Trustees, the Audit & Risk Oversight Committee Advisory Council of the National Association of Corporate Directors, and the Accounting and Auditing Committee of the International Corporate Governance Network. Prior to joining the CAQ, Cindy was the Regulatory and Conflicts Management Executive at Bank of America. From 1998 to 2004, she served as Deputy Director of the U.S. Securities and Exchange Commission's Division of Investment Management. Cindy is a former securities lawyer and a member of the Washington, DC bar and the American Bar Association.