FraudCan Audit Committees Make a Difference

1
FraudCan Audit Committees Make a Difference?

• January 31, 2006
• The Princeton Club
• New York, NY

2
The Audit Committee Discovers Management Override
What Now?

• Moderator Dennis H. Chookaszian, CPA Ret.
  CNA Financial Corporation
• Board and Audit Committee member
• Panelist- Ronald L. Durkin CPA, CFE KPMG LLP
• Panelist- Dan Goldwasser Vedder, Price,
  Kaufman Kammholz, P.C.

3
The Audit Committee Discovers Management Override
What Now?

• Investigative techniques
• Who is the Board charged to protect?
• The legal responsibilities and liability
  exposures of the Board
• Likely ensuing events
• Who should be on the investigative team and who
  should lead it?
• Assume senior management is involved
• What disclosures should be made? When? To Whom?
• Should investigative findings be reduced to
  writing?
• Working with the Companys auditors
• Working with the Companys DO insurer