Understanding the Audit Committee's

Role and Responsibility

Watch the video (8 min)

Phil Livingston provides an audit committee overview and sets up the subject matter for the interviews that follow.

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Mike Cook talks about the responsibilities of the audit committee. He discusses financial reporting oversight, the importance of a strong, independent audit and the value of an effective internal audit function. MIke is an audit committee member with some top companies including Eli Lilly, Comcast, Dow and International Flavors and Fragrances.

Part Two of Mike's Interview in segments by topic:

One Key Thing to Remember for Fellow Audit Committee Members - "Make it effecient to make it effective"	Crisis Management for the Audit Committee	Overseeing the External Auditor
The relationship between the audit committee and the management team	Good meeting agendas	Best practices in meeting materials
Importance of Audit Committee private sessions	Risk management

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John Wulff is a leading financial executive serving on audit committees. He was the CFO of Union Carbide for many years, served on the FASB and is a current board member with Moody's Investor Service, Sunoco, Republic Financial and Hercules Corporation.

John talks about the audit committee's mission and its responsibility for risk management oversight.

Watch the Video (24 min)

Robert Swieringa, Dean of the Johnson School of Management at Cornell University. Bob is also a member of the General Electric audit committee and former FASB board member talks about his learnings and views of best practices.

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Phil Livingston's summary of the major regulatory requirements of the audit committee.