CONFERENCE FOR AUDIT COMMITTEES

Transcription

1 WELCOME TO THE 10TH ANNUAL CONFERENCE FOR AUDIT COMMITTEES November 25 26, 2014 OPTIONAL PRE-CONFERENCE WORKSHOP NOVEMBER 24: FUNDAMENTALS OF AUDIT COMMITTEE MEMBERSHIP KEYNOTE SESSION: Funding Our Retirement Sheraton Centre Toronto Hotel TORONTO, ON The most up-to-date and practical information available, including: benchmarking audit committee performance cybersecurity and privacy risk internal fraud risk oversight of financing and much more. Jim Leech, Former President and CEO, Ontario Teachers Pension Plan Program information is correct at time of print. For the most current information visit cpacanada.ca/cfac Bill Morneau, Executive Chairman, Morneau Shepell REGISTER ONLINE AT: cpacanada.ca/cfac

2 Leave this conference armed to confront the many challenges facing audit committees today. Conference Advisory Committee John Caldwell, Corporate Director Gigi Dawe, CPA Canada Mike Garvey, Audit Committee Chair Sue Matthews, Audit Committee Chair Pam Robertson, CPA Canada Who Should Attend chairs and current audit committee members who want to be more effective in their role CFOs, CEOs, and other senior executives who work with their audit committees CPAs, CAs, CGAs, CMAs, lawyers and other professionals who consult with audit committees prospective audit committee members who want to understand more about the role Why You Should Attend hear valuable insights on risk oversight receive practical guidance on how to deal with cybersecurity and privacy risk learn how audit committees can operate more effectively network with peers, members of audit committees from across Canada and professionals dealing with similar challenges This conference is for current and prospective audit committee members who want to get up to speed on emerging issues and to learn how to maximize their own effectiveness. It also provides a forum for exchanging ideas with colleagues and learning best practices. This year s conference covers important technical updates, along with discussions of the critical issues and challenges facing audit committee members. CPD Hours: All conference participants will receive 16 CPD hours. NEW FOR 2014 OPTIONAL PRE-CONFERENCE WORKSHOP Fundamentals of Audit Committee Membership Monday, November 24, am to 4 pm In this practical, hands-on workshop, you will learn the essentials to help you serve as an effective audit committee member. With like-minded professionals and our expert faculty, you will explore: roles and responsibilities of boards, audit committees, chairs and members differences between the boards and audit committees of public companies, private entities and not-for-profit organizations assessing the benefits and risks of serving, and how to mitigate the risks finding the right organization for you, and how to get asked to serve skills you will need to bring to the table putting it all into practice: experience a best practices mock audit committee meeting CPD Hours: All workshop participants will receive six CPD hours 2

3 agenda DAY ONE Tuesday, November 25, :30 8:30 REGISTRATION AND CONTINENTAL BREAKFAST 8:30 9:30 Opening Remarks and Keynote Address: Think Big: How to Harness Big Data to Drive Your Business Forward Speaker: David Corrigan, IBM Corporation 9:30 10:15 Overview of the Role of the Audit Committee: Strategy, Growth, Company Performance, Reporting and Risk Oversight Speaker: TBD 10:15 10:30 BREAK 10:30 11:15 Managing Relationships of the Audit Committee: Understanding the Different Perspectives of the External Auditor, Internal Auditor and the CFO Speaker: Maureen Sabia, Chairman, Canadian Tire Corporation Limited 11:15 12:00 Benchmarking Audit Committee Performance Speaker: Don Linsdell, Ernst & Young LLP 12:00 1:15 LUNCH 1:15 2:00 Managing Internal Fraud Risk: Culture, Occupational Fraud and Whistleblowing Speaker: Matthew McGuire, MNP LLP 2:00 2:45 Managing Cybersecurity and Privacy Risk: What the Audit Committee Needs to Know Speaker: Steven Leo, IBM Canada, and Sam Samarah, IBM USA 2:45 3:00 BREAK 3:00 3:30 Update from the Canadian Public Accountability Board (CPAB) Speakers: Brian Gabel, Canadian Public Accountability Board 3:30 4:15 Financing Options for the Business: How the Audit Committee Can Add Value Speaker: Scott Keyworth, CIBC Capital Markets 4:15 NETWORKING RECEPTION agenda DAY TWO Wednesday, November 26, :30 8:30 CONTINENTAL BREAKFAST 8:30 9:30 Keynote Address: Funding Our Retirement Speakers: Jim Leech, former President and CEO, Ontario Teachers Pension Plan, and Bill Morneau, Chairman, Morneau Shepell 9:30 10:15 The Increasing Cost of Being a Public Company: Does It Always Make Sense to Remain Public? Speaker: Jonathan Simmons, OMERS Administration Corporation 10:15 10:30 BREAK 10:30 11:15 The Future Direction of Corporate Reporting: Financial Reporting and Beyond Speakers: Karyn Brooks, Chair, Canadian Performance Reporting Board and Alan Willis, Alan Willis and Associates 11:15 12:00 An Overview of the Latest Developments in Accounting Standards, and How to Ensure Management Keeps You in the Loop Speaker: Linda Mezon, Chair, Canadian Accounting Standards Board 12:00 1:00 LUNCH 1:00 1:45 Succession Planning within the CFO Office, Internal Audit and Audit Committee Speaker: Mary Lou Maher, KPMG LLP 1:45 2:30 Assessing the Performance and Value-Add of the External Auditors Speaker: Axel Thesberg, Advisor, CPA Canada 2:30 2:45 BREAK 2:45 3:30 Not-for-Profit versus For-Profit Audit Committees: How Do the Challenges Differ in These Two Worlds? Speaker: Mike Garvey, Audit Committee Chair 3:30 4:15 The Role of Internal Audit: How It Can Support and Improve the Effectiveness of the Audit Committee Speaker: Carmen Rossiter, Centre of Excellence for Governance, Risk Management and Control, Schulich Executive Education Centre 4:15 CONFERENCE ADJOURNS Note: Agenda information is accurate at time of printing. For the most current conference information, visit: cpacanada.ca/cfac 3

4 SESSION DESCRIPTIONS Day One TUESDAY, NOVEMBER 25, :30 8:30 REGISTRATION AND CONTINENTAL BREAKFAST 8:30 9:30 OPENING REMARKS AND KEYNOTE ADDRESS: Think Big: How to Harness Big Data to Drive Your Business Forward We ve all heard of big data. But how many organizations are really using it to their advantage? Sadly, not nearly enough. While many organizations want to invest in analytics, not enough are investing in the data required for analysis. But there are some who have truly figured out how to gain insight and turn it into business value. In this keynote you will hear about the big data opportunity, learn how organizations have capitalized on it, and understand the typical-use cases and patterns they have followed. Speaker: David Corrigan, IBM Canada 9:30 10:15 Overview of the Role of the Audit Committee: Strategy, Growth, Company Performance, Reporting and Risk Oversight The audit committee provides assurance to the board through its oversight and monitoring of the organization s internal control system, corporate reporting process (including financial reporting), regulatory compliance and the effectiveness of the external and internal audit functions. But it also plays a key oversight role in other areas such as the growth strategy of the organization, development of key performance metrics to evaluate progress, and risk oversight. This session will set the context for the audit committee s developing mandate. Speaker: TBD 10:15 10:30 BREAK 10:30 11:15 Managing Relationships of the Audit Committee: Understanding the Different Perspectives of the External Auditor, Internal Auditor and the CFO Audit committees need to create, manage and sustain a complex set of relationships, involving the board of directors, the audit committee chair, management (particularly the CFO and the CEO), the external auditors and the internal auditor. Audit committees must also understand and manage the dynamic among their members. This is not easy and is time consuming, but it is the effectiveness of these working relationships that will do the most to ensure the integrity of a company s financial reporting and disclosures. This session will focus on managing these different relationships. It will also discuss how audit committees should set very clear expectations for themselves and for all the parties with whom the committee interacts, and have the courage to hold people, including themselves, accountable (should their expectations not be met) and to take corrective action if required. Speaker: Maureen Sabia, Chairman, Canadian Tire Corporation 11:15 12:00 Benchmarking Audit Committee Performance The activities of an audit committee and its interactions with management and the full board of directors vary significantly among companies. The purpose of the session is to provide participants with a perspective on the best practices of an effective audit committee in various areas including: nature and extent of information provided by management and internal audit; staying current with regulatory developments, and audit committee selfassessments, including financial literacy. 12:00 1:15 LUNCH Speaker: Don Linsdell, Ernst & Young LLP 1:15 2:00 Managing Internal Fraud Risk: Culture, Occupational Fraud and Whistleblowing Audit committees have broad responsibilities to oversee the management of risk, the safeguarding of the organization s assets and the report of management s stewardship to its shareholders and other stakeholders. These responsibilities are not new. But social media has often heightened the consequences of failure by putting additional pressure on audit committees and regulators alike. Based on current best practices, this session will offer pragmatic insight into how members of an audit committee should lead their organization in strengthening the tone from the top in setting up policies and procedures to minimize occupational fraud. Speaker: Matthew McGuire, MNP LLP 2:00 2:45 Managing Cybersecurity and Privacy Risk: What the Audit Committee Needs to Know Businesses are adopting mobile, social media, big data and the Cloud to analyze and share information at unprecedented rates. This influx of new innovation, technologies, and end-points pushes more and more business transactions outside company walls and completely transforms enterprise security as we know it. As the traditional network perimeter permanently dissolves, it is more difficult to defend company data from the increasing gaps in security, and to verify that users accessing data are protected. The questions are whether your company has the right policies and processes in place to manage the risk and, more importantly, who is providing the governance and oversight of the execution? Learn about the essential steps in managing IT risk, and how to ask informed questions. Speakers: Steven Leo, IBM Canada and Sam Samarah, IBM USA 4

5 2:45 3:00 BREAK 3:00 3:30 Update from the Canadian Public Accountability Board (CPAB) This session will highlight some of the recent developments at CPAB, which has issued a Protocol setting out how audit firms communicate CPAB s inspection findings to audit committees. Together auditors and audit committees build confidence in financial reporting. CPAB believes audit committees can also play a role in enhancing audit quality by moving along the continuum of compliance to governance and by influencing audit debates. Hear CPAB s thoughts on how audit is evolving and learn about CPAB s initiatives to improve audit quality. Speaker: Brian Gabel, Canadian Public Accountability Board 3:30 4:15 Financing Options for the Business: How the Audit Committee Can Add Value Should the audit committee mandate be broadened to include responsibility for the oversight of financing? Many audit committee members are uniquely positioned to be able to assess the enterprise s capital structure and to help develop future financing strategies consistent with the overall strategy for the business. Determining how to finance growth, finding the optimal capital structure, and assessing the tradeoffs of the various options, are areas where an audit committee can add significant value. This session explores the role of the audit committee in the oversight of financing. Speaker: Scott Keyworth, CIBC Capital Markets 4:15 NETWORKING RECEPTION Day TWO WEDNESDAY, NOVEMBER 26, :30 8:30 CONTINENTAL BREAKFAST 8:30 9:30 KEYNOTE ADDRESS: Funding Our Retirement Too many Canadians will face personal challenges in their retirement years. Companies will play a direct role in funding a major portion of the financial obligations, either through their own pension or retirement plans, federal and provincial pension plans or taxes. The speakers will provide their unique insights on the major issues, opportunities and possible consequences for Canadian business, in this wide-ranging area. Speakers: Jim Leech, former President and CEO, Ontario Teachers Pension Plan, and Bill Morneau, Chairman, Morneau Shepell 9:30 10:15 The Increasing Cost of Being a Public Company: Does It Always Make Sense to Remain Public? While there are many advantages for a company to operate as a public company, the focus on short-term growth (and quarterly results in particular) can influence the direction of operating and investing decisions that may not be optimal for the company. This session will compare the advantages and disadvantages of operating as a public company and contrast those characteristics with those of a private company. 10:15 10:30 BREAK Speaker: Jonathan Simmons, OMERS Administration Corporation 10:30 11:15 The Future Direction of Corporate Reporting: Financial Reporting and Beyond Some investors, regulators, and other stakeholders want reporting on matters beyond financials regarding an entity with which they are dealing. Some suggest that financial reporting is less useful in a complex environment in which intangible assets and other factors play a crucial role in value creation. Although the audit committee may take comfort in the accuracy of financial reports, stakeholders may want to look beyond backwardlooking financial reports to reporting that provides a more complete picture of long-term prospects, the organization s strategy and how the company plans to create value. This session will review information that could be shared and how the audit committee decides whether it is relevant for investors. Session speakers will debate how best to provide a clear and relevant picture of a company s financial condition and future prospects. Speakers: Karyn Brooks, Chair, Canadian Performance Reporting Board, and Alan Willis, Alan Willis and Associates 5

6 11:15 12:00 An Overview of the Latest Developments in Accounting Standards, and How to Ensure Management Keeps You in the Loop In the past year there have been several new and important amendments to accounting standards in Canada. This session will provide a high-level overview of the most important changes (and anticipated future changes) in IFRS, ASPE and Not-for-Profit standards. It will also provide advice to audit committee members on how to ensure management appropriately briefs them on issues around standards adoption and implementation. Speaker: Linda Mezon, Chair, Canadian Accounting Standards Board 12:00 1:00 LUNCH 1:00 1:45 Succession Planning within the CFO Office, Internal Audit and the Audit Committee: Falling between the Cracks? The relationship of the audit committee with the CFO and the internal auditor is fundamental to its ability to perform effectively. When the people in these positions change, it can have a significant effect on the audit committee. But how many audit committees are actively involved in succession planning with the CFO office and internal audit? Are audit committees missing an opportunity to be engaged in the talent management and compensation planning in these appointments? Learn about best practices in succession planning and how they can benefit the audit committee. Speaker: Mary Lou Maher, KPMG LLP 1:45 2:30 Assessing the Performance and Value-Add of the External Auditor A key oversight activity of audit committees is the annual assessment of the performance and effectiveness of the external auditor. Audit committees evaluate the quality of an audit by assessing the value of written reports from the auditor as well as other communications. They may particularly value communication that helps them to fulfill their governance responsibilities more effectively. The audit is a key element of the financial reporting process. It is therefore in a company s interest that audit committees explore means for enhancing the quality and value of audit. This session will explore a key unanswered question of how to define and assess a value-add audit. Speaker: Axel Thesberg, Advisor, CPA Canada 2:30 2:45 BREAK 2:45 3:30 Not-for-Profit versus For-Profit Audit Committees: How Do the Challenges Differ in These Two Worlds? The responsibilities of public company audit committees are considered to be well defined in the various corporations acts, regulators pronouncements and business literature. This is not always the case with the not-for-profit world, which is often where one begins as a board member and audit committee member. Fundamentally, the member s responsibilities are equally as significant as those in a public company, but they are often not as well understood. In not-for-profit organizations, particularly smaller ones, there can be a sense of informality among the board members and management alike that detracts from proper and careful oversight. This session will identify a number of these differences and offer suggestions for managing them. Speaker: Mike Garvey, Audit Committee Chair 3:30 4:15 The Role of Internal Audit: How It Can Support and Improve the Effectiveness of the Audit Committee An effective relationship between the audit committee and internal audit is fundamental to internal audit s ability to deliver value. Internal auditors assist in the audit committee s assessment of program effectiveness and the relevance of processes and procedures. As well, by monitoring and reporting on internal control, risk management, and governance processes, internal audit provides the audit committee with critical information about control issues and potential risks. This session will review best internal audit practices that move beyond a traditional monitoring role to explore ways to enhance value through a productive relationship between internal audit and the audit committee. Speaker: Carmen Rossiter, Centre of Excellence for Governance, Risk Management and Control, Schulich Executive Education Centre 4:15 CONFERENCE ADJOURNS CONFERENCE VENUE AND OTHER INFORMATION: Sheraton Centre Toronto Hotel 123 Queen Street West Toronto, ON Phone Hotel reservations are the responsibility of the participant. CPA Canada has arranged for a special conference rate of $ (plus applicable taxes). Early reservations are recommended. After November 5, 2014, or until our room block is full, reservations are accepted on a space and rate availability basis. Contact Starwood Reservations at Tel: Identify yourself as a 2014 CPA Canada Conference for Audit Committees participant, quoting group code (CCJ30A) to qualify for the special conference rate. PROGRAM DISCLAIMER: The speakers, topics, program format and events are correct at the time of printing. If unforeseen circumstances occur, CPA Canada reserves the right to alter or delete items from the program, or cancel the conference and refund all registration fees. CANCELLATION POLICY: If you are unable to attend the event for any reason, you may substitute, by arrangement with the Participant Coordinator, someone else from your organization, or, you may cancel up to 14 calendar days prior to the event start date for a full refund. Cancellations received within 14 calendar days of the event start date will be subject to a $150 administration fee (plus applicable taxes). All cancellation requests must be received by 5:00 p.m. ET on the day prior to the event start date. Refunds are not available after that point. PLEASE NOTE: All cancellations must be ed to registration@cpacanada.ca 6

7 REGISTRATION FORM YES! I would like to attend the 2014 Conference for Audit Committees. Please register me for the following: Conference* (November 25-26, 2014) $1, $ Conference* PLUS Workshop (November 24-26, 2014) $1, $ Workshop Only (Conference not included) (November 24, 2014) $ $ *Conference fee includes online access to recorded Streaming Media event presentations available approximately 6-8 weeks post-event. Plus 13% HST $ GST/HST: RT0001 TOTAL $ FIRST NAME (PREFERRED) MIDDLE INITIAL(S) BUSINESS ADDRESS Badge Name (If different from First Name) CITY SURNAME PROVINCE POSTAL CODE DESIGNATION(S) BUSINESS PHONE TITLE BUSINESS FAX FIRM/EMPLOYER DEPARTMENT SPECIAL DIETARY OR OTHER REQUIREMENTS (NEEDS, NOT PREFERENCES) PAYMENT OPTIONS (NOTE: registration cannot be processed until payment is received.) Credit Card: Visa MasterCard AMEX YOU MUST HAVE AN ACCOUNT TO REGISTER I have an up-to-date account/profile at the CPAStore: YES NO Card No. Expiry Date If NO, visit the CPA Store at and click my account (top righthand corner), and either Login and ensure your profile information is current, or create a profile if you do not have an account. Name of Cardholder WAYS TO REGISTER Online By Phone FAX REGISTRATION FORM AND PAYMENT INFORMATION TO

8 WELCOME TO THE 10TH ANNUAL CONFERENCE FOR AUDIT COMMITTEES November 25 26, 2014 OPTIONAL PRE-CONFERENCE WORKSHOP NOVEMBER 24: FUNDAMENTALS OF AUDIT COMMITTEE MEMBERSHIP KEYNOTE SESSION: Funding our Retirement Sheraton Centre Toronto Hotel TORONTO, ON The most up-to-date and practical information available, including: benchmarking audit committee performance cybersecurity and privacy risk internal fraud risk oversight of financing and much more Jim Leech, Former President and CEO, Ontario Teachers Pension Plan Bill Morneau, Executive Chairman, Morneau Shepell REGISTER ONLINE AT: cpacanada.ca/cfac 277 Wellington STREET WEST Toronto, ON M5V 3H2 CANADA