Fiduciary Role of the Audit Committee

Recorded On: 01/17/2013

This program will provide an overview of audit committee responsibilities in the private club industry. It will provide a basic understanding of how the audit committee functions and its fiduciary responsibilities including:

  • Appropriate size of committee
  • Is an audit committee necessary or required for your club?
  • The committee's role in review of internal controls
  • Areas of risk
  • Required communications with outside auditors, management and board members
  • How often committee should meet
  • Requirements under Sarbanes Oxley
  • Establishing a “whistleblower” policy
  • Use of industry benchmarking

Daniel T. Condon

CPA, Partner, Condon O’Meara McGinty & Donnelly LLP

Daniel T. Condon is a founding partner of Condon O'Meara McGinty & Donnelly LLP. He has practiced in the area of private clubs for more than 30 years.

James J Hankowski

CPA, Partner, Condon O’Meara McGinty & Donnelly LLP

James J. Hankowski has more than 25 years of experience in servicing clubs and currently serves on the subcommittee for the revision of the Uniform System of Financial Reporting for Clubs.

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