9Th Annual Audit Committee Issues Conference Governance Challenges & Priorities Driving the 2013 Agenda
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Governance Challenges & Priorities Driving the 2013 Agenda | A 9th Annual Audit Committee Issues Conference Governance Challenges & Priorities Driving the 2013 Agenda February 6, 2013 | Miami, FL Conference Guide KPMG.com/ACI B | 9th Annual Audit Committee Issues Conference CONTENTS 1 Welcome 2 Agenda 4 Biographies 14 Participants 18 Sponsors 20 Notes Governance Challenges & Priorities Driving the 2013 Agenda | 1 Welcome to the 9th Annual Audit Committee Issues Conference On behalf of KPMG’s Audit Committee Institute, the National Association of Corporate Directors, and Weil, Gotshal & Manges LLP, welcome to Miami. This is our 9th annual conference focusing on the challenges and priorities shaping audit committee and board agendas. And while the audit committee’s top priority has not changed – ensuring financial reporting integrity is still job #1 – the business and risk environment continues to grow more complex and faster-paced. The array of risks and challenges facing businesses today – from the pace of technology change and continued globalization, to increased government regulation and stepped up global enforcement – is sure to put even the best of boards to the test. Through a blend of peer dialogue, panel discussions, keynote speakers, and open discussion, we’ll delve into these and other issues with one goal: Providing you with practical insights and takeaways that you can use in your own boardrooms. Our featured speakers – the Economic Intelligence Unit’s Leo Abruzzese, and veteran public servants and political analysts Robert Reich and Alan Simpson – will bring their seasoned perspectives to the dialogue, shedding important light on what lies ahead in 2013. Of course, we’ve set aside time for networking, and encourage you to share leading practices with your peers and make the most of your time at the conference. If there’s anything we can do to make your time with us more beneficial or enjoyable, please let us know. Thanks again for coming and enjoy! Dennis T. Whalen Partner in Charge & Executive Director, KPMG’s Audit Committee Institute 2 | 9th Annual Audit Committee Issues Conference Conference Agenda MORNING SESSION Time Event/Discussion Topic Locations/Speakers db Bistro Moderne Private Dining (hot breakfast) 7:00 am – 8:00 am Breakfast Metropolitan Ballroom Foyer (continental breakfast) 7:00 am – 3:30 pm Registration Metropolitan Ballroom – 3rd Floor 8:00 am – 8:10 am Welcome Metropolitan Ballroom 5, 6, 7 – 3rd Floor 8:10 am – 8:55 am 2013 Economic Outlook From the European debt crisis and China’s slowing growth, to the 4 Leo Abruzzese (Director of Global Forecasting, impact of US fiscal policy, the variables driving the economy – and Economist Intelligence Unit) shaping business decisions – pose a range of risks and opportunities. Leo Abruzzese, Director of Global Forecasting for the Economist Intelligence Unit, will discuss the US and global economic outlook for 2013, including potential economic risk scenarios. 8:55 am – 9:10 am Break 9:10 am – 9:55 am The Globalization Factor By design or by default, every company today is global. Supply 4 Moderator: John Veihmeyer (Chairman & chains, strategic growth opportunities, emerging technology, social CEO, KPMG LLP) media and other forces continue to tighten the interconnection of 4 Laban Jackson (Director, JPMorgan) businesses and markets worldwide. In this session, seasoned audit committee members will discuss key strategic, operational, and 4 Carol Tomé (Director, UPS, Federal Reserve compliance issues that should be front-and-center for boards as they Bank of Atlanta; CFO, Home Depot) help guide the company forward in a complex and fast-changing 4 James Hance (Director, Ford, Sprint, Duke global environment – from global economic challenges, political Energy, Cousins Properties, Carlyle Group; instability, and outsourcing issues, to talent management, intellectual Former Vice Chair, Bank of America) property risks, and compliance challenges. Does the board have the international expertise and perspective it needs? 9:55 am – 10:10 am Break 10:10 am – 10:55 am Financial Disclosures: Challenges, Changes, and Investor Communication Economic uncertainty, the volume and complexity of financial 4 Moderator: Teresa Iannaconi (Partner, Department disclosures, and investor expectations for a clear picture of the of Professional Practice, KPMG LLP) company’s performance – and where it’s headed – pose a number of 4 Lawrence Smith (Member, Financial Accounting financial reporting oversight challenges. This session will explore key Standards Board) areas of audit committee focus, including accounting judgments and estimates, key financial communications beyond the 10Q and 10K – 4 Gary Kabureck (Vice President & Chief including non-GAAP information, analyst calls, and earnings releases Accounting Officer, Xerox) – and the implications of impending changes to US accounting 4 Ellen Odoner (Partner, Weil, Gotshal & standards. Manges LLP) 10:55 am – 11:10 am Break 11:10 am – 12:00 pm The New Political Landscape: A Dialogue with Robert Reich and Alan Simpson Veteran public servants and political analysts Robert Reich (US Labor 4 Moderator: Jeffrey Cunningham (Managing Secretary under Bill Clinton) and Alan Simpson (former US Senator Director and Senior Advisor, National and co-chairman of the “Simpson-Bowles” commission) will share Association of Corporate Directors) their insights on the post-election political landscape, including 4 Robert Reich (Former U.S. Secretary of prospects for deficit reduction and tax reform, and the potential Labor; Professor of Public Policy, University of impact of healthcare reform and other public policy initiatives that California at Berkely) should be on every board’s radar. 4 Alan Simpson (Former U.S. Senator; Co-Chair – National Commission on Fiscal Responsibility and Reform) 12:00 pm – 12:45 pm Networking Lunch ThreeFortyFive Restaurant – 2nd Floor Governance Challenges & Priorities Driving the 2013 Agenda | 3 Conference Agenda AFTERNOON SESSION Time Event/Discussion Topic Locations/Speakers 12:45 pm – 1:30 pm Raising the Game – Reinforcing Audit Quality Regulators in the US and Europe continue to sharpen their focus on 4 Moderator: Kenneth Daly (President and CEO, audit quality, with the role of the audit committee front-and-center. National Association of Corporate Directors) This panel will explore how audit committees can help enhance audit 4 James Liddy (Vice Chair, Audit, KPMG LLP) quality (and their own effectiveness) – from setting clear expectations for the auditor’s performance and independence, and conducting 4 Joan Lordi Amble (Director, Sirius XM, Brown- a robust auditor evaluation, to improving communications with the Forman, Booz Allen Hamilton) auditor and enhancing the audit committee’s expertise. In short, how 4 Holly Gregory (Partner, Weil, Gotshal & can the audit committee, auditors, and management together raise Manges LLP) their game and continue to strengthen audit quality? 1:30 pm – 1:45 pm Break 1:45 pm – 2:30 pm The Shifting Regulatory Landscape The growing volume and complexity of new regulations in the US 4 Moderator: Sven Holmes (Vice Chair, Legal, – and globally – along with stepped up enforcement by regulators Risk and Regulatory, KPMG LLP) around the world poses a host of compliance risks and business 4 Aulana Peters (Director, 3M, Northrop challenges. This session will focus on key regulatory hot spots Grumman, Deere & Company; Former that should be on every audit committee’s radar; major legislative/ Commissioner, SEC) public policy developments impacting businesses, governance, and expectations for board oversight; and keys to helping ensure that 4 Michael Mancuso (Director, Shaw Group, SPX) compliance programs are effective and that the business is keeping 4 Christopher Garcia (Partner, Weil, Gotshal & pace – strategically and operationally – with the changing global Manges LLP) regulatory landscape. 2:30 pm – 3:15 pm The Audit Committee’s 2013 Agenda Seasoned audit committee members will explore the challenges 4 Moderator: Dennis Whalen (Partner in Charge and priorities shaping audit committee agendas in the year ahead & Executive Director, Audit Committee Institute, – from job number one: financial reporting and internal controls, to KPMG LLP) compliance, tax risk, and a range of oversight challenges posed by 4 Dennis Beresford (Director, Legg Mason, globalization and emerging technologies. Doosan Infracore International; Former Chairman, Financial Accounting Standards Board) 4 Ellen Hancock (Director, Aetna, Colgate Palmolive) 4 Steven West (Director, Cisco, Autodesk) 3:15 pm – 3:30 pm Wrap-up: Final Thoughts for 2013 Final thoughts/suggestions for audit committee members for the 4 Dennis Whalen (Partner in Charge & Executive year ahead. Director, KPMG’s Audit Committee Institute) 4 Kenneth Daly (President and CEO, National Association of Corporate Directors) 4 | 9th Annual Audit Committee Issues Conference Biographies Leo Abruzzese eo Abruzzese directs the Economist Intelligence Unit’s Global Forecasting Service, shaping a coherent world view of the Leconomy each month from the work of more than 100 staff analysts. Based in New York, he is also the principal analyst for the United States and presents the company’s outlook on the U.S. and the global economic environment to companies, governments, and universities around the world. Before assuming these duties in 2010, Mr. Abruzzese was the Economist Intelligence Unit’s editorial ;director in the Americas, overseeing a team of analysts and directing