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Regence Audit & Compliance Self-Assessment

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We are sending out the annual self-assessment for the Audit & Compliance Committee in accordance with the charter and work plan, and we appreciate your time and effort in answering the following statements pertaining to your participation on the Committee.
 
 
 
Audit and Compliance Committee
Self-Assessment Form
 
Purpose
Excellent - Best Practices in Place Adequate - Improvement Opportunity Poor - Needs Significant Attention
Charter: Committee direction set by a clear, company-specific charter approved by the full board, understood by all committee members, and used to guide committee activities.
Role – “Listen and Act”: Committee members listen empathetically, balanced by the ability and courage to challenge and act where necessary.
Expectations: Committee expectations clearly discussed with, and understood by, management, auditors, and other advisors.
Reporting: Meaningful, timely, focused reports to the board, understood by all.
 
Composition
Excellent - Best Practices in Place Adequate - Improvement Opportunity Poor - Needs Significant Attention
Membership: A mix of financial and other relevant talents to address a range of issues and risks. A strong, yet not dominant, chair with a knowledge of relevant matters and strong leadership skills.
Independence: All members are independent in mindset, bringing consistently objective insight to all aspects of monitoring and oversight activities.
 
Process
Excellent - Best Practices in Place Adequate - Improvement Opportunity Poor - Needs Significant Attention
Organization: Overall organizational effectiveness, with coordinated basic elements such as charter, membership, and implementation.
Resources: The right information received at the right time; focused on key performance measures and important current and potential business and financial risks. Regular committee and/or committee chair contact with senior management, internal auditors, and external auditors and periodic involvement with other levels of management, particularly financial management.
Meetings: Effective management of committee member and meeting time. Effective, balanced use of quality pre-read materials, and meeting dialogue with time focused on only relevant matters.
Activities: An annual committee plan, carefully tailored by the committee to the specific environment with input from auditors and management and the board.
Meetings Agendas: Highly focused meeting agendas responsive to the committee charter. Specifically: financial reporting, monitoring of risk management (risk identification and control), and the audit function.
Relationships: Supportive and trusting yet inquisitive relationships with management, auditors, and other advisors. The tone for teamwork and effective communications set by the committee.
 
Implementation
Excellent - Best Practices in Place Adequate - Improvement Opportunity Poor - Needs Significant Attention
Assessment: Periodic self-assessment of all of the above elements, as well as regular assessment of internal and external audit performance.
 
 
Observations and Opportunities to Improve
 
 
Purpose:
   
 
 
Composition:
   
 
 
Process:
   
 
 
Implementation:
   
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