FRC Culture Conference: The role of the audit committee
22 Jun 2021 1:00pm to 2:15pm
Location: Teams Live
Audit Firm Culture: Challenge. Trust. Transformation.
This session focusses on the role of the audit committee and other stakeholders in promoting, assessing and monitoring an audit culture that supports high quality audit. This session will consider the below questions:
- What is the role of the audit committee and other stakeholders in promoting and assessing audit firm culture?
- What actions can audit committees take to understand an audit firm culture and the extent to which the culture supports high quality audit?
This session will be moderated by Mark Babington, Executive Director of Regulatory Standard at the FRC. The speakers in this session are:
- Duane M. Desparte, PCAOB Board Member
Duane M. DesParte has served as a PCAOB Board Member since April 2018.
He was appointed to the Board after retiring from Exelon Corporation, a Fortune 100 company where he served for 15 years; including 10 years as corporate controller, with chief accounting officer responsibilities for the integrity of the company's accounting and external financial reporting and related policies, methods, systems, processes and controls. Prior to joining Exelon, he spent 18 years in auditing, including as a partner at both Arthur Andersen and Deloitte.
To advance the Board’s goal of driving improvement in audit quality, Duane is particularly focused on the PCAOB’s inspection program, audit firms’ systems of quality control, and emerging technologies.He is also focused on enhancing the Board’s external engagement with stakeholders, particularly with audit committees and preparers. Duane is involved with the Board’s international activities, serving as Chair of the International Forum of Independent Audit Regulators (IFIAR).
- Catherine Ide, Vice President of Professional Practice, Center for Audit Quality
Catherine Ide leads and advances regulatory and policy strategies that promote the professional practice and audit quality agendas, as the Vice President of Professional Practice at the Center for Audit Quality.
Previously, Catherine served as Director of Audit at the global law firm of Fragomen, Del Rey, Bernsen & Loewy. In that role, she helped create the firm’s internal audit and compliance function. While at Fragomen, Catherine developed and launched their global practice review audit plan to over 46 offices worldwide. Prior to Fragomen, Catherine was in the audit practice at PwC for over 15 years, most recently as a Senior Manager in PwC’s Chief Auditor Network, providing auditing advice and technical guidance on auditing standards, policies, and methodologies at the local engagement level, particularly related to areas of internal and external inspection findings.
Catherine is a Certified Public Accountant licensed in Virginia, and she holds a BS in accounting with special attainments in commerce from Washington & Lee University.
- Oonagh Harpur, Independent Non-Executive
Oonagh Harpur joined the KPMG UK’s Public Interest Committee as an Independent Non-Executive in April 2018. Oonagh has over 30 years’ experience in the boardroom including 14 years in CEO roles in the private, public and third sectors. Her experience spans partnerships and professional service firms, financial and health services.
As a corporate strategist and CEO, Oonagh realised culture was a critical element of corporate success. Over the last 20 years, she developed her understanding and practice of culture first as chief executive of a national campaign developing an entrepreneurial culture in the UK, then leading the post-merger integration of an international professional services firm around culture and values. As part of the FRC’s Culture Coalition, Oonagh co-authored with Tomorrow’s Company and the City Values Forum “Governing Culture: Risk & Opportunity.A guide for board leadership in purpose, values and culture”.
Oonagh is also a member of the Civil Service Talent Advisory Group and the Culture Observatory Advisory Board, a trustee of the Scientific and Medical Network and a senior advisor, mentor and coach to a number of leaders in business, the civil service, NHS and not for profits.
- Jock Lennox, Audit Committee Chairs Independent Forum Board Member
Jock Lennox is Chair of the Audit Committee Chairs Independent Forum (ACCIF), formed in 2016 to provide a platform for ACC views, Audit Committee Chair at Barratt Developments plc and held the same role at Dixons Carphone plc. He is Chair elect at Johnson Service Group plc. He was also Chair at Enquest plc and Hill & Smith Holdings plc (having previously been Audit Committee Chair). Jock was also Chair of the Trustees for the Tall Ships Youth Trust a charity taking disadvantaged and disabled young people to sea to transform their lives and life chances.
Jock retired from Ernst & Young in 2009, having been a partner for 20 years. At EY he worked as auditor and adviser to a range of UK listed companies with international and multi-national operations. He held several UK and Global leadership positions.