LOS ANGELES, March 4, 2005 (PRIMEZONE) -- The monthly meeting of the Los Angeles chapter of Financial Executives International (FEI) will feature a presentation by Ron Conlin, partner at J.D. Power and Associates, of his firm's recently released, "2004 Audit Committee Best Practices Report." Authored by Mr. Conlin, the report is a comprehensive study of audit committee performance in the wake of the Sarbanes-Oxley Act of 2002 and is based on interviews conducted over the past year with over 1,000 audit committee chairs and 900-plus chief financial officers. The report details the successes audit committees have achieved since 2003 and notes the significant challenges that remain. The dinner program will be held on Thursday, March 17, beginning at 6 p.m. in the Reagan Dining Room on the third floor of the Jonathan Club, 545 S. Figueroa St., Los Angeles.
One of the big four auditing firms recently estimated that a third of their public company clients were at some risk of not complying with section 404 of Sarbanes-Oxley. Failures at that level often reflect on the performance of the audit committee and can have a significant impact on a firm's market value. "Audit committee chairs are now feeling the weight of increased accountability while experiencing some confusion regarding what compliance exactly looks like," said Ron Conlin, partner at J.D. Power and Associates. "This has translated into a good deal of stress. Audit committees are seeking information that will assist them in strengthening their oversight process and improve committee effectiveness. However, understanding which practices work best continues to be a challenge for audit committees."
FEI's Professional Development Program, held prior to the regular dinner meeting, will feature a presentation on worker's compensation reform by Warren Meyer of Arthur Gallagher & Co., entitled, "California's Systemic Conflict." The presentation will explore historical events of workers' compensation in California, from its early industrial revolution roots through the post-Senate Bill 899 world. Special attention will be given to the dynamics of the current California insurance marketplace. The professional development program will start at 5 p.m. on the fourth floor of the Jonathan Club.
Attendees are urged to make reservations by visiting the FEI web site and registering at the meetings and events page at http://www.fei.org/chapter/LA/meetings.cfm
About FEI
Founded in 1931, Financial Executives International is a professional association for senior level financial executives, representing 15,000 individuals. Headquartered in Florham Park, N.J. with offices in Washington, D.C., the organization is comprised of 86 chapters across the United States and Canada and nine technical committees.
The organization's mission is to provide leadership on emerging issues concerning the financial community, personal and professional development, advocacy services and peer networking opportunities for chief financial officers, vice presidents of finance, controllers, treasurers, tax executives, and finance and accounting professors in academia. Other typical titles held by FEI members include assistant controller, subsidiary chief financial officer or controller, assistant treasurer and director of tax.
The LA chapter of FEI currently has approximately 400 members who represent a full array of industries including defense, entertainment, financial services, manufacturing, insurance and technology.