Intro to Mortgage Origination Examinations - June 2022

3. Board Structure and Practices Audit Committee - Responsibilities • Policy • Financial reporting • Auditor oversight • Audit scope & schedule • Audit reports & corrective action • Accounting policies • Risk governance framework

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3. Board Structure and Practices Risk Committee • Mid- to large-size companies • Distinct from committees • Independent director Chair • Majority of members independent • Experience • Review policies & adherence

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