Introduction to Mortgage Origination Examinations Training eBook

Internal Use Only

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

Internal Use Only

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