On October 18, 2011 in Washington, DC the Mutual Fund Directors Forum and KPMG will present a workshop entitled: "Mutual Fund Financial Oversight: What Every Director Needs to Know." The basic accounting course is designed to offer practical guidance to help directors understand the nature of their accounting oversight responsibilities, and is designed for newer directors and directors beginning their first years of service on their funds' audit committees:
Directors' Guide to Financial Reporting and the Annual Audit
Understanding the preparation and structure of financial statements is a critical element of an audit committee's oversight responsibilities. Representatives from KPMG will discuss techniques for reviewing the key risks and SEC concerns relevant to fund financial statements, provide an overview on what to expect during the annual audit, and share information that will help fund boards and audit committees oversee the process more effectively.
Third Party Service Providers and Directors Guide to Internal Controls
Mutual fund audit committees have a unique role in the oversight of service providers. KPMG experts will discuss how audit committee members can effectively oversee internal control requirements, providing an overview of key risks, questions directors should ask, and reports that reinforce the internal control environment.
United States Federal Tax Compliance Considerations
Mutual fund directors should have a basic understanding of federal tax issues that affect mutual funds. Representatives from KPMG will discuss key tax aspects of mutual fund operations and provide guidance to help directors effectively evaluate a fund's tax decisions, and explain tax implications of recent market events.
Additional information on the program can be found here.