02:00 PM - 03:30 PM (Pacific)
03:00 PM - 04:30 PM (Mountain)
04:00 PM - 05:30 PM (Central)
05:00 PM - 06:30 PM (Eastern)

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Overview

This 11th episode of Bare Bone Board Basics focuses on the audit committee, a committee of a board of directors with responsibility for
the oversight of the Company’s financial reporting and disclosure process.

Every public company must have one. And it is best practice for any private company to also have one. While the role of an audit committee is less complex in the setting of a private company, it is no less important.

As noted by Corporate Compliance Insights, “[w]hether required or optional, the benefits of an independent audit far outweigh the costs because an audit helps the board of directors meet its fiduciary duty to provide objective oversight and monitoring and protect stakeholders’ interests. Additionally, an audit committee that is supported by an internal audit function links monitoring, governance, and oversight of the company with oversight of the internal control environment.”

This webinar and the series of which it is a part are co-production of certain chapters (Alabama, Dallas, DC Metro, Nashville, New England, New York Metro, Tampa Bay & Wisconsin) of the Private Directors Association®, Executive Forum™, Private Director Symposium™, ChamberWise™ & Financial Poise™

Thank you to our National and Gold Chapter Sponsors!

Panelists

Larry King, CPA, CGMA Board Director | Advisor Board Member CEO | CFO | COO

Larry King is a proven and effective Board Director, strategic leader, serial entrepreneur and business builder with over 30 years of extensive experience assisting companies with growth and complex transactions. He is considered a highly effective client facing executive, active in finance and accounting, marketing, business development and brand building. Larry strives to achieve collaboration at all levels of an organization by setting the example.

Larry currently serves on the Advisory Board and as the CFO and COO at WhamTech, Inc., an early stage privately held SaaS technology company in Dallas, TX. Additionally, Larry serves on the Advisory Board for Amegy Bank-Dallas; on the Advisory Board for BlockQAI, LLC, focused on the enterprise adoption of blockchain, artificial intelligence and quantum technologies; and on the Advisory Council to the Board (President 2016/2017; Executive Committee 2015-2018) for Association for Corporate Growth (ACG) DFW. Larry has served as a Lead Director, Audit Committee Chair, and member of the Compensation Committee and the Nominating & Governance Committee for a public company and as a Board member for a number of private companies. He is also a co-founder of the Dallas-Fort Worth Chapter of Private Directors Association.

Larry founded and grew KBA Group, LLP into the largest Dallas based CPA and Advisory firm with a diversified menu of services and led the firm’s strategic growth, both organic and through acquisition. Larry initiated and constructed the firm’s merger with the tenth largest national CPA firm and served as the Dallas office Managing Partner post-merger. He later transitioned to the role of South Region Leader of the Transaction Services Group before taking early retirement from the firm in 2015. Throughout his career, he has assisted clients with business strategy, transactions including IPOs, reverse mergers, and mergers and acquisitions from both the buy side and sell side. Larry has worked with both domestic and international companies in numerous industries including manufacturing and distribution, technology, software, services, energy, logistics, healthcare, real estate and retail.

Larry was awarded the Texas Society of CPAs Lone Star Pathfinder Award in 2000, was a Boys & Girls Clubs Profiles in Leadership Semifinalist in 2003 and was Highlighted in D CEO Magazine in 2007. Larry is also an alumnus of the Dallas Regional Chamber of Commerce Leadership Dallas Class of 2011. Under his leadership, KBA Group was recognized for the following honors and awards: North Dallas Chamber of Commerce Business of the Year–2000; Practical Accountant Practice Innovation Award – 2002 and 2005; Association for Accounting Marketing, Marketing Achievement Award – 2005; Journal of Accountancy Feature Article - recognized for Sarbanes-Oxley Compliance marketing campaign–2005; Addison Texas Magazine Most Dynamic Business Award – 2007; Dallas Regional Chamber of Commerce Employee Excellence Award–2008; Dallas Business Journal Best Places to Work –2008.

Larry is a graduate of Babson College, Wellesley, Massachusetts with a BS in Accounting and Operations Research graduating Beta Gamma. He is a Certified Public Accountant and a Chartered Global Management Accountant through the American Institute of CPAs and has the Certificate in Private Company Governance through the Private Directors Association. He is a member of the Institute for Excellence in Corporate Governance, Naveen Jindal School of Management at The University of Texas at Dallas; Private Directors Association; Association for Corporate Growth; Financial Executives International; and Executive Connection.

Christina M. Rashid Founder and Managing Member Lotos Groupe LLC

Ms. Rashid has enjoyed nearly thirty years of continuous board service for private companies and nonprofits.  She currently serves as an independent director of First Women’s Bank (Chair of Nominating & Governance Committee), St. Jude Children’s Research Hospital/ALSAC (Vice-Chair of Audit & Compliance Committee), and as an Advisory Board Member and advisor to the C-Suite of several private companies. 

She comes to board work after a long career as an operating and financial executive and with three decades of experience in leveraged lending, private equity and venture capital, including having served as an executive and investment committee member of a NYSE Investment Company.

Ms. Rashid earned her MBA from University of Chicago Graduate School of Business and a BBA in accounting from St. Mary’s College, Notre Dame.

Herbert Chain Independent Director.

Herb currently serves as independent director and audit committee member for three public companies (The RENN Fund (NYSE:RCG), Infusive US Trust (NYSE:JOYY), and FRMO Corp. (OTC Pink: FRMO) and one private company (Qlarant) – three as audit committee chair. He is also trustee and treasurer of The Kew-Forest School.

Herb Chain is Senior Director, Risk Management, in the Professional Standards Group at Marks Paneth LLP, a regional accounting firm based in New York City. Prior to this, he spent 38 years with Deloitte (27 as audit partner), prior to mandatory retirement.

Herb received his BS degree from Duke University, his MBA from the Wharton Graduate School of Business, and is completing his DBA from the International School of Management.

Moderator

Jonathan Friedland Principal Much Shelist, P.C.

• Jonathan Friedland is a principal with the Much Shelist, P.C. law firm.
• He regularly advises boards of directors and owners of companies in financial distress.
• Jonathan has been representing companies in out-of-court workouts, chapter 11 bankruptcy, and controlled liquidations for more than 25 years. He also has broad and substantial experience in acting as outside general counsel to clients and in running both a wide variety of corporate transactions, and a wide array of commercial litigation.
• He is widely recognized as a leading corporate restructuring and insolvency attorney. He has been rated for many years as AV® Preeminent™ by Martindale-Hubbell, 10/10 by AVVO, and 10/10 by Justia. Jonathan is the principal author of two leading legal treatises, and his scholarship is widely cited by legal scholars. He formerly served stints as an Adjunct Professor of Strategic Management at the University of Chicago’s Graduate School of Business and as a Clayton Center for Entrepreneurial Law Visiting Professor of Business Law at the University of Tennessee College of Law. More information here.

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