Citizens Audit Committee Meeting Summary

Jan 23, 2008

The Citizens Property Insurance Corporation (“Citizens”) Audit Committee (“Committee”) held a meeting on Wednesday, January 23, 2008 to discuss the newly-formed Office of the Internal Auditor (“OIA”). To view a copy of the meeting agenda, click here.

Committee Chairman Earl Horton called the meeting to order with members Richard DeChene and Allen Katz in attendance. Also in attendance were Board of Governors Committee member Andy Bennett and Chief of Internal Audit Joyce Bellows.

The OIA was established to provide a central point of coordination and responsibility for activities that promote Citizens’ accountability, integrity and efficiency to Florida policyholders. The OIA 2007 Annual Report was then reviewed by Ms. Bellows.

During 2007, the OIA restructured Citizens internal audit function to comply with legislative changes effected in 2006. An independent review of internal audit functions was obtained in 2007, among other evaluations of policies and procedures, some of which included several internal investigations, general ledger recording, claims documentation, and policy documentation and organization. To view the complete 2007 OIA annual report, click here.

Ms. Bellows then presented the Committee a draft of the Audit Committee Charter. The purpose of the charter is to define the Audit Committee, its composition, schedule, authority and responsibilities. To view the Charter draft, click here.

Ms. Bellows recommended that the Charter be distributed to the Board of Governors for review and discussion with the request that they provide comments and suggestions. The final Audit Committee Charter will be presented for approval and ratification at the March 2008 Audit Committee and Board of Governors meetings.

She then presented the Office of the Internal Auditor Charter. The Charter’s purpose is to define the authority and responsibilities of the OIA. To view the complete Charter, click here.

The Committee approved the OIA Charter and recommended it for ratification by the Board of Governors.

Ms. Bellows gave a status report spanning the past 60 days since she was appointed Chief of Internal Audit. The report included a list of upcoming matters, such as an OIA workshop on February 8. To view the report, click here.

The meeting was then adjourned.

Should you have any questions or comments, please do not hesitate to contact this office.


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