Get to your session early. Ensure the room is ready. Check the technology. In a well organized conference, there will be a technician to sort out any problems with computers, projectors, microphones etc. However, not all conferences are well organized, and even at those you may have to know about how to turn down the lights, turn off the air conditioning or similar.
Introduce yourself to the presenters and find out for each of them:
Timing is important. If one speaker over-runs someone else suffers. Either another speaker gets less time or the audience get a shorter break after the session. Therefore warn the speakers you will be strict - and be so. Try not to let speakers eat into the question time with their talk; the audience has a right to expect to be allowed to ask its questions.
Think of a question to ask. (See below).
It is usual to applaud at the end of the talk. The audience may not be sure whether to or not, but if you start, they'll soon follow.
You should take charge of the question time (not the speaker). Select questioners from the audience. Try to ensure that people get a fair chance; do not let one questioner take all the time; attempt to keep things flowing. You may need to intervene if one questioner predominates or if the discussion starts to get at all heated. The usual formula at that point is to suggest the protagonists meet informally after the session.
Try to help the speaker out, so that if he or she appears not to have understood the question, you might try to re-phrase it (assuming you did understand it!)
You should have a question ready so that if there is no response when you ask for questions there will not be a long embarrassing silence. It is likely that your question will then provoke further ones from the audience. If it does not, then give up; you cannot be expected to fill the whole question time!
Normally you will thank the speaker again after the questions and lead some more applause.
If the speakers finish early (perhaps there were not many questions) you might invite the audience to ask further questions of any of the speakers from the session or to make any general points that they have. This is generally a better idea than finishing the session early, because it ensures the participants 'get their money's-worth' and anyway refreshments are unlikely to be available ahead of the scheduled time.
When the session is over, it is usual to thank (and applaud) all the speakers one more time.
Hang around and help clear up. Some of the audience will probably come to talk to the speakers informally and you may help out there too.