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Region 1 Audit Committee Report 12 March 2019Audit

This report summarizes the audit conducted by the Region 1 Audit Committee, chaired by Harold Ruchelman, covering the period from July 1, 2018, to December 31, 2018. The report highlights findings, recommendations, and conclusions regarding the treasurer's record-keeping procedures, expense vouchers, account statements, and net worth. Contact Harold Ruchelman for more information.

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Region 1 Audit Committee Report 12 March 2019Audit

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  1. Region 1 AuditCommittee Report12 March 2019Audit Harold Ruchelman Region 1 Audit Committee Chair h.ruchelman@ieee.org Region 1 Executive Committee Meeting 6 April 2019

  2. Region 1 Audit Conducted March 12, 2019 at IEEE Headquarters in Piscataway, NJ Period Covered: July 1, 2018 to December 31, 2018

  3. Audit Committee • Harold Ruchelman, Chair • Robert Pellegrino, Committee Member Assisted by: • Bala Prasanna, Region 1 Treasurer • Caitlyn Chow, IEEE Senior Internal Auditor • Marisol Toro, IEEE Internal Auditor

  4. Audit Objectives • Review • Record keeping of Region 1 Treasurer • Procedures used by Treasurer • Expense vouchers and documentation • Account statements and cancelled checks • Verify • Account balances • Net worth

  5. Findings Net worth summary - Register

  6. Findings Net worth summary - Assessment

  7. Findings Net worth summary – LTIF

  8. Findings Net worth summary

  9. Findings • As of December 31, 2018, all checks have cleared or have been voided.

  10. Findings • The purpose of the trip was missing from an Expense report. • There was a mix-up in the Quicken printout which resulted in the disparity of the payees being associated with incorrect check numbers. • A few expense reports were incorrectly printed out so that the information was printed over multiple pages, making it difficult to process.

  11. Findings • Some receipt totals were not correctly carried over to the Expense Reports. • In one instance, meals were incorrectly entered in the wrong place on the report

  12. Recommendations • When preparing an expense report, the purpose of the trip is to be indicated. • When printing out the expense report, please make sure it is only two pages. • Enter expenses in the proper fields of the Expense Report.

  13. Conclusion • The treasurer has uncovered a Pay-Pal problem which has resulted in Region 1 being associated with transactions for non-Region 1 events. Steps have been taken to correct this problem. • When using V-Tools for Pay-Pal receipts, please make sure the memo description is complete and accurate.

  14. Conclusion • The Region 1 Treasurer continues to take care in processing vouchers and maintaining clear, accurate and complete records. • The records were in order and well organized • Accounts were reconciled and accurately balanced • Vouchers were checked and supporting information was present.

  15. Conclusion • The committee hereby declares that the results of the audit accurately reflect the financial status of Region 1 as of December 31, 2018.

  16. Thanks • I’d like to thank Robert Pellegrino, Bala Prasanna, Caitlyn Chow and Marisol Toro, for their help in carrying out this audit.

  17. Questions?

  18. For additional information please contact me: Harold Ruchelman Region 1 Audit Committee Chair h.ruchelman@ieee.org 18

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