Region 1 Audit Committee Report 27 July 2018 Audit Harold Ruchelman Region 1 Audit Committee Chair h.ruchelman@ieee.org Region 1 Executive Committee Meeting 11 August 2018

Region 1 Audit Conducted July 27,2018 at IEEE Headquarters in Piscataway, NJ Period Covered: January 1, 2018 to June 30, 2018

Audit Committee Assisted by: 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

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

Findings Net worth summary - Register Date Item Amount December 31, 2017 Balance $340,440.03 Income $168,065.70 Expenses $63,522.89 June 30, 2018 $444,982.81 Change $104,292.81

Findings Net worth summary - Assessment Date Item Amount December 31, 2017 Balance $112.67 Income $83,444.65 Expenses/Transfers $80,216.20 May 30, 2018 $3,115.78 Change $3,228.45

Findings Net worth summary – LTIF Date Item Amount December 31, 2017 Balance $40,146.49 IEEE Adjustment $0.00 Income/Capital Injection $11,816.36 Expenses $1,586.03 June 30, 2018 $50,376.82 Change $10,230.33

Findings Net worth summary Date Item Amount December 31, 2017 Last audited net worth $380,437.85 June 30, 2018 Register Balance $444,982.81 May 30, 2018 Assessment Account $3,115.78 LTIF $50,376.82 Current audited net worth $498,475.44 Change in net worth $118,001.59

Findings As of June 30,2018, there were three checks outstanding for a total of $375.00 .

Findings The treasurer changed the previous register balance to account for a voided check (caused by having to reissue an uncashed student award) rather than entering a negative expense in the current register report. The purpose of the expenses was not indicated on some reports.

Findings On one reports, the purpose was indicated as a personal day. Supporting materials for payment of student competition awards were absent. Some receipts which were attached were extremely difficult to read.

Findings A few expense reports were incorrectly printed out so that the information was printed over multiple pages, making it difficult to process. Some receipt totals where not correctly carried over to the Expense Reports.

Recommendations When voiding a check written during a previous audited period, it should be entered as a negative expense of the current period. When preparing an expense report, the purpose of the trip is to be indicated. Supporting documents are to be included for all expense reports including “Other Expense Reports”

Recommendations Please provide legible receipts. If not, those costs should not be refunded. When printing out the expense report, please make sure it is only two pages. Care should be taken when entering the correct cost of expenses.

Conclusion The records were in order and well organized Accounts were reconciled and accurately balanced Vouchers were checked and supporting information was present.

Conclusion The Region 1 Treasurer continues to diligently process vouchers and maintains clear, accurate and complete records and is to be commended for his efforts

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

Questions ?

For additional information please contact me: Harold Ruchelman Region 1 Audit Committee Chair h.ruchelman@ieee.org 19