Region 1 Audit Committee Report 15 March Audit Harold Ruchelman Region 1 Audit Committee Chair h.ruchelman@ieee.org Region 1 Executive Committee Meeting 24 March 2017

Region 1 Audit Conducted March 15, 2017 at IEEE Headquarters in Piscataway, NJ Period Covered: July 1, 2016 to December 31, 2016

Audit Committee Assisted by: Harold Ruchelman, Chair Robert Pellegrino, Committee Member Rupa Paranjape, Senior Director IEEE Internal Audit Assisted by: Bala Prasanna, Region 1 Treasurer

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 July 1, 2016 Balance $304,622.37 Income $21,109.81 Expenses $78,176.97 December 31, 2016 $247,555.21 Change $57,067.16

Findings Net worth summary - Assessment Date Item Amount July 1, 2016 Balance $45,223.90 Income $810.14 Expenses $19.93 December 31, 2016 $46,014.11 Change $790.21

Findings Net worth summary – LTIF Date Item Amount July 1, 2016 Balance $32,933.15 IEEE Adjustment $0.00 Income $2,323.52 Expenses $346.10 December 31, 2016 $34,910.57 Change $1,977.42

Findings Net worth summary Date Item Amount July 1, 2016 Last audited net worth $382,779.42 December 31, 2016 Register Balance $247,555.21 Assessment Account $46,014.11 LTIF $34,910.57 Current audited net worth $328,479.89 Change in net worth $54,299.53

Findings As of December 31, 2016, there were no outstanding checks.

Findings On one expense report, a mathematical error resulted in an overpayment. Receipts for expenditures were not included in some expense reports. The purpose of the expenses was not indicated on some reports.

Findings On a few reports, expenses were listed in the wrong column. There was a duplicate request made for the same expenditure. A receipt for an expenditure was attached to an expense report, but the expenditure was not claimed on the report.

Findings Ensure mathematical accuracy of the expense reports. Include all receipts except for meals and taxi/bus expenditures under $25.00 When preparing the expense report, the purpose of the trip is to be indicated

Recommendations Enter expenditures in the columns that correspond to the dates that they were incurred. If you spent the money, request reimbursement.

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 and Rupa Paranjape, 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 18