1. Region 1 Audit Committee Report 6 August Audit
Harold Ruchelman
Region 1 Audit Committee Chair
Region 1 Executive Committee Meeting
Mystic, CN
6 August 2016

2. Region 1 Audit
Conducted July 21, 2016 at IEEE Headquarters in Piscataway, NJ Period Covered: January 1, 2016 to June 30, 2016

3. Audit Committee Assisted by: Harold Ruchelman, Chair
Robert Pellegrino, Committee Member
Emily Cummings-Franchette, Manger
IEEE Internal Audit
Assisted by:
Bala Prasanna, Region 1 Treasurer

4. 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

5. Findings Net worth summary - Register Date Item Amount
December 31, 2015
Balance
$191,241.54
Income
$168,892.15
Expenses
$55,511.32
June 30, 2016
$304,622.37
Change
$113,380.83

6. Findings Net worth summary - Assessment Date Item Amount
December 31, 2015
Balance
$30,845.02
Income
$91,816.20
Expenses
$77,437.32
June 30, 2016
$45,223.90
Change
$14,378.88

7. Findings Net worth summary – LTIF Date Item Amount December 31, 2015
Balance
$32,473.35
Income
$1,993.54
Expenses
$1,533.74
June 30, 2016
$32,933.15
Change
$459.80

8. Findings Net worth summary Date Item Amount December 31, 2015
Last audited net worth
$254,559.91
June 30, 2016
Register Balance
$304,622.37
Assessment Account
$45,223.90
LTIF
$32,933.15
Current audited net worth
$382,779.42
Change in net worth
$128,219.51

9. Findings
As of June 30, 2016, four (4) checks for $1, was outstanding

10. Findings The purpose an expense was not indicated on a report.
Mileage on one voucher was assigned to the wrong category.
Use of a hand written voucher, instead of the IEEE Expense Report template, resulted in an arithmetical error of a 10 cent overpayment.

11. Findings
One individual included his spouse’s registration in his expense report which should not have been done.

12. Recommendations
When prparing an expense report, the purpose of the trip is to be indicated.
The IEEE Expens Report template should be used when submitting requests for meeting expense reimbursements.

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

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

15. Questions ?

16. For additional information please contact me:
Harold Ruchelman Region 1 Audit Committee Chair 16