1. Region 1 Audit Committee Report 15 March Audit
Harold Ruchelman
Region 1 Audit Committee Chair
Region 1 Executive Committee Meeting
24 March 2017

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

3. 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

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 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

6. 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

7. 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

8. 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

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

10. 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.

11. 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.

12. 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

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

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

16. Thanks
I’d like to thank Robert Pellegrino, Bala Prasanna and Rupa Paranjape, for their help in in carrying out this audit.

17. Questions ?

18. For additional information please contact me:
Harold Ruchelman Region 1 Audit Committee Chair 18