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    Society of Women Engineers

    Audit Committee

    Audit Committee

    The Audit Committee oversees the annual audit of the Society’s financial reports. They are responsible for selecting an auditor, ensuring HQ provides the needed information to the auditor, reviewing the audit and resolving any issues identified, and reporting the outcome and any recommendations to the Board of Directors. The committee also investigates any audit-related issues raised by SWE members.

    FAQ

    Who makes up the Audit Committee?

    1. Chair, elected by SWE Membership with Board of Directors' approval.
    2. Chair-Elect, elected by SWE Membership with Board of Directors' approval.
    3. At least one committee member with financial expertise.
    4. Other committee members as deemed appropriate – This may include non SWE members to be designated

    What would I do as a member of the Audit Committee?

    People who might be interested in this committee include those with a financial background or have experience with audits in other organizations. The work involves several phone calls with the auditor and the other committee members, and it’s important that all the material provided is reviewed in advance. It’s a rather small committee, typically 5 or 6 people, and the work load is mostly in the fall after the books have closed, with the audit due to the Board by January or February.

    How does a general calendar for the committee look?

    Event

    Due Date

    Select Auditor and Notify BOD for motion (if needed)

    30-Apr

    BOD vote to accept Auditor (if needed)

    BOD #4

    HQ to sign contract with Auditor (if needed)

    15-Jul

    Audit Chair/SWE HQ/BoD/BoT/Finance Chair/Auditor Conduct Kick-Off Meeting

    31-Jul

    Audit Committee Conducts Kick-Off Meeting

    30-Aug

    Books are Closed 中国福利彩票下载安装αpp@ HQ (SWE and SWE-EFI)

    30-Aug

    Preliminary Year End Financial Reports (Both SWE (including CRF) and SWE-EFI) to Audit Chair/Auditor/Finance Chair

    15-Sep

    Audit Committee/Finance Committee Review Financial Reports & Send Comments to Audit Chair - This includes times to resolve issues if necessary

    30-Sep

    Audit Chair sends list of comments and associated responses/resolutions for Financial Reports to BoD (SWE, CRF) and BoT (SWE-EFI)

    1-Oct

    Site Visits from Auditor (Auditor and HQ can move up site visits earlier in timeline)

    1-15 Oct

    Preliminary Audit received from Auditor to Audit Chair

    1-Nov

    Finance Committee/BoT/Audit Committee/Treasurer/CEO/VP of Finance and Administration (ALL designated reviewers) review Audit & Send Comments to Audit Chair – This includes time to resolve issues if necessary

    30-Nov

    Audit Chair sends list of comments and associated responses/resolutions, along with Revised Audit to Finance Committee/BoT/Audit Committee/Treasurer/CEO/VP of Finance and Administration (ALL designated Reviewers)

    7-Dec

    Revised Audit Review Due to Audit Chair (Statement of Acceptability)

    14-Dec

    Audit Chair Send Motion to Accept Audit to SWE President

    17-Dec

    BOD Vote to Approve SWE Audit

    31-Jan

    CEO Sign Audit Acceptance Letters

    3-Feb

    Auditor Generates Final Reports & Sends to Audit Chair/BoT/Treasurer/CEO/VP of Finance and Administration/Finance Chair)

    13-Feb

    990 Due - Submitted by SWE HQ

    15-Feb

    Audit Committee Conducts Debriefing Meeting

    15-Mar

    Audit Chair/SWE HQ/BoD/BoT/Finance Chair/Auditor Conduct Debriefing Meeting

    31-Mar

    Review/Update Audit Committee Procedure

    30-Apr

    Transition Meeting for Audit Committee Leadership (Chair and Chair-Elect)

    30-Jun

    Contact audit-chair中国福利彩票下载安装αpp@ for all questions/comments pertaining to the Audit Committee.

    中国福利彩票下载安装αpp © 2019. Society of Women Engineers