Auditing Procedures

The audit shall include a review of the invested funds by comparing the total interest and other income received, mutual fund shares sold and other disbursements from the funds for the fiscal year to ascertain that the proceeds have been recorded in the books. The audit shall include a review of all other income to the Society from other sources along with disbursements. As a minimum, a sampling of income and disbursements shall be reviewed to see that they are correctly noted in the books. The total income and disbursements of all funds shall be checked against the total balance of funds at the end of the fiscal year. The committee may enlist professional services to supplement its work, as approved by the Board of Government. It is recommended that every four years a professional auditor review the books and provide a financial statement. The secretary, treasurer and executive director of The Engineering Center shall be present to assist in the audit, as requested by the committee. This staff should advise the committee of any action that should be taken by the Board of Government relative to accounting for the funds. The Committee shall keep a record of all activities, procedures used by the committee and all recent committee reports in a notebook. The notebook shall be given to the incoming committee chair by the outgoing chair at the annual meeting (May).