Internal Audit Committee

1
Internal Audit Committee

• Refining Operating Procedures
• Gate 2
• March 19, 2006
• Prepared by
• Michael Jones, Director

2
Executive Summary

• Issue The IAC cannot adequately detect and
  address many issues within ComSoc spending
  that may arise
• Objective Refine IAC procedures and its
  structure in an effort to increase ComSoc
  transparency to ensure the long-term
  sustainability of ComSoc.
• Plan policy and manual in the summer, training
  first week of September
• Team
• Lead Michael Jones
• Others IAC Co-Chairs (creation of manual and
  implementation of processes)

3
Plan (1-2)

• 8 stages
• Gather information (05/06 audits, committee
  spending categories, committee account
  information, etc) 2 weeks
• Identify what is being looked for and what
  audits will target mid-may
• Create a policy draft 1 July, final
  mid-august
• Includes
• Non-disclosure policies
• Use of the manual (all processes of the manual
  shall be followed)
• Reporting procedures (initial review ?
  presentation to assembly)
• Approved expense categories
• committee protocols
• Discipline for not following procedures
  (co-chairs, auditors, etc)
• All conferences to use the software
• Refine the auditing manual (procedures consistent
  with 2) draft 1 July, final mid-august
• Includes
• Operating procedures (detection of issues,
  reporting relevant information, dealing with
  conferences, reporting structure)
• Checklists (tasks, spending criteria met, etc)
• Writing audits (formats, relevant information)
• Using the accounting software (in the capacity to
  gather relevant information)

4
Plan (2-2)

• Create account files for each conference based on
  category spending and the spending policy
  September
• Train auditors (suggested format, co-chairs
  decision) Week 2
• Sample case
• Using the Quicken XG
• Manual and policy
• Dealing with conferences (how to promote the
  purpose of IAC and maintain a strong relationship
  with the conferences)
• Train conferences (finance officers/ co-chairs)
  Week 3
• Software
• Dealing with the IAC
• IAC procedures
• Standardized accounting practices
• Meet individually with each conference co-chair/
  finance officer to tailor the program to their
  needs Week 3

5

• Stakeholders
• ComSoc, BoD, IAC, CFO, committees/ conferences/
  competitions
• ComSoc Impact
• Restructuring of current IAC manual
• Adopting an IAC policy (currently a mandate)
• Increased transparency of accounting/ spending
  practices
• Resources
• Quicken XG (accounting software)
• Committee account information (spending
  categories, bank account) ? from past audits and
  co-chairs
• Spending policy (integrate with the auditing
  procedures)
• Feasibility Analysis
• Dependent on the full cooperation of all relevant
  parties (mainly the auditors and committees)
• Conferences understand the relevance and
  importance of auditing
• creation, implementation, and application of a
  spending policy

6

• Project Characterization Axis
• Immediate
• Niche
• Success Metrics/ Outcomes
• Detection of issues outlined by a spending policy
• Increased awareness of the IACs purpose
• Reports are created through a simpler process,
  yet more comprehensive, detail oriented reporting
• Increased committee transparency