Audit Report for 2015 R10 Financial Activities

Michael Ong

Chair, 2016 R10 Audit Committee

5 March, Bangkok, Thailand

R10 Finance AuditingAudit committee was formed to audit the 2015 R10 finance:

– Chair: Michael Ong (2016 R10 Membership Development Coordinator)

– Members: Takatoshi Minami (2016 R10 Membership Activities Vice-chair)Ramakrishna Kappagantu (2016 R10 Director)Kukjin Chun (2016 R10 Director Elect)Ravikiran Annaswamy (2016 R10 Secretary)Takao Onoye (2015 and 2016 R10 Treasurer)H.P. Khincha (2016 R10 Strategic Planning Coordinator)

The following summary documents were reviewed by the committee:

– 2015 R10 Budget Report

– 2015 R10 Daily Report

Audit Process

Draft of the summary files were ready on 27 February 2016.

Review, discussions and amendments were made by emails from 1 March through 3 March.

Audit committee meeting was held on 4 March at InterContinental Hotel, Bangkok, Thailand, from 15:45 to 17:45.

Audit Committee Meeting 2016

Audit Committee Meeting

The committee: – Confirmed all the income and expenses are

clearly and accurately reflected in the two summary files.

– Motion: 2016 R10 Audit Committee accepts the audited account as the true copy for the 2015 financial activities.

The committee thanks Prof Takao Onoye - 2015 R10 Treasurer, for his excellent work done.

Keep up the good work for 2016.

Findings(1): Airfares

Airfares account for a substantial portion of the total R10 expenses:

– Example: 2015 R10 Meet in Dhaka� Total expenses: USD152,340

� Total airfares: USD73,006 (47.9%)

It is essential to minimize the airfares by securing LOWEST discounted economy class by early travel arrangement.

Findings(2): Analysis of Expenditure

The R10 2015 balance is higher due to

- Slight under-spending of the Excom and AGM meetings

- Under-spending of R10 coordinators

Recommendations: R10 to support the following activities

- To start a R10 Anniversary Reserves in 2016

- To consolidate Student, Young Professional and WIE Reserves as SYWL Reserves