Committee Report

NSPE Audit Committee (AC)Value StatementThe Audit Committee is responsible for ensuring that the annual audit of the financial statements of NSPE are competently and timely prepared, as required by Bylaw 12. The Audit Committee is chaired by the NSPE Treasurer and consists of the officers (president, president-elect, vice president, treasurer and immediate past president).

Charges1. Meet with the external auditor and staff management by conference call to review:

The management letter;

The Society’s annual financial statements and related footnotes;

The external auditor’s audit of the financial statements and the auditor’s report thereon;

Any significant changes in scope required in the external auditor’s plan;

Any serious difficulties or disputes with management encountered during the course of the audit;

The existence of significant estimates and judgments underlying the financial statements; including the rationale behind those estimates; and

The adequacy of the internal controls and recommended changes, if needed.

First Quarter Report (November 2014) Audit field work by independent auditors (Wipfli, LLP) completed on October 30, 2014; await their completion of

analysis and draft report before scheduling Audit Committee meeting. Target completion date: No later than December 31, 2014.

Second Quarter Report (January 2015)Third Quarter Report (April 2015)Fourth Quarter Report (July 2015)

2. Meet with the external auditor by conference call (in executive session with neither the Executive Director nor any other member of staff present) to discuss any matters related to the financial management and audit of the Society’s affairs.

First Quarter Report (November 2014) Audit field work by independent auditors (Wipfli, LLP) completed on October 30, 2014; await their completion of

analysis and draft report before scheduling Audit Committee meeting.

Second Quarter Report (January 2015)Third Quarter Report (April 2015)Fourth Quarter Report (July 2015)

3. Consider the recommendations of staff as to the selection, retention, and when necessary the replacement of the external auditor and include a recommendation to the Board of Directors at the time the Audit Committee’s report is presented.

First Quarter Report (November 2014)Second Quarter Report (January 2015)Third Quarter Report (April 2015)Fourth Quarter Report (July 2015)

document.docx - 1 - SAVE DATE: 19 November 2014

4. Present the annual audit to the Board of Directors for discussion and acceptance within 9 months of the conclusion of the fiscal year (Bylaws requirement: No later than March 28, 2015; Target completion: January 2105 Board of Directors meeting).

First Quarter Report (November 2014)Second Quarter Report (January 2015)Third Quarter Report (April 2015)Fourth Quarter Report (July 2015)

document.docx - 2 - SAVE DATE: 19 November 2014Additional detail on the program of work is included in the committee work plan, which can be found in the NSPE

Leadership Toolbox online.