[802SEC] best practices agenda 11-noon Wednesday Regents Boardroom
Attached below are the best practices recommendation from the Audit Committee that we will address during the 10-11WED meeting. My suggestions for responses are below.
1) Acknowledge that LMSC assets are IEEE property
- AudCom suggestions: Confirm your understanding that LMSC assets are IEEE property, and that the EC and the LMSC working groups, as "steward" of these assets, acknowledge their responsibility to manage them appropriately.
- My suggestion: 802 to craft text agreeing under the condition LMSC assets remain under exclusive control of LMSC.
2) All bank accounts to have at least two volunteer and one IEEE staff signators Staff Director of Financial Service as staff signator on all accounts.
- AudCom suggestions: Migrate to IEEE concentration banking (Wachovia) Develop a plan and schedule to complete the migration to concentration banking by the end of 2007.
- My suggestion: 802 to implement
3) Submit all supporting financial materials for year-end audits by agreed-upon deadline
- AudCom suggestions: LMSC will submit outstanding 2005 data by 31 March 07. LMSC and the Audit Department will work together to determine future due dates for financial reporting.
- My suggestion: 802 is in compliance and plans to meet Audit Department deadlines going forward.
4) Document use of competitive bidding in selection of suppliers, or supply rationale for non-use
- AudCom suggestions: All contracts submitted for execution will document the use of competitive bidding in the selection of suppliers, or supply rationale for non-use.
- My suggestion: 802 is in compliance, competitive bidding selection is documented in EC meeting minutes.
5) 3rd party bonuses must be clearly documented in the contract; otherwise they are prohibited
AudCom suggestions: This best practice will be followed.
My suggestion: I don't have one.
6) Report Conflicts of Interest regarding business matters
- AudCom suggestions: The IEEE Policy regarding conflicts of interest will be followed.
- My suggestion: 802 is in compliance, COI policy is followed.
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