Re: [802SEC] best practices agenda 11-noon Wednesday Regents Boardroom
The session today resulted in a proposed response to the best practice
recommendations from the IEEE Audit Committee (see attached). The EC
will be asked to approve sending this letter at the closing plenary on
Friday. Paul warns that this is a 5 minute agenda item, so if there is
discussion, you are asked to please reply to the reflector well ahead of
time. To that end, should you want to propose improvements, please
provide specific wording recommendations rather than general,
philosophical arguments.
Related to this will be a motion to authorize the Treasurer to transfer
our banking relationship from the current account with US Bank, to the
concentration banking facility set up with Wachovia Bank. (I don't have
the wording quite down, but you get the idea...)
john
-----Original Message-----
From: ***** IEEE 802 Executive Committee List *****
[mailto:STDS-802-SEC@ieee.org] On Behalf Of Hawkins, John (WWP1:1847)
Sent: Wednesday, March 14, 2007 8:36 AM
To: STDS-802-SEC@listserv.ieee.org
Subject: Re: [802SEC] best practices agenda 11-noon Wednesday Regents
Boardroom
Correction: that would be 11am TODAY! (not sure why my email didn't go
thru last evening...)
j
-----Original Message-----
From: ***** IEEE 802 Executive Committee List *****
[mailto:STDS-802-SEC@ieee.org] On Behalf Of Hawkins, John (WWP1:1847)
Sent: Wednesday, March 14, 2007 8:32 AM
To: STDS-802-SEC@listserv.ieee.org
Subject: Re: [802SEC] best practices agenda 11-noon Wednesday Regents
Boardroom
Attached would be my proposed responses. We can discuss at 11am
tomorrow.
john
-----Original Message-----
From: ***** IEEE 802 Executive Committee List *****
[mailto:STDS-802-SEC@ieee.org] On Behalf Of Paul Nikolich
Sent: Monday, March 12, 2007 3:17 PM
To: STDS-802-SEC@listserv.ieee.org
Subject: [802SEC] best practices agenda 11-noon Wednesday Regents
Boardroom
Dear EC,
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.
Regards,
--Paul
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This email is sent from the 802 Executive Committee email reflector.
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This email is sent from the 802 Executive Committee email reflector.
This list is maintained by Listserv.
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This email is sent from the 802 Executive Committee email reflector. This list is maintained by Listserv.
AuditCommResponsev0.doc