[802SEC] Audit Committee response to the March 2007 LMSC letter
Dear EC members,
Copied below is the response from Steve Hillenius, a representative of the
IEEE BoD Audit Committee, as a result of Audit Committee's review of the 802
March 2007 "finacial best practices" letter. Our response was satisfactory
to the Audit Committee. This closes the last item regarding this matter.
Regards,
--Paul Nikolich
> Hello Paul,
>
> Sorry for the delay. I did receive your message. The Audit Committee
> did receive a report on the actions of the 802 LMSC and the discussion
> that followed is detailed in the report from the Audit Committee. This
> is the notation form that report:
>
> At its meeting on 13 June the Audit Committee received a report from
> Yvette Ho Sang of the Standards Department that updated the Committee on
> the status of the LMSC recommendations as follows:
>
> 802 LMSC Recommendations:
> In response to the recommendations received from Dorsey and Whitney
> with respect to its financial practices, the LMSC Executive Committee
> affirmed that 802:
> o Working Group assets are IEEE property
> o Two volunteers and one IEEE staff member will be designated as
> signatories for 802 and LMSC bank accounts
> o Locally held funds will be transitioned into IEEE Concentration
> Bank accounts
> - to date the following have been moved into an IEEE CB
> account:
> * IEEE LMSC main account - Completed 16 April 2007
> * IEEE 802.3 account - Completed 1 May 2007
> o Future financial reports (L50S) will be submitted by the 31 March
> due date.
> o Competitive bidding procedures will be used in accordance with the
> requirements of the Financial Operations Manual
> o Applicable reports on Conflict of Interest situations will be
> submitted, as required
>
> Action: The Committee thanked Ms. Ho Sang for the report and requested
> updates as these processes evolve.
>
> The committee found these actions to be satisfactory and would like to
> thank the 802 LMSC Executive committee for their prompt attention to the
> request.
>
> Thanks again for your help.
>
> Best regards,
>
> Steve Hillenius
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