Society of Women Engineers

Audit Committee

Audit Committee

The Audit Committee oversees the annual audit of the Society’s financial reports. They are responsible for selecting an auditor, ensuring HQ provides the needed information to the auditor, reviewing the audit and resolving any issues identified, and reporting the outcome and any recommendations to the Board of Directors. The committee also investigates any audit-related issues raised by SWE members.

FAQ

Who makes up the Audit Committee?

  1. Chair, elected by SWE Membership with Board of Directors' approval.
  2. Chair-Elect, elected by SWE Membership with Board of Directors' approval.
  3. At least one committee member with financial expertise.
  4. Other committee members as deemed appropriate – This may include non SWE members to be designated

What would I do as a member of the Audit Committee?

People who might be interested in this committee include those with a financial background or have experience with audits in other organizations. The work involves several phone calls with the auditor and the other committee members, and it’s important that all the material provided is reviewed in advance. It’s a rather small committee, typically 5 or 6 people, and the work load is mostly in the fall after the books have closed, with the audit due to the Board by January or February.

How does a general calendar for the committee look?

Event

Due Date

Select Auditor and Notify BOD for motion (if needed)

30-Apr

BOD vote to accept Auditor (if needed)

BOD #4

HQ to sign contract with Auditor (if needed)

15-Jul

Audit Chair/SWE HQ/BoD/BoT/Finance Chair/Auditor Conduct Kick-Off Meeting

31-Jul

Audit Committee Conducts Kick-Off Meeting

30-Aug

Books are Closed @ HQ (SWE and SWE-EFI)

30-Aug

Preliminary Year End Financial Reports (Both SWE (including CRF) and SWE-EFI) to Audit Chair/Auditor/Finance Chair

15-Sep

Audit Committee/Finance Committee Review Financial Reports & Send Comments to Audit Chair - This includes times to resolve issues if necessary

30-Sep

Audit Chair sends list of comments and associated responses/resolutions for Financial Reports to BoD (SWE, CRF) and BoT (SWE-EFI)

1-Oct

Site Visits from Auditor (Auditor and HQ can move up site visits earlier in timeline)

1-15 Oct

Preliminary Audit received from Auditor to Audit Chair

1-Nov

Finance Committee/BoT/Audit Committee/Treasurer/CEO/VP of Finance and Administration (ALL designated reviewers) review Audit & Send Comments to Audit Chair – This includes time to resolve issues if necessary

30-Nov

Audit Chair sends list of comments and associated responses/resolutions, along with Revised Audit to Finance Committee/BoT/Audit Committee/Treasurer/CEO/VP of Finance and Administration (ALL designated Reviewers)

7-Dec

Revised Audit Review Due to Audit Chair (Statement of Acceptability)

14-Dec

Audit Chair Send Motion to Accept Audit to SWE President

17-Dec

BOD Vote to Approve SWE Audit

31-Jan

CEO Sign Audit Acceptance Letters

3-Feb

Auditor Generates Final Reports & Sends to Audit Chair/BoT/Treasurer/CEO/VP of Finance and Administration/Finance Chair)

13-Feb

990 Due - Submitted by SWE HQ

15-Feb

Audit Committee Conducts Debriefing Meeting

15-Mar

Audit Chair/SWE HQ/BoD/BoT/Finance Chair/Auditor Conduct Debriefing Meeting

31-Mar

Review/Update Audit Committee Procedure

30-Apr

Transition Meeting for Audit Committee Leadership (Chair and Chair-Elect)

30-Jun

Contact audit-chair@swe.org for all questions/comments pertaining to the Audit Committee.