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.
- Chair, elected by SWE Membership with Board of Directors’ approval.
- Chair-Elect, elected by SWE Membership with Board of Directors’ approval.
- At least one committee member with financial expertise.
- Other committee members as deemed appropriate – This may include non-SWE members to be designated.
People who might be interested in this committee include those with a financial background or who 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 workload is mostly in the fall after the books have closed, with the audit due to the Board by January or February.
Select Auditor and Notify BOD for motion (if needed)
BOD vote to accept Auditor (if needed)
HQ to sign contract with Auditor (if needed)
Audit Chair/SWE HQ/BoD/BoT/Finance Chair/Auditor Conduct Kick-Off Meeting
Audit Committee Conducts Kick-Off Meeting
Books are Closed @ HQ (SWE and SWE-EFI)
Preliminary Year End Financial Reports (Both SWE (including CRF) and SWE-EFI) to Audit Chair/Auditor/Finance Chair
Audit Committee/Finance Committee Review Financial Reports & Send Comments to Audit Chair – This includes times to resolve issues if necessary
Audit Chair sends list of comments and associated responses/resolutions for Financial Reports to BoD (SWE, CRF) and BoT (SWE-EFI)
Site Visits from Auditor (Auditor and HQ can move up site visits earlier in timeline)
Preliminary Audit received from Auditor to Audit Chair
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
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)
Revised Audit Review Due to Audit Chair (Statement of Acceptability)
Audit Chair Send Motion to Accept Audit to SWE President
BOD Vote to Approve SWE Audit
CEO Sign Audit Acceptance Letters
Auditor Generates Final Reports & Sends to Audit Chair/BoT/Treasurer/CEO/VP of Finance and Administration/Finance Chair)
990 Due – Submitted by SWE HQ
Audit Committee Conducts Debriefing Meeting
Audit Chair/SWE HQ/BoD/BoT/Finance Chair/Auditor Conduct Debriefing Meeting
Review/Update Audit Committee Procedure
Transition Meeting for Audit Committee Leadership (Chair and Chair-Elect)