This section provides detailed information and explanations of all IEEE Internal Audit Services. IEEE Internal Audit Services are available to meet all audit requirements as shown in IEEE Policy 10.1.1 and IEEE Policy 11.2.E.1(c) (PDF, 977 KB).
On this page, you will find the necessary information and forms to assist in gathering the required documentation for an effective, reliable audit. In addition, there is a glossary of common terminology, a list of helpful guidelines for conference treasurers, and IEEE Internal Audit Services contact information.
To improve the IEEE’s operations through independent, objective assurance and consulting activities; Internal Audit supports the IEEE Mission and Aspirations by evaluating and improving the effectiveness of risk management, control and governance processes using a systematic and disciplined approach.
When an audit is required, geographic unit committees are free to select the auditor of their choice, provided that are an independent, professional outside source (with Internal Audit's concurrence), or they may elect to have the IEEE Internal Audit Department perform an audit of their financial reports and records.
A donor acknowledgement letter is more than just a "thank you" letter. Nonprofits have certain requirements to fulfill, including providing donors with a donation "receipt," often called an acknowledgement letter. Donors giving more than $250 in a single contribution to a nonprofit organization need a written acknowledgement from a nonprofit to claim that deduction on their individual income tax return.
The IEEE staff completes IRS Form 1099-MISC and IRS Form 1042S for IEEE conferences and geographic units. If a 1099 or 1042 Form is required to be issued, the conference/geographic unit must send the names, addresses, social security numbers (if applicable), the reason for the payments, and the total amount(s) paid during the calendar year.
IEEE Internal Audit will store documents for the proper retention period. Meeting documentation for an audit may be submitted in any format. Files may be sent electronically to email@example.com or can be mailed to:
IEEE Operations Center
ATTN: Internal Audit Department
445 Hoes Lane
Piscataway, NJ 08854
The audit fee is based on the greater of either actual revenue or expenses multiplied by .006. For example, the audit fee for a conference with revenue of $250,000 and expenses of $190,000 would be calculated as follows: $250,000 x .006 = $1,500. The maximum audit fee charged for a conference/meeting audit is $6,000.
1099/1042 Reporting: A list of all US citizens and resident aliens who receive monetary compensation. Examples include awards, grants, honorariums, prizes, commission payments, hourly compensation payments, and lump sum payments. Expense reimbursements do not need to be included for reporting purposes.
Bank Statements/Reconciliations: All bank statements need to be submitted with the documents for audit. Monthly reconciliations should be evidenced and included with the materials for audit. The reconciliation process determines the reasons for differences between the balance shown on the bank statement and the balance (surplus/loss) recorded on the financial report.
Check Register: This is a recording of all revenue and all expenses paid by the conference/meeting. This record needs to include all deposits and disbursements that flowed through the bank account.
The following have been accumulated in response to questions from Treasurers, as part of the audit process and in relation to maintaining internal control of IEEE financial activities of conference/meeting responsibilities.
The Internal Audit Department is:
Director, Internal Audit
+1 732 562 5370
Manager, Internal Audit
+1 732 562 6371
Senior Internal Auditor
+1 732 562 2616
+1 732 562 6072
+1 732 981 2872
+1 732 562 6071
If you have any suggestions, concerns, or questions for the department or need help in finding specific information on the Web site, please send an e-mail to firstname.lastname@example.org. Your feedback is valuable.