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 9.8, Policy 10.1.10 and IEEE Policy 11.2.E.1(c) (PDF, 801 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, and IEEE Internal Audit Services contact information.
To improve 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, the IEEE Internal Audit Department will perform an audit of the financial reports and records for the given entity (i.e., IEEE Sponsored Conferences, IEEE Geographical units, or Standards Working Groups). The audited entity is also free to select the auditor of their choice, provided that they are an independent, professional outside source (with Internal Audit's concurrence).
Audit Material Checklists will assist in gathering the required information/documentation necessary for a complete audit.
For IEEE Sponsored Conferences: Conference Audit Material checklist (PDF, 40 KB) will assist with gathering the required information/documentation necessary for a complete audit.
For IEEE Regions & Sections GeoUnits: GeoUnit Audit Material checklist (DOC, 31 KB).
For Standard Working Groups: SWG Audit Material checklist (DOC, 30KB).
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
IEEE Internal Audit will store documents for the proper retention period.
Internal Audit's 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 US$250,000 and expenses of US$190,000 would be calculated as follows: US$250,000 x .006 = US$1,500. The maximum audit fee charged for an audit is US$6,000.
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. This record needs to include all deposits and disbursements that flowed through the bank account.
Committee Meeting Minutes: These can be in the form of notes or email communications. They typically describe the events of the meeting, starting with a list of attendees, regarding the planning decisions with respect to site arrangements, registration fees, and financial decisions.
Corporate Supporter Revenue: These are sometimes referred to as "patron" support. This is not to be confused with "exhibitors."
Disbursements Documentation: These are all the invoices/receipts to support out-going payments. Appropriate authorization should be evidenced for prepared invoices to support all expenditures.
Exhibitor Revenue: A list of conference/meeting exhibitors. This list should include the name of the exhibitor, the size of the booth rented, and the amount charged. Exhibitors should complete and sign a contract/agreement.
Loans/Advances: The receipt of initial startup funds for the conference. Normally the sponsoring Society/Section advances the conference/meeting a loan to open up the bank account. This loan is paid back to the Society/Section before the bank account is closed.
Merchant Account: A type of bank account used to accept and process payments by credit card. A merchant account is established under an agreement between the conference/meeting and a merchant bank for the settlement of credit card transactions. Monthly statements for the Merchant Account must be submitted with the audit materials.
Publication Sales: A record of the number of sales of Conference proceedings, CDs, etc. purchased by attendees, as well as payments received by the IEEE Conference Publication Acquisition program. The total should be properly recorded on the financial report under "publication sales."
Registration Report: A listing of conference/meeting attendees by type (member, non-member, student, etc.) with corresponding amounts paid. This list does not need to include personal information (address, phone number, or email) of each registrant. Registration fees should be kept separate from publication sales and social function revenue collected.
Schedule of Payment for 1099 Reporting: A list of all US citizens or resident aliens who received 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, unless the amount is greater than the actual expenses.
Schedule of Payment for 1042 Reporting: A list of all non-US citizens or resident aliens who received monetary compensation, where the conference took place in U.S.
Social Function Revenue: This includes such events as hospitality, tours, banquet tickets, etc. The record keeping is kept separate from registration and publication sales revenue.
Surplus/Loss: This is the net result from the conference/meeting expenses and receipts. This amount must tie into the closing balance in the conference/meeting bank account.
Transaction Detail Report: This record needs to show the list of transactions included in each revenue and expenses categories with payee name, method of payment, amount, and transaction or deposit date.
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:
Sr. Director, Internal Audit
+1 732 562 5370
Manager, Internal Audit
+1 732 562 2616
Senior Internal Auditor
+1 732 981 2872
+1 732 562 6072
+1 732 562 2658
If you have any suggestions, concerns, or questions for the department, or need help in finding specific information on the website, please send an email to firstname.lastname@example.org. Your feedback is valuable.