I am pleased to announce that the first ever WSO financial audit is progressing as reported at the Annual Business Conference Meeting held April 20-21, in San Diego. The auditors are completing their 2nd drafts of the audited financial statements and management letter. We have already reviewed and commented on the 1st draft of the financial statements and should have the 2nd draft by the target date of 5/15.
Once that draft has been reviewed by the Board of Trustees and the Audit Committee, it will be returned with any comment to the auditors to be put into the final draft of the report. and management letter by the end of the month.
As the new treasurer, I cannot continue in my role as Chair of the Audit Committee, as it would not be appropriate for the Audit Committee Chair and Treasurer/Finance Committee Chair to be the same individual.
Therefore I am looking to the existing Audit Committee members to either select an individual from their ranks, or recruit someone with extensive background in accounting to take over this responsibility after the audit is delivered. Since there is no Audit Committee activity currently for the same fiscal year I am serving as Treasurer there is no conflict at this time. That will change after the final audit report is delivered and I look forward to leaving the Audit Committee in capable hands.
Bill D., Outgoing Audit Committee Chair