Audit Committee

Audit Committee Report for April 2017

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.

In service,
Bill D., Outgoing Audit Committee Chair

Audit Committee Report for March 2017

The audit committee has been continuing to oversee the financial audit WSO is currently undertaking. The auditors are wrapping a month of intensive field work involving data sampling, records testing and reviewing WSO bookkeeping records. We expect to have the draft report in time for review at the ABC next month in San Diego.

I would like to thank the committee for their due diligence in participating in each phase along the way and always being there to discuss the complex tasks the auditors are performing for the audit. I would also like to thank Mary Jo, the current WSO Treasurer, who has been an integral part of this audit work working with our consultant bookkeeper and the auditors to

I would also like to thank Mary Jo, the current WSO Treasurer, who has been an integral part of this audit work working with our consultant bookkeeper and the auditors to provide them with all the necessary information to complete the audit very close to the project schedule.

This is a great step for ACA WSO in preparing itself for the future of the fellowship while we position ourselves to sustain the growth we see coming over the next 3 - 5 years.

Audit Committee Report for January 2017

The Audit Committee stayed on the project timeline throughout January by sending out the Request for Proposals as planned to 5 Los Angeles/ Long Beach area Certified Public Accounting firms qualified to perform independent audits according to GAAP standards.

The committee received 3 proposals that were sent out for initial review on the Audit Committee Slack Channel. The committee then scheduled a conference call for January 16th at 6pm to evaluate and rank the 3 proposals. After meeting for one hour the committee completed their work and prepared their recommendation report for the WSO Board of Trustees.

The Board approved the committee's selection and a motion was adopted to engage the selected audit firm. The firms were notified and a contract was signed.

An audit entry conference was scheduled for Feb. 3rd in Signal Hill to begin the project.

Audit Committee Report for February 2017

Two members of the Audit Committee met in Signal Hill at the WSO office on February 3rd for an audit entry conference with the two auditors from the Los Angeles independent auditing performing the WSO audit. Also present at the entry conference were the WSO Treasurer and our consultant bookkeeper.

The meeting purpose was to go over the list of documentation the auditors would be requiring during the audit and to establish responsibilties for delivering the information to them.

Also discussed was the background of the organization, operations, and its purpose in order to acquaint the auditors with ACA. The meeting was approximately 3 hours in length.

The next meeting of the Audit Committee will be a teleconference held on February 28th to discuss the plan for the actual audit process.

Audit Committee Report for December 2016

The Audit Committee comprised of 5 ACA members from around the country and a trustee chair met via teleconference on Thursday, December 22nd at 6pm to finalize the Request for Proposal (RFP) to Audit the 2016 fiscal year.

The committee adopted a RFP that was sent to 7 Signal Hill areas independent auditing CPA firms on Friday, December 23rd. These firms had been contacted and interviewed by telephone prior.

The responses from three firms were received by the Audit Committee by end of day January 9th PST. 

The committee members have performed an individual preliminary evaluation and will meet as a committee on Monday, January 16th at 7pm EST via teleconference to finalize an auditor recommendation to the WSO Board of Trustees.

In service,

Bill D.
Trustee and Audit Chair