Audit Committee
Chair, Evan Bennett, Evan D. Bennett LLC

 

Audit Committee Report – Annual Meeting 2018
Financial and IT Initial Review
The Audit Committee was charged with performing an on-site review of Accolade Records /Controls this year and subsequently on an annual basis.

 

We sent questionnaires to Accolade covering the following functions at Accolade that affect IAIR:

 

1. Financial Processing and Reporting Controls over IAIR’s transactions, Controls over IAIR Membership and Corporate records and General Corporate Internal Controls at Accolade
2. IT Controls including a review of their System Grid

 

Questionnaires were responded to by Accolade and the Audit Committee will be discussing responses and planning for a possible on-site visit to review certain items mentioned in these questionnaires within 2019
We also sent out and RFP for a firm to perform a Financial Review of IAIR and reviewed and approved the 990 forms with the Board

 

Records Retention Review of Accolade:
This was performed on site in July 2018 by Donna Wilson at the offices of Accolade
She reviewed records placed in storage to determine disposition of those documents according to the Records Retention Policy adopted by the IAIR Board of Directors.
It was determined that the majority of the records could be destroyed due to their age or that they were duplicates of the records retained; either electronically or in hard copy. She also prepared an inventory listing with their various dispositions.

 

Records which were determined to be retained are being kept by Accolade in the office until they are due for destruction. Records which are to be retained permanently will be converted to electronic records. It was also determined the Records Retention Policy should be modified in regarding to Membership Applications and related records from 2 years after termination of membership” to 2 years after application for membership

 

Privacy Policy Update
The Audit Committee participated in drafting a privacy policy update to comply with the EU’s General Data Protection Regulation- “GDPR”. This was presented at the August 2018 Board of Directors meeting.