From my WORK BLOG…
The meeting with the auditors went well. We are working towards drafting and signing a letter of engagement with Tompkins, Wozny, Miller & Co.
One of the key things surrounding this audit will be the development of a contract with the auditors that will ensure openness and transparency throughout the audit process. The details are currently being worked out, but essentially, should any student have any concern with how the audit is going – they will be able to find the answers they are looking for. It will also ensure that the Post Audit Memorandum will be an open and public document – so that no matter what it says (good or bad), students will know about it.
We also learned that we are probably going to need more time for the regular audit. That is, the KSA and Tompkins may have to issue a letter at the March AGM providing an update on the audit and a revised timeline for its completion. The reason for this ties back to the issues I discussed in a previous post – a lack of information about the KSA finances due to the very poor record keeping abilities of the previous administration. We literally have to recreate our books from scratch – documenting as many expenditures as we can based on what information we have on hand. It also involves contacting suppliers to see if we can get copies of invoices or receipts. So a lot of work has to be done to ensure our books are in proper order. So the forensic audit will be ready for presentation at the AGM, but the regular audit may not be. If the regular audit is not complete, as soon as it is complete, the KSA would hold a special general meeting at which that audit would be presented to the membership.
Another thing I want to work on is bringing some changes to the mandate of the finance committee, so that it has some powers to review and monitor the auditing process. Many non-profits (including Kwantlen) have audit committees that are charged with this task. Another new duty will include setting up processes whereby the committee would review and make recommendations to the Executive and Council on how to address areas raised by the audit, the financial statements and the post audit memorandum.
It’s just one more step towards making the KSA as open and transparent as possible.