[802SEC] Audit Committee response to the March 2007 LMSC letter
Dear EC members,
Copied below is the response from Steve Hillenius, a representative of the
IEEE BoD Audit Committee, as a result of Audit Committee's review of the 802
March 2007 "finacial best practices" letter. Our response was satisfactory
to the Audit Committee. This closes the last item regarding this matter.
> Hello Paul,
> Sorry for the delay. I did receive your message. The Audit Committee
> did receive a report on the actions of the 802 LMSC and the discussion
> that followed is detailed in the report from the Audit Committee. This
> is the notation form that report:
> At its meeting on 13 June the Audit Committee received a report from
> Yvette Ho Sang of the Standards Department that updated the Committee on
> the status of the LMSC recommendations as follows:
> 802 LMSC Recommendations:
> In response to the recommendations received from Dorsey and Whitney
> with respect to its financial practices, the LMSC Executive Committee
> affirmed that 802:
> o Working Group assets are IEEE property
> o Two volunteers and one IEEE staff member will be designated as
> signatories for 802 and LMSC bank accounts
> o Locally held funds will be transitioned into IEEE Concentration
> Bank accounts
> - to date the following have been moved into an IEEE CB
> * IEEE LMSC main account - Completed 16 April 2007
> * IEEE 802.3 account - Completed 1 May 2007
> o Future financial reports (L50S) will be submitted by the 31 March
> due date.
> o Competitive bidding procedures will be used in accordance with the
> requirements of the Financial Operations Manual
> o Applicable reports on Conflict of Interest situations will be
> submitted, as required
> Action: The Committee thanked Ms. Ho Sang for the report and requested
> updates as these processes evolve.
> The committee found these actions to be satisfactory and would like to
> thank the 802 LMSC Executive committee for their prompt attention to the
> Thanks again for your help.
> Best regards,
> Steve Hillenius
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