Audit Committee Process

 

In 2014 it was agreed Euro-IX would no longer use external auditors and instead ask for a group of members to come together to form an audit committee. Since then the Euro-IX accounts have been prepared by an external independent accountant (Michael Lewis) and then been audited by an audit committee with a set of guidelines. With an aim to formalise the process we propose the following process.

 

Audit Committee Selection

Any Euro-IX member with some financial background are invited to volunteer themselves for
the audit committee;
  • The audit committee will have a maximum of four persons
  • The secretariat is responsible for asking for volunteers
  • Should there be more than four volunteers for one year an election will take place.
  • The election will be carried out during the last forum in the year, by putting all the names in a hat and asking a neutral person to pick the four member audit committee.
     


The Audit

The audit will be carried out during March and April of every year and the audit committee are expected to;
  • Take responsibility for conducting an annual review of the draft annual accounts of the association;
  • Publish an annual report to members, giving assurance about the accuracy and probity of the annual accounts of the association;
  • Conduct these activities in a manner independent of the staff and Board of the association;
  • Review bank statements to ensure the correct sums are reported.
  • Any questions can be answered directly by the accountant or the secretariat.
  • Acknowledge to the secretariat and the rest of the audit committee once they are happy with the report.
  • One member of the audit committee should report their findings at the following General Meeting.
     


Review Documents Provided

Review documents to be provided by the Euro-IX Secretariat include:
  • 2019 Annual Report in word format
  • Rabobank debit card statement January 2019 and December 2019
  • Rabobank deposit account statement January 2019 and December 2019
  • Barclays account statements January 2019 and December 2019
     
If there are any concerns from the audit committee on the financial statements, they may request further information in the form of bank statements and receipts.