Minutes

The meeting was called to order at 10:01A.M.

Mr. Blum led a discussion of Loeb & Troper’s audit plan for current NYSSCPA fiscal year. The auditors are scheduled to perform interim audit work on March 27-28 when they will look at the prior 8 months of activity focusing on revenue testing and other high risk areas. Focus will also be placed on the efficiency and effectiveness of the Society’s internal control procedures. The auditors will return in July to perform year-end test-work.

Internal Control testing will be performed on payroll; Dues & Deferred Dues Revenue, A/P cutoffs; Inter-company receivables & payables. The receivables and reserves will be reviewed for accuracy and adequacy. Lou Grumet requested a careful review of 4 Chapters each year of the audit cycle.

PAC contributions will be reviewed; as will unrelated business revenues along with the corresponding tax issues. All Minutes must be completed and Executive compensation documented.

The auditors will relate their findings to the committee in two letters, one detailing substantial issues; the other with non-significant details.

Adjournment

With no further business to be discussed, the meeting was adjourned.

Respectfully submitted,

Omar Sable and Suvro C.K. Banerjee