Joint Meeting of the Internet Society Audit Committee and Internet Society Foundation Audit Committee – 31 May 2024
Committee Members in Attendance
Audit Committee Chair Luis Martinez, Olufunke Baruwa, Brian Haberman, Victor Kuarsingh, and Sagarika Wickramasekera.
Internet Society Staff in Attendance
Chief Financial Officer Sae Park, General Counsel Ilona Levine, Accounting Director Sibyl Ketcham, and Director of Governance and Board Operations Lauren Terrell.
Guests in Attendance
BDO Audit Engagement Partner Divya Gadre and Audit Engagement Senior Manager Allison Cheng.
Call to Order and Welcome
Mr. Martinez called the meeting to order at 14:00 UTC and welcomed attendees.
Review 2023 Consolidated Audited Financials and Audit Results
Ms. Gadre reviewed the Internet Society’s (ISOC’s) Audited Financial Statements, which were provided to the committee in advance of the meeting for review. ISOC’s Audited Financial Statements include the consolidated statements of ISOC, ISOC Foundation, ISOC Asia Limited, Connected Giving Foundation, Public Interest Registry (PIR), and IETF Administration, LLC. BDO’s audit objective was to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatements. BDO expects to issue an unmodified opinion.
Executive Session with Auditors
ISOC staff left the meeting for a brief time so that BDO could provide the required communications to the committee.
Following their presentation, Ms. Gadre and Ms. Cheng left the meeting. ISOC staff returned to the meeting.
Update on Enterprise Risk Assessment
Ms. Levine and Ms. Park provided an update on the Enterprise Risk Assessment, which is intended to provide a baseline understanding of ISOC’s risk exposures (financial, operational, strategic, legal, regulatory, etc.) and prioritize and actively mitigate organizational risks in line with the risk management plan/risk register moving forward.
Any Other business
As BDO’s contract is nearing its end date, Mr. Martinez led the committee in an evaluation of BDO’s services to ISOC. Upon discussion, the committee recommended renewal of BDO’s services and requested staff to proceed accordingly.
Adjournment
With no other business, Mr. Martinez adjourned the meeting at 15:11 UTC.