A meeting of the Audit Committee of the Internet Society (ISOC) was held on Thursday, 17 June 2021 at 13:00 UTC. In attendance were Heather West as Chair of the Audit Committee, and Mike Godwin and Maimouna Diop as members of the Audit Committee.
Also in attendance were ISOC staff Sandy Spector, Chief Financial Officer and SVP, Business Operations Ilona Levine, General Counsel and Sybil Ketcham, Manager, Accounting. Al Weber, Partner at RSM US LLP., was also in attendance for part of the meeting.
Call to Order
Heather called the meeting to order.
Review of the Annual Independent Audit
Mr. Weber explained that ISOC’s Audited Financial Statements are the consolidated statements of the Internet Society, Public Interest Registry (PIR), Internet Society Foundation, and IETF Administration, LLC. Mr. Weber continued on his presentation with the RSM’s responsibilities and the responsibilities of ISOC’s management. Mr. Weber noted that RSM’s report included an unmodified opinion, representing the highest level of assurance that the statements are free of material misstatement.
Mr. Weber then gave an overview of the audit process and reviewed the audit results, noting that ISOC’s accounting policies were consistently applied. Mr. Weber stated that no audit adjustments or control deficiencies were found. Mr. Weber then walked through the 2020 financial statement highlights.
The Committee decided not to have an executive session with RSM as deemed not necessary.
Mr. Weber left the meeting.
AOB
Sandy then updated the Committee on the RFP process for audit and tax services for 2021. Ilona updated the Committee on legal work including governance, privacy and information security and other compliance matters currently being worked on.
Adjournment
With no other business, the meeting adjourned at 13:45 UTC.
All Board Audit Committee Meeting Minutes