1. Audit Report for 2011 R10 Financial Activities Takatoshi Minami Chair, 2012 R10 Audit Committee 3 March, Kolkata, India

2. R10 Finance Auditing Audit committee was formed to audit the 2011 R10 finance: –Chair: Takatoshi Minami –Members: Mahinda Vilathgamuwa (Singapore Section Chair), Lawrence Wong (2011 R10 Director), Ling Chuen Michael Ong (2011 R10 Treasurer), Hang-Bong Kang (2010 R10 Treasurer), Toshio Fukuda (2011 R10 Director Elect) The following summary files were went through by the committee: –2011 R10 Financial Report –2011 R10 Daily Report –2011 R10 L50

3. Audit Process Draft of the summary files were ready on 20 February 2012. Review, discussions and amendments were made by emails from 20 February through 1 March. Audit committee meeting was held on 2 March at Swissotel Kolkata, from 8:00 to 11:00.

4. Audit Committee Meeting Photo

5. Audit Committee Meeting The committee: –Confirmed all the income and expenses are clearly and accurately reflected in the three summary files. –Recommends Region 10 Committee Meeting to accept them as the true copy for the 2010 financial activities. The committee thanks Mike, 2011 R10 Treasurer, for his excellent work done.

6. Findings(1): Airfare Airfares account for a substantial portion of the total R10 expenses: –Example: 2011 R10 Meet  Total expenses: USD 160,922.31  Total airfares: USD 89,411.05 (55.6%) It is essential to minimize the airfare by securing LOWEST discount economy class by early travel arrangement. R10 can basically reimburse only LOWEST discount economy class equivalent airfare.

7. Findings(2): Remittance Fee R10 spent about USD 5,400 in 2011 for total remittance fee: –USD 20 for each wire transfer –5,400/20 = 270 times in total We need to minimize the number of wire transfers to save money for our activities. One measure would be to consolidate annual remittances to each section and send them together with annual rebate to each section from HQ.