Key Events and Calendar for the SayProRoyal-2 SayPro Royal Board Audit Committee
1. Annual General Meeting (AGM)
- Date: First week of March (Annually)
- Purpose: Review the overall performance of SayProRoyal-2, financial health, strategic plans, and audit outcomes from the previous year.
- Agenda:
- Annual financial review and audit report.
- Election of new Audit Committee members.
- Discussion of significant changes in internal controls, risk management, and governance practices.
- Approval of financial statements.
2. Quarterly Board Audit Review
- Date: Last week of every quarter (March, June, September, December)
- Purpose: Discuss the progress of audit activities and review quarterly financial statements.
- Agenda:
- Review of the quarterly financial reports.
- Updates on ongoing audits and any detected discrepancies.
- Discussion on significant financial risks, if any.
- Presentation of findings from internal and external audits.
- Evaluation of compliance with laws and regulations.
- Key decisions on risk mitigation strategies.
3. Audit Planning and Strategy Meeting
- Date: Last week of February (Annually)
- Purpose: Set the audit goals and strategy for the upcoming year.
- Agenda:
- Review of the previous year’s audit performance.
- Setting audit objectives for the next year.
- Identification of areas requiring additional focus based on risk assessments.
- Allocation of resources for the audit activities.
4. Mid-Year Financial Review
- Date: Last week of June (Annually)
- Purpose: Assess SayProRoyal-2’s financial performance at the mid-point of the fiscal year.
- Agenda:
- Review of the half-year financial statements.
- Mid-year audit report presentation.
- Discussion of major financial challenges or opportunities.
- Adjustments to the financial strategy based on current trends.
5. Risk Management Review
- Date: Third week of May (Annually)
- Purpose: Conduct a deep dive into risk management strategies and review risk mitigation plans.
- Agenda:
- Analysis of current risks and identification of emerging risks.
- Review of risk management frameworks and controls.
- Recommendations for risk mitigation actions.
- Update on the compliance status of the organization.
6. Quarterly Risk and Compliance Meeting
- Date: Last week of every quarter (March, June, September, December)
- Purpose: Discuss ongoing and upcoming risks, compliance issues, and audits.
- Agenda:
- Review risk and compliance performance from the previous quarter.
- Updates from the internal audit team on any non-compliance incidents.
- Discussion on action plans for mitigating risks and improving compliance.
7. Annual Internal Control Assessment
- Date: First week of December (Annually)
- Purpose: Assess and evaluate the strength of SayProRoyal-2’s internal control systems.
- Agenda:
- Review and evaluate internal control policies and procedures.
- Presentation of findings from internal control audits.
- Recommendations for strengthening controls.
8. Ad-Hoc Audit and Compliance Meetings
- Date: As Needed (Based on Urgent Issues)
- Purpose: To address any urgent issues that require immediate attention, such as fraud detection, policy violations, or unexpected financial discrepancies.
- Agenda:
- Immediate review of the issue at hand.
- Discussion of actions to rectify the problem.
- Deciding on corrective and preventive measures.
9. Monthly Committee Check-ins
- Date: First Monday of every month
- Purpose: Monthly briefings on the status of ongoing audits, financial reviews, and risk assessments.
- Agenda:
- Status update on audits and compliance activities.
- Address any emerging risks or operational issues.
- Assign tasks for upcoming meetings or investigations.
- General updates on governance and financial practices.
10. Auditor/Committee Feedback Session
- Date: Annually, Post Audit (December)
- Purpose: Gather feedback from internal and external auditors to improve future audit cycles.
- Agenda:
- Review of audit findings and auditor feedback.
- Discussion on improving audit effectiveness.
- Planning for changes in audit practices or scope for the next year.
Proposed Calendar Template for SayProRoyal-2 SayPro Royal Board Audit Committee:
| Event | Date | Frequency | Purpose |
|---|---|---|---|
| Annual General Meeting (AGM) | First week of March | Annually | Review overall performance, audit reports, and strategy. |
| Quarterly Board Audit Review | Last week of March, June, Sept, Dec | Quarterly | Review quarterly financial reports and audit outcomes. |
| Audit Planning and Strategy Meeting | Last week of February | Annually | Set audit objectives and strategy for the year. |
| Mid-Year Financial Review | Last week of June | Annually | Assess the financial performance at the year’s midpoint. |
| Risk Management Review | Third week of May | Annually | Review risk management strategy and compliance. |
| Quarterly Risk and Compliance Meeting | Last week of March, June, Sept, Dec | Quarterly | Update on risk and compliance. |
| Annual Internal Control Assessment | First week of December | Annually | Evaluate internal control systems. |
| Ad-Hoc Audit and Compliance Meetings | As Needed | As Needed | Address urgent financial or compliance issues. |
| Monthly Committee Check-ins | First Monday of every month | Monthly | Ongoing status updates for audits and compliance. |
| Auditor/Committee Feedback Session | Post Audit (December) | Annually | Gather feedback from auditors to improve future audits. |
Calendar Management Tools:
To effectively manage and track these events, the following tools are recommended:
- Google Calendar for scheduling and sending reminders for each event.
- Project Management Tools such as Trello, Asana, or Monday.com for tracking tasks and deadlines.
- Document Sharing Platforms like Google Drive or Microsoft SharePoint to store and access event-related documents and reports.
- Email Automation tools (e.g., Mailchimp, Constant Contact) to keep members informed about upcoming events and deadlines.
