Issue link: http://psai.uberflip.com/i/754545
W EEKLY EDITION NOV 23, 2016 PSAI Auditor Provides a Clean Opinion At the Wednesday, November 16 meeting in New Orleans, PSAI Board Treasurer Matt Sola reported that the organization's 2015 - 16 audit has been completed. The auditor, Marc Colin of the firm Carpenter Evert and Associates, has issued a clean opinion to the Bo ard of Directors. In addition, all federal and state filings are complete for the year and no extensions were required. The auditor's opinion as contained in the written audit report stated, "In our opinion, the financial statements … present fairly, in all material respects, the financial position of [the] Portable Sanitation Association International … in accordance with accounting principles generally accepted in the United States of America." Prior to the finalization of the audit report, the Boa rd's Finance and Audit Committee met with the auditor and questioned him regarding the operations of the PSAI. Mr. Colin indicated the organization appears to be running well, making progress in its financial position, and making the most of the resources available to ensure good financial controls. The auditor indicated that only one small adjustment was required to the figures presented to him for audit, which means the unaudited figures the Board gets from management each month are typically accurate and provide the Board with a realistic picture of the PSAI's financial condition. As noted in a letter to the Board, Mr. Colin stated, "The small accounting staff does not allow for the complete segregation of duties that would exist in an ideal internal con trol structure. The number of people required to staff such a control system is normally beyond the means of most organizations, including [the] Portable Sanitation Association International, and systems in use are appropriate for an organization of your s ize." In addition to the routine audit activities, each year the Board asks the auditor to conduct more intense scrutiny of a particular area. This year the Board directed the auditor to review the PSAI's credit card transactions. Mr. Colin reported that his review found all charges have been appropriate and accompanied by backup documentation of the business purpose for the charges. A complete report on the audited numbers will be made to the membership at the March 2017 Annual Convention and Trade Show in Orlando. Members with questions in the meantime may contact treasurer Matt Sola at msola@sbprestrooms.com . P AGE 13