Notice of 2015 AGM | The Meteorological Society of New Zealand

Notice of 2015 AGM

Official notice to members for AGM 2015
You are invited to attend our 36th Annual General Meeting
This is planned to start during our 2015 Annual conference at Sunset Motel, Raglan, during the Lunch break on Monday 23 November,
All financial members are allowed to attend and vote.
Apologies that are emailed to bobmcdavitt@hotmail.com prior to AGM shall be recorded.
If you wish an item to be considered at the AGM, please let one of the committee know beforehand.
Agenda
1. Attendance
2. Apologies
3. Confirmation of minutes of previous AGM.
4. Matters Arising
5. President’s report
6. Treasurer’s report
7. Appointment of Auditor
8. Subscription rate.
9. Election of Officers
10. Other matters.
10.1: Guidelines for the Kidson Medal
10.2 Proposal tabled by committee, submitted by Andrew Tait, Treasurer:
To amend Sections 13 and 14 of the constitution, thus:
Current text:
13. Funds
Each financial period (one year) shall close on 31 July. At the close of such a period a duly audited statement of accounts and balance sheet shall be distributed to members prior to the next Annual General Meeting of the Society which will take place in the subsequent four months as provided in 6. The Society's funds shall be deposited in bank accounts opened in the name of the society and the accounts shall be operated by the signatures of any two of the President, the Secretary, the Treasurer, and the Circulation Manager.
14. Auditor
The Committee at the first meeting of each financial year following the Annual General Meeting shall appoint an Auditor for the coming year.
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Proposed changed text (with changes highlighted in bold):
13. Funds
Each financial period (one year) shall close on 31 July. At the close of such a period a duly audited or reviewed statement of accounts and balance sheet shall be distributed to members prior to the next Annual General Meeting of the Society which will take place in the subsequent four months as provided in 6. The Society's funds shall be deposited in bank accounts opened in the name of the society and the accounts shall be operated by the signatures of any two of the President, the Secretary, the Treasurer, and the Circulation Manager.
14. Auditor/Reviewer
The Committee at the first meeting of each financial year following the Annual General Meeting shall appoint an Auditor or Reviewer for the coming year.
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Rationale:
Many charitable societies like our own have changed their constitution so that they do not have to have a full financial audit performed on their accounts each year. Such audits are expensive and are no longer mandatory.
A financial review is less onerous on the part of the reviewer, does not carry with it the same burden of proof, and as a result is a much reduced cost.

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What is the difference between audit and review?
  Audit
Level of assurance :A reasonable or high level of assurance about whether the financial statements as a whole are free from material errors or fraud.  Reasonable or high assurance is not absolute assurance.
Report provided  Independent Auditor’s Report
Opinion is expressed in a positive form, e.g. “The financial statements are free from material misstatement”.

Nature of procedures Procedures normally involve detailed tests of accounting records using techniques such as inspection, observation, confirmation, recalculation and re-performance, as well as inquiry and analytical review.

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Review

Level of assurance: Limited assurance about whether the financial statements as a whole are free from material errors or fraud. Limited assurance is less than reasonable assurance.

Report  produced: Independent Review Report
Conclusion is expressed in a negative form, e.g. “Nothing has come to our attention that causes us to believe that the financial statements are not free from material misstatement”.

Nature of Procedures: Procedures are primarily based on inquiry and analytical review.

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Both an audit and a review require financial statements to be prepared in full compliance with Generally Accepted Accounting Principles (GAAP).
Neither an audit nor a review will guarantee complete accuracy of financial statements, nor detect fraud.
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