At ASSET Financials, we highly value transparency, accountability, and continuous improvement. Our Advisory Board and Audit Committee play a crucial role in this. In this article, we answer frequently asked questions about their tasks and responsibilities.
The Advisory Board
How often are evaluations or reviews conducted by the Advisory Board?
The Advisory Board meets three times a year. This happens in the summer and winter, prior to the General Assembly (GA), to obtain approval for event-related plans. A mid-semester evaluation also takes place. Additionally, board members can submit questions at any time when advice is needed.
What are the main tasks of the Advisory Board and the Audit Committee?
The Advisory Board provides input on event organization and offers support where needed. The Audit Committee reviews the bookkeeping quarterly to ensure that the treasurer follows accounting regulations correctly.
How do the advisory bodies provide feedback to the board?
Feedback is given during meetings, which take place twice a year at a restaurant over a three-course dinner. During the summer, when many members are on vacation, feedback is often provided online.
What authority does the Advisory Board have to intervene if the board is not functioning properly?
The Advisory Board serves solely in an advisory capacity and has no formal authority to intervene. Nevertheless, their advice is often followed, as it benefits the association.
Are there fixed criteria by which the board is evaluated?
Event outcomes are assessed, and updates are written to provide a complete picture of the association. Additionally, various topics are discussed during the meetings.
Who are the members of the Advisory Board, and how are they selected?
The Advisory Board consists of three types of members:
- Professionals from the business sector (economics, accounting, and finance);
- University professors from these fields;
- Former chairpersons who have experience in policy-making.
How is the collaboration between the board and the Advisory Board experienced?
The collaboration is considered very positive. The Advisory Board provides the board with valuable insights and key points in a constructive manner, always with the goal of improving the association.
Are there examples where the Advisory Board played a key role?
After the COVID-19 pandemic, membership declined, impacting committees and events. During a brainstorming session, strategies were discussed to attract more students, such as inviting high-profile speakers or organizing more engaging informal activities.
Financial Control (Audit Committee)
How often does the Audit Committee review financial records?
The Audit Committee conducts a review four times a year.
Which financial documents and reports are reviewed?
The Audit Committee reviews the balance sheet, profit and loss statement, and general ledger accounts. Additionally, they verify that VAT is recorded correctly via the quarterly VAT return submitted to the tax authorities.
What happens if financial irregularities are discovered?
Any irregularities are documented and corrected as soon as possible. This is a normal part of the auditing process.
How independent is the Audit Committee from the board?
The Audit Committee consists of former treasurers. They are no longer part of the board and base their assessments on legally established accounting rules.
Are external accountants or experts consulted for financial control?
No, this is not necessary. The Audit Committee possesses sufficient internal expertise.
Transparency and Accountability
How are ASSET Financials members informed about the findings of the Advisory Board and Audit Committee?
Findings are incorporated into policies and official documents, which members can review in the lead-up to the GA.
How is the balance between independent oversight and board autonomy maintained?
The Audit Committee ensures that financial management is responsible, while the board has the freedom to allocate the budget for events.
Are improvements from reviews incorporated into board policies?
Yes, for example, in time management. Lessons learned from one year are applied to the next.
What steps are taken if the board does not comply with advice or guidelines?
If the board disregards recommendations, members of the Audit Committee and Advisory Board have the option to vote against proposals at the GA, just like any other member.
With the Advisory Board and Audit Committee as essential pillars, ASSET Financials continues to develop and professionalize. Their expertise and involvement contribute to a strong and future-proof association.
