The purpose of the audit is to determine the completeness and accuracy of the Society’s financial records. The Treasurer delivers the financial records to the Vice President at the first Board meeting following the close of the fiscal year. The Vice President presents the audit report to the Board of Directors at the second Board meeting following the close of the fiscal year.
The audit consists of tracing transactions from source documents to registers and bank statements, verification of signature approvals and timely filings of tax/corporation reports, and conformance with written procedures.
Responsibilities
Verify that each check of payment or reimbursement has a corresponding reimbursement form or other statement authorizing the check to be drawn.
Verify that each charge made to the organization’s check card has a corresponding invoice or statement.
Verify that each reimbursement form or other statement has the required support documentation and that the amount of the payment check matches that of the request.
Match each check to its entry in the check register to verify payee, amount, and clearance through the bank.
Verify that voided checks were not cashed.
Match each deposit to its entry in the check register to verify amount deposited and support for that deposit.
Verify that corporate reports were filed with the appropriate agency on time and with any required filing fees or payments.
Verify that the Treasurer’s reports to the Board of Directors accurately report all transactions of monies paid out of or received into the treasury.
Verify that all payments were budgeted and/or authorized by the appropriate parties as delineated in the Treasurer’s procedures.
Revision history: 5/93 jab; 7/93 dmc; 7/95 jw; 5/04 laj, 6/09 du, 3/12 tep, 6/14 tep