How often should our chapter financials be audited?

/How often should our chapter financials be audited?

How often should our chapter financials be audited?

Chapter officers should be performed annually. Within ninety days after the installation of new officers, an appointed auditor or an auditing committee should audit chapter accounts. The President should appoint a member of the chapter who is a Certified Public Accountant or Certified Internal Auditor to perform the audit, whenever possible. The primary purpose of the audit is to determine that all cash received and paid out has been properly accounted for by the Treasurer. The auditor may scrutinize all recorded transactions. A check should be made:

(1) to ascertain that all the cash received was recorded in the cash records and deposited in the Chapter’s bank account;

(2) that cash was disbursed only for authorized expenditures, and

(3) that the statements fairly reflect the results of Chapter operations for the Chapter year and the financial condition of the Chapter at the year end. Procedures for chapter audits.

Upon completion of the audit, the auditor should prepare an audit report. The report should be addressed to the Chapter with copies to the incoming and outgoing Chapter Presidents and Treasurers. The Chapter auditor should also discuss the results of his audit at the first meeting of the board of directors after completion of his audit. A copy should also be sent to the National Headquarters.

By |2018-10-23T21:26:43+00:00March 12th, 2018|Comments Off on How often should our chapter financials be audited?

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