ORIENTATION FOR CHAPTER LEADERS DEVELOPING MANAGEMENT SKILLS RECOMMENDED AUDITING

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20212022 SCHOOL YEAR CALENDAR AUGUST 4 2021 ORIENTATION –
A DYING EXERCISE FOR VOLUNTEER ORIENTATION BY MONICA K
ADVENT 2021 MONDAY WEDNESDAY FRIDAY NEW STUDENT ORIENTATION 1

At the close of the Association’s fiscal year (preferably within one month thereafter), the Auditing Committee shall meet with the Treasurer of the Association to examine the financial records of the Association and to review the account procedures followed by the Treasurer. The audit of the financial records shall be made randomly in line with standard auditing procedures. Items shall be selected at random and examined under the following categories: Internal Control, Cash, Income, Expenses, and Fixed Assets. The treasurer of each entity audited should supply the following documents. These documents should cover all months of the year plus one month preceding and one month following the audit year.

1. Bank statements, reconciliations, and checks.

2. Authorizations for payments.

3. Deposit records.

4. Profit/loss reports (or whatever shows revenue, expense, and net income).

5. Balance sheets (amount in bank).

6. Investment statements.

7. Account transaction list.

8. Budget vs. actual report.

9. Fixed assets list (available one month before audit so inventory can be taken.)

Internal Control

1. Determine that the follow of documents through the accounting system is in accordance with the prescribed accounting procedures and guidelines for the Treasurer of the Association.

a. Review the procedure followed for approval of invoices, approval of other payment authorizations, preparation of checks, signature of checks, mailing of checks, posting to the Expense File, etc.

b. Review the procedures followed in the receipt of income, preparation of deposit slips, actual physical deposit of funds, posting to the Income File, etc.

2. In this review of procedures, determine that there exists an adequate separation of duties (e.g., the person who approves the invoices for payment does not sign the checks, etc.).

3. Select disbursements randomly and make sure such disbursements agree with the Expense Files as to date, payee, check number, amount, account classification, and endorsement.

4. Select income receipt transactions randomly and make sure such receipts agree with validated deposit slips and the Income File as to date, amount, and classification. Review for unusual items.

5. Review monthly postings from the Expense File and the Income File to general ledger.

Cash

1. Review the bank statements for the fiscal period to determine that they are reconciled properly and on a timely basis.

2. Follow-up any unusual reconciling items or unusual bank transactions (e.g., debit memos from the bank for payments that should have been made by check, deposits less cash, fund transfers vita telephone, etc.).

3. Review the bank reconciliation for the last month of the accounting period.

4. Confirm independently with the bank the balance . . .

5. Request a short period bank statement . . .

6. Review the cut-off statement . . .

7. Be alert for cancelled checks made payable to “Cash” or that could otherwise be negotiated.

8. Determine that the cash balance at the beginning of the accounting period agrees with the prior year’s audit.

9. Determine that excess funds are invested in saving accounts in accordance with approved investment policies and on a timely basis.

Income

1. Select specific income accounts randomly and test for proper classification.

2. Where applicable, perform an overall test on a selected income account (e.g., if the registration fee for a conference or workshop is $20 and 100 people attend, the revenue from such a conference should be $2,000).

3. Determine that income from savings accounts and investments has been properly classified.

4. Review receipts for billed revenue (e.g., advertising in publications of the organization, fees from exhibitors at conferences, etc.).

5. Review miscellaneous and small income accounts randomly.

Expenses

1. Select test months, or random transactions, and make sure the cancelled checks agree with the accounting entries.

2. Compare salary expenses to approved salaries authorized by the organization.

3. Perform overall test on salary expense to determine that payroll tax expense is reasonable.

4. Review payroll tax reports to determine that they are prepared properly and filed on a timely basis.

5. Be alert for illegal payments that might have some effect on the organization’s tax-exempt status (e.g., political contributions, kickbacks, etc.).

Fixed Assets

1. Review fixed assets to determine that all property is listed.

2. Review the last physical inventory of fixed assets.

3. Determine that any equipment or property purchased during the current accounting period has been added to fixed assets records. Include only items costing $200 or more.

4. Review deletion from fixed assets for proper approval.

Conclusion

Following the audit, the Auditing Committee shall submit a signed statement to the Executive Board of the Association. This statement shall state whether or not the financial records and accounting procedures followed by the Treasurer were in good order. Included in the statement, or attached to it, shall be any recommendations from the Auditing Committee for corrections in the records or changes in procedure. That statement may also include a recommendation of the Treasurer for work well done.

AER ORIENTATION AND MOBILITY DIVISION POSITION PAPER TEACHING
AER ORIENTATION AND MOBILITY DIVISION POSITION PAPER TEACHING STREET
ARCHITECTURAL DESIGN STANDARDS I BUILDING ORIENTATION THE ORIENTATION OF

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ORIENTATION FOR CHAPTER LEADERS DEVELOPING MANAGEMENT SKILLS RECOMMENDED AUDITING

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