Editing Audit
From PCSAR
Warning: You are not logged in. Your IP address will be recorded in this page's edit history.
The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then save the changes below to finish undoing the edit.
Current revision | Your text | ||
Line 3: | Line 3: | ||
== Selection of auditors == | == Selection of auditors == | ||
The auditors are two members of general membership, preferably not members of the board. | The auditors are two members of general membership, preferably not members of the board. | ||
- | |||
They are appointed by the board ([[Bylaws/Consolidated|bylaws section 16]]) | They are appointed by the board ([[Bylaws/Consolidated|bylaws section 16]]) | ||
and report to the membership. | and report to the membership. | ||
Line 16: | Line 15: | ||
Prior to the audit, the following information should be provided to the auditors: | Prior to the audit, the following information should be provided to the auditors: | ||
- | * a copy of the auditors' report | + | * a copy of the ''previous'' year's auditors' report |
- | * a copy of the year | + | ** (please upload the 2015-2016 Auditors' Report to this page) |
- | * a copy of the | + | * a copy of the ''previous'' year's financial statements |
+ | * a copy of the current year's financial statements including | ||
** balance sheet | ** balance sheet | ||
** statement of income and expense | ** statement of income and expense | ||
- | |||
* the last bank statement prior to the year-end for all bank accounts | * the last bank statement prior to the year-end for all bank accounts | ||
- | * the last bill/statement prior to the year-end for all monthly accounts (e.g. credit card, Telus bills, phone.com | + | * the last bill/statement prior to the year-end for all monthly accounts (e.g. credit card, Telus bills, phone.com) |
* the bank reconciliation statement | * the bank reconciliation statement | ||
- | * a list of all transactions for the year ( | + | * a list of all transactions for the year (e.g. General Ledger report) |
- | + | * a copy of the most recent inventory | |
- | + | ||
- | + | ||
- | * a copy of the most recent | + | |
* the authorization to spend, which would be either | * the authorization to spend, which would be either | ||
- | ** a copy of the | + | ** a copy of the current year's budget |
*** plus a copy of the minutes adopting and amending the budget and authorizing expenditure limits | *** plus a copy of the minutes adopting and amending the budget and authorizing expenditure limits | ||
*** and any minutes authorizing expenditures over the budget | *** and any minutes authorizing expenditures over the budget | ||
** or, a copy of all minutes for the year | ** or, a copy of all minutes for the year | ||
* a draft copy of the current year's Auditors' Report, ready for signatures | * a draft copy of the current year's Auditors' Report, ready for signatures | ||
- | |||
- | |||
== During the audit == | == During the audit == | ||
- | During the audit, the two auditors meet with the | + | During the audit, the two auditors meet with the book keeper |
with all the financial records. | with all the financial records. | ||
Line 46: | Line 40: | ||
* the current year's balance sheet balances | * the current year's balance sheet balances | ||
* the totals of the income and expense sheet add up | * the totals of the income and expense sheet add up | ||
- | * the difference between the | + | * the difference between the current year's and previous year's balance sheet is the difference of the current year's income and expense |
- | * the bank reconciliation statement matches the bank statement | + | * the bank reconciliation statement matches the bank statement |
* any regular bills that show a current balance (e.g. phone bills) match the balance reported in the books | * any regular bills that show a current balance (e.g. phone bills) match the balance reported in the books | ||
* all expenditures are authorized by either the budget or board meeting motion | * all expenditures are authorized by either the budget or board meeting motion | ||
Line 73: | Line 67: | ||
The auditors' report will state | The auditors' report will state | ||
whether they believe | whether they believe | ||
- | the | + | the current year's financial statements |
- | substantially reflects the financial state of the society | + | substantially reflects the financial state of the society. |
If there are any outstanding reservations or concerns | If there are any outstanding reservations or concerns | ||
the auditors' report should include those. | the auditors' report should include those. | ||
- | The | + | The year-end financial statements should be attached. |
The auditors' report should be signed by both auditors. | The auditors' report should be signed by both auditors. | ||
Line 83: | Line 77: | ||
== After the audit == | == After the audit == | ||
- | A copy of the auditors' report should be given to the | + | A copy of the auditors' report should be given to the book keeper and the board. |
Prior to or at the annual general meeting, the auditors' report (with the year end financial statements attached) | Prior to or at the annual general meeting, the auditors' report (with the year end financial statements attached) | ||
should be sent | should be sent | ||
to all members of the society. | to all members of the society. | ||
- | == | + | == Reports == |
- | * | + | * 2014-2015: {{link|Image:Members:2014-2015 Auditors Sign Off.pdf|cropped and rotated for presentation}} ({{link|Image:Members:2014-2015 Auditors Statement Photo.JPG|original}}) |
- | + | * {{link|Image:Auditor's Report for 2013-2014 fiscal year.pdf}} | |
- | + | ||
- | + | ||
- | + | ||
- | * {{ | + |