AUDIT COMMITTEE PROCEDURES
Records Required for Review:
- Bank statements for all bank accounts for each month of the audit period
- Cancelled checks for each month of the audit period
- Bank account reconciliation for last month of the audit period
- Board minutes for each month of the audit period.
- Quicken list of all payments, deposits and account transfers for the audit period sorted by date
Review Procedures:
- For the last month of the audit period, agree all savings, CD, and other investment account balances per the bank statements to the Chapter’s financial statements.
- Review all savings, CD, and other investment account statements for the audit period for any unusual transactions and verify that all investments are in accordance with Board minutes.
- For last month of the audit period, review the bank account reconciliation for accuracy.
- For last month of the audit period, agree reconciled checking account bank balance to the Chapter’s financial statements.
- For the audit period, select a test sample of not less than twenty (20) check and cash payments from the Quicken list of transactions.
- Agree the payment amounts to the cancelled checks (if available) or bank statements.
- Verify that the payees shown on the transaction listing agree to the payees on the checks or check copies.
- Verify that all payments have proper supporting documentation such as original invoices, signed requests for payment, or notes explaining the reasons for missing support documentation.
- Note any exceptions on the Audit Committee Review Statement and have each member of the Audit Committee sign the Review Statement.