Purpose: The Audit committee provides oversight of the Club’s financial activities by annually reviewing the Club’s financial procedures, financial records, and reconciling the records with the bank statements. The Audit committee will make a report with recommendations as appropriate and submit it to the Board.

– – – –
AUDIT CHAIRPERSON RESPONSIBILITIES

Recruit committee members as necessary and lead the Audit.

Audit committee members:

  • Audit committee should be established by the new Board immediately after the December election.

  • Members should have some sort of financial background/experience.

  • The committee should have three members; the Chairperson and two additional people. The Treasurer cannot be one of the committee members but should attend the Audit meeting to answer questions as necessary.

Procedure:

  • Documents: Assemble the necessary documents; the Treasurer will supply the Club financial records, checkbook register, bank statements and Quickbooks records.

  • Audit meeting scheduling: Meet to perform the Audit within 30 days after the previous year’s Treasurer has closed the books for that year. It will make it easier if there is a new Treasurer to take over the books when the books of the previous Treasurer have been audited. Budget Committee needs the Audit to be finished so they can propose a budget for the current year.

  • Audit: Meet and review all documents. Randomly sample check register and compare with the financial records.

  • Report: Write up a report with findings and recommendations and submit it to the Board. It will be available to the membership also.

  • File: Audit report is to be filed with the Secretary.

Note: Audit usually is, or may be, performed in conjunction with the Budget meeting.