Audit Preparation Procedure

Springfield Historical Society, Inc. Audit Preparation Procedure Audit Committee:  Gene Venable  Elizabeth Lundberg  Leigh Callaway 2009 Audit, February 5, 2010 1 Springfield Historical Society, Inc. Audit Preparation Procedure Reconciliation Summary Tie Outs Cash Account Bank Statements• Reconciled • Ties to Rec Sum Rpt• Ties to Rec Sum Rpt • O/B & E/B• O/B & E/B• Receipts• Deposits , Checks , Debits & Interest• Transfers : Ck'ng & CDRec SumO/B +- E/BReceipts Report Disbursement Report• Ties to Rec Sum Rpt • Ties to Rec Sum• Categorized • Categorized• Classifcation 1, maybe 2 • Classification 1 Verify System Reports against Transaction Detail in Folders Foulder DetailReceipts & Disbursements ReportsCategory & Dlassification 2 Springfield Historical Society, Inc. Audit Preparation Procedure Audit Preparation Goals: 1. Assure that documentation is properly prepared and organized for conducting the eight audit review steps. 2. Prepare the audit review deliverables. Audit Preparation Steps: Start/End Point 1. Produce prior year audit letter with attached financial reports. Note ending balances for each account: Cash, Checking and CD’s. 2. Produce this year’s Annual Report with attached financial reports. Note closing balances for each account: Cash, Checking and CD’s. Audit Step 1: Prepare Reconciliation Summary Report Cash Account 1. Open Excel file of Reconciliation Summary (RecSum) Report of prior ...