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Audit Procedures 2008

Intae - Cindy Mccrory

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7 pages

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January 13, 2009 MEMORANDUM TO: All Congregations FROM: Commission on Finance SUBJECT: Audit Procedures Both the national Canons (Canon 6, Sec. 5) and the Diocesan Canons (Canon 10, Sec. 2) require that all congregations be audited annually. These audits are to be completed and submitted to the Diocesan office by September 1st of the next year. Large congregations with multiple accounts and savings and trust funds are encouraged to have an audit done by a Certified Public Accountant or Licensed Public Accountant. However, it is recognized that the cost of hiring these professional services sometimes is prohibitive. Therefore, provision has been made to engage an audit committee; and such a committee is authorized by the Commission on Finance of the Diocese as follows: The audit committee shall consist of three qualified members of the parish or mission, appointed by the vestry and approved by the rector or vicar. The members of the audit committee should be knowledgeable about finances and accounting matters and none shall have acted as treasurer or bookkeeper of the parish or mission being audited during the period being audited. No one who has acted as Treasurer, Bookkeeper, Financial Secretary, nor any Clergy, during the period being audited shall serve on the audit committee. In addition, anyone who has deposit responsibilities or check signing authority during the period being audited cannot serve on the ...

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Publié par	Intae
Nombre de lectures	24
Langue	English

Extrait

January 13, 2009

MEMORANDUM TO

All Congregations

FROM

Commission on Finance

SUBJECT

Audit Procedures

Both the national Canons (Canon 6, Sec. 5) and the Diocesan Canons (Canon 10, Sec.

2) require that all congregations be audited annually.

These audits are to be completed

and submitted to the Diocesan office by September 1st of the next year.

Large congregations with multiple accounts and savings and trust funds are encouraged

to have an audit done by a Certified Public Accountant or Licensed Public Accountant.

However, it is recognized that the cost of hiring these professional services sometimes

is prohibitive.

Therefore, provision has been made to engage an audit committee; and

such a committee is authorized by the Commission on Finance of the Diocese as

follows:

The audit committee shall consist of three qualified members of the parish

or mission, appointed by the vestry and approved by the rector or vicar.

The members of the audit committee should be knowledgeable about

finances and accounting matters and none shall have acted as treasurer

or bookkeeper of the parish or mission being audited during the period

being audited.

No one who has acted as Treasurer, Bookkeeper,

Financial Secretary, nor any Clergy, during the period being audited

shall serve on the audit committee.

In addition, anyone who has

deposit responsibilities or check signing authority during the period

being audited cannot serve on the audit committee.

Whether done by a CPA, LPA or congregation audit committee, where practicable, the

following minimum steps should be included in the audit:

(1)

Verify that all monies pledged and paid to the church are properly recorded.

If there is a Teller's Committee, review their procedure and

random check their reports, or

Control mailing of year-end statements.

Confirm random 10% of pledging units

(Special attention should be paid to loose monies in the collection plate

and the procedures for accounting for them.)

Audit Procedures

Page two

(2)

Review two months (random selection) of disbursements, checking support,

purpose and authorization.

Reconcile those two months' bank statements.

(3)

Reconcile all year-end fund balances.

(4)

Review and submit year-end annual statement of congregation.

Are all funds

reported?

Does this balance to the Parochial Report?

(5)

Look at procedures:

Looseness of authority, signature, negotiable securities, etc.

The Diocesan policy regarding signatures is as follows:

The Finance Committee approves the use of one signature

on parish and mission checks if it is the signature of the

Treasurer, Senior Warden or the Rector/Vicar; or any two

persons.

In either case, those authorized to sign must be

approved by resolution of the vestry.

(6)

When the audit is completed and has been reviewed with the vestry, please

submit your report to the Diocesan office using the attached form.

You may also

use the sample forms attached to present the financial statement

-- at least be

sure all the information requested is included.

To facilitate establishing a system that will reflect adequate and accurate accounting,

please refer to the

Manual of Business Methods in Church Affairs

adopted by the

Episcopal Church.

If you would like a copy of this Manual, it can be downloaded for free

from www.episcopalchurch.org/finance/.

If you have any questions regarding the above, please contact Vince Currie at the

Diocesan office.

VCjr/jjb

(Use your church's letterhead)

We have examined the financial statements of___________________________

(name of church)

__________________________________________________________________, for

the year_____________________.

Our examination was made in accordance with the

guidelines prescribed by the Commission on Finance of the Diocese of the Central Gulf

Coast, and, accordingly, includes the audit procedures prescribed and such other

procedures as we considered necessary.

We have reviewed this audit with the vestry.

In our opinion, the accompanying financial statements are fairly stated.

Date_________________________

AUDIT COMMITTEE (

must be

someone other than the Treasurer, Bookkeeper,

Financial Secretary, Clergy, or anyone who has check deposit responsibilities or

check signing authority during period in question)

_______________________________________

(Note: Any significant, unresolved differences should be described in a separate

paragraph.)

Page 1 of 4

2008

AUDIT REPORT

CONGREGATION________________________________________________________________

DEPOSITORIES, SAVINGS & INVESTMENTS

As of 12/31/07

As of 12/31/08

CASH/PETTY CASH ON HAND

CHECKING ACCOUNTS:

SAVINGS ACCOUNTS:

INVESTMENTS:

Due Date Rate

TOTALS

CHANGES FROM 2007 - 2008

Page 2 of 4

Congregation:_________________________________________________(continued)

FOR THE YEAR 2008

RECEIPTS

PLEDGES

OFFERINGS

INVESTMENT/INTEREST INCOME

GIFTS

DESIGNATED FUND ADDITIONS:

OTHER:

TOTAL

Page 3 of 4

Congregation:_________________________________________________(continued)

FOR THE YEAR 2008

EXPENDITURES

Debt retirement

Salaries & wages (including fringe benefits)

Stewardship - Diocese

Rector Discretionary

Other

Education (including EYC)

GENERAL OPERATIONS:

Office

Janitor/Sexton

Insurance - General & liability

Utilities - all

Altar, Music, Choir

Other:

SUBTOTAL

CAPITAL ITEMS:

Maintenance & Repair

Projects:

SUBTOTAL

DESIGNATED/SPECIAL FUNDS:

SUBTOTAL

TOTAL

Page 4 of 4

Congregation:_________________________________________________(continued)

FOR THE YEAR 2008

REAL ESTATE VALUES

LAND

BUILDINGS (List)

INSURED FOR

VALUE

CONTENTS (List by building)

TOTAL Value of land/buildings & contents

INDEBTEDNESS

Mortgages Payable

Rate/Terms

Monthly Payments

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