Council Financial Audit Workshop

Council Financial Audits A Workshop 1902- 2002 Purpose: To present and discuss the need for audits of council financial records and to introduce a process for performing audits with council resources. Learning Objectives: 1. To understand the importance of sound financial accounting and reporting in your council. 2. To identify the options available for completing financial audits. 3. To present a process for completing financial audits using council resources (Financial review). 4. To develop an action plan for completing a financial audit for your council. Agenda: 1. Discuss the responsibility of Council Board of Directors for financial oversight. 2. Discuss the benefits to the council of maintaining sound financial records and reporting. 3. Identify methods for completing a council financial audit. 4. Present a financial review process for council use. 5. Finalize action plans. Limit: 1 Hour WJW 03/12/2003 © 2002 Navy League of the United States 1 Council Financial Audit Workshop Overview The Council Board of Directors is accountable for governance of the council in order to protect the public interest. One program that is used for financial oversight is the council financial audit. Let’s start with your ideas. First, what are some reasons why councils might audit their financial records? List them below as “Supports Audits” and rank them. Next, think of reasons why councils do not audit their financial records ...