HE MANUAL FOR AUDIT COMMITTEES OF THE

A Manual for Audit CommitteesIn the Diocese of Vermont Prepared by the Oversight and Audit CommitteeMay 2010THE MANUAL FOR AUDIT COMMITTEES OF THE DIOCESE OF VERMONT[THE ANNUAL FINANCIAL AUDIT]CONTENTS:Section I - OverviewSection II - Review of Internal ControlsSection III - Audit of Books of AccountSection IV - Addenda and References1 - Pre-Audit Documents for Review2 - Internal Control Checklist 3 - Sample Audit Certification Form4 - Audit Compliance Review Summary5 - Essential Information Required for Financial StatementsSECTION I - OVERVIEW1. Introduction: Annual audits are required for all parishes, missions and other institutions by theCanons of the Episcopal Church and the Diocese of Vermont. The Oversight and Audit Committee ofthe Diocese of Vermont has prepared the guidelines in this document to assist audit committees incongregations in their conduct of the annual audit of the financial statements and the assessment of theinternal controls for financial and property management. These audits are required by the Canons of theEpiscopal Church [Title I Canon 7 Section 1] and the Canons of the Diocese of Vermont [Title IICanon l0]. This set of diocesan guidelines is written in accordance with the Manual of BusinessMethods in Church Affairs as authorized by the General Convention of the Episcopal Church. Whilethese guidelines are written primarily for parish and mission audit committees, they should be madeavailable to any ...