DUTIES OF THE AUDITING COMMITTEE

1.                  Serve at the invitation of the President of the Council.  Chairperson is appointed by the President.

2.                  Review the background of the applicants for Auditor.  Should have some background in Accounting or Taxes.

3.                  Works closely with the Council Treasurer to become familiar with the Council financial records.

4.                  Assists Bulletin Treasurer in preparing financial records for the Bulletin.

5.                  Requests books from the Council Treasurer and the Bulletin Treasurer after the financial records are closed on June 30, of each year.

6.                  Review financial records.  You need the Balance Sheet and the Profit & Loss Statement for June 30, of the current year, the Bank Statements for each of the accounts and the Check Registers for the current year, for each entity.

7.                  Review the Bank Statements with the reconciliation’s for each month and compare the June statement to the balances on the year end Balance Sheet.  Review the Check Registers for any discrepancies or unusual checks or payees and compare the June Register to the balances on the year end Profit & Loss Statement.

8.                  Since the books of the Council and the Bulletin are kept on the respective computers, it is necessary for the June records to balance with the June 30 reports to verify the accuracy of the financials.

9.                  When the audit is completed, the books should be returned to the Treasurers of both entities, and a statement of Financial Condition prepared and presented to the Council.  A copy must be given to the Secretary to be entered in the minutes of the Council meeting.

10.             The Auditing Chairperson should keep in contact with the current Council Treasurer and review the interim statements that are produced each month.

Updated 10-13-2008