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The following audit checklist is prepared for a chapter audit rather than an
outside accounting firm audit.
It is obvious that an outside accounting firm's
audit would/should be in much greater detail. This checklist should be used to
provide accuracy and give credibility to the financial records of a chapter. If,
after using this checklist, there is question as to the authenticity of the
chapter financial records, I would recommend the use of an auditing firm.
Collect all accounting materials.
Receipts
Deposit slips
Invoices
Cancelled Checks
Bank
Statements
Check Registers
Note lost or illegible material
Last Annual
Financial Report
Monthly Financial Reports
Review Accounts Used.
Income Accounts (Should have separate account for each income
type)
Are all deposits recorded as to income type?
Are all deposits
reconciled to bank statements?
Expense Accounts (Should have separate account
for each expense type)
Are all expenditures recorded as to expense
type?
Are all checks reconciled to bank statements?
Verify the following:
Starting Balance
Receipt for every expenditure
The officers of
the chapter approved all expenditures
An approved budget exists for each
expense type
All expenditures are within approved budget
All individual
account's starting and ending balances match the chapter's ledger
The annual
ending balance matches the chapter's ledger
Final Audit Report should identify the following:
Outstanding difference between chapter reports and bank
statements
(Outstanding checks and deposits) Annual Income by
category
Annual Expense by category
Amount and percentage difference from
budget
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Last Updated - 01, November 2002
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