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You have some options here. Overall, it makes sense to have an independent person or people do the audit. Some groups find a volunteer --perhaps a parent in the group who works in finance -- or set up an audit committee made up of several volunteers to handle the audit. Still others bring in a professional CPA to do the job. So, it depends on what you think will work best for your group. This story about the auditing process has some great tips. '
Good luck,
Rose C.
- Rose H
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story about the auditing process: https:/www.ptotoday.com//pto-today-articles/article/396-annual-audit-how-and-why?utm_source=4_16_13&utm_medium=email&utm_content=tip&utm_campaign=leaderlowdown
I'm a board member for a very small PTO - we have very few members and our cash flow is typically less than $5K. Our treasurer completed an audit by herself and shared the results with our board and Principal. She listed out every financial transaction in a spreadsheet with notes, justified all the bank statements, and matched every transaction with a form explaining the expense/deposit (Deposit Notice Form, Check Request Form for pre-payments, or Reimbursement Request Form) and attaching copies of each bank deposit slip, invoice, or receipt. I agree with Rose that having at least 2 people or a committee is ideal; and for large groups or significant cash flow, an financial professional is likely merited. However, I also wanted to mention that a single person who isn't an Acct can also complete the basic bookeeping tasks. The articles on this website, esp in regard to financial procedures & audits, have been very helpful for our board.
- dkmurphy
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