Audit

PURPOSE

    The purpose of the Audit Committee is to audit the outgoing Treasurer's  final report and books.  In addition, it has the responsibility of reconciling with the Treasurer's records the final reports of the Outing Committee, the Publications Committee, and any other committees deemed neces-sary by the Chapter officers, the Executive Committee or the Audit Committee itself.

COMPOSITION

    The Audit Committee consists of a Chairman and two additional members appointed by the Chapter Chairman. No member of the Executive or Finance Committee of the Chapter being audited can serve on the Audit Committee.  When possible, the Past Chairman of the Chapter twice removed should be chairman of the committee, and committee members may be past chairmen.  It would be advisable to have at least one member of the audit committee carry over from the previous year’s audit.

GUIDELINES AND INSTRUCTIONS

  • Obtain file from the outgoing Committee Chairman.  Review contents prior to first Committee meeting.
  • Prepare tentative budget and submit to the Treasurer before the first Executive Committee meeting.
  • By June 10 - audit outgoing treasurer's books, savings  account(s), passbook(s), and safety deposit box contents.  In case of an unreconcilable situation at the first audit  meeting, the committee should concentrate on first resolving  the checking account balance so that normal Chapter business may continue.
  • Treasurer should be contacted by May 1 to allow him time to finalize the year end report.
  • June - prepare a written report of the audit of the outgoing Treasurer's books and activities and present to the  Executive Committee at the annual business meeting of the  Chapter, held no later than 15 June.  Include in the report suggestions to facilitate future audits and any  recommendations of members for next year's committee.   In addition, an assessment of the performance of the Treasurer  should be made.  Since, according to normal operating  procedures, the Treasurer will become the Chapter Chairman in two years, this evaluation by the audit committee represents one of the few quantitative checks on the capability of future Chapter leaders.
  • Prepare an annual report summarizing the year's activities for submission to the Executive Committee at the Annual business meeting in June.
  • Transfer the complete Committee file to the incoming Committee Chairman.

BUDGET CONSIDERATIONS

    Committee meeting expenses.