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  • Accounting Requirements
    • Are proper books and records kept of all transactions?
    • Do the accounts comply with requirements for external scrutiny?
    • Are accounts formally approved at an annual meeting?
  • Organizational Structure
    • Is a plan held showing organizational structure?
    • Are lines of authority and reporting laid down in writing and communicated to all staff?
    • Are all staff and volunteers given proper training?
    • Is professional advice taken where appropriate?
  • Budgets
    • Are annual budgets prepared and approved to cover both income and expenditure?
    • Is performance measured against budgets at regular intervals?
  • Banking and Custody Procedures
    • Are incoming receipts banked promptly and regularly?
    • Is the safe custody ensured for all valuables held on premises?
    • Are keys of safe or cash box signed for?
    • Is insurance held to cover contents of safe or cash box?
    • Is all incoming money banked and no amounts held over for petty cash feeding/replenishment?
    • Is a written statement of banking and custody procedures available to all staff and volunteers?
    • Is money belonging held separately from that of any individual staff member?
    • Are there controls over receipt books?
  • Checks of Income Records
    • Are regular checks made to ensure records are accurate?
    • Are regular checks made to ensure no discrepancies between records?
    • Are checks made by someone other than the original recording officer?
    • Are any restrictions placed on donated income identified and observed?
    • Controls over expenditure
    • Are all expenditures properly authorized?
    • Is there supporting documentation required and maintained for all expenditures?
    • Are check books kept in secure place with access only by nominated persons?
    • Is the preparation of payments undertaken by someone other than the authorizing officer?
    • Is a written statement of policy and practice on payment procedures available to all staff and volunteers?
  • Controls over purchases
    • Are invoices checked against orders made?
    • Is the quality and quantity of goods supplied checked against orders made?
    • Is inventory of stock taken regularly?
    • Are authority levels for placing orders documented?
    • Are payments only made against original invoices?
  • Staff and Salaries
    • Are Personnel records kept and held separately from wage records?
    • Are wage/salary levels properly authorized and recorded?
    • Are checks made to verify existence of employees?
    • Are cash payments avoided wherever possible?
    • Are staff employed in compliance with state/federal regulations?
    • Are background checks completed, particularly for staff assigned financial duties?
  • Bank accounts
    • Are secure records held of all accounts?
    • Are regular bank reconciliations carried out?
    • Are instructions to open or close accounts properly authorized and/or reported?
    • Are checks made to ensure that there are no dormant accounts?
    • Are bank statements regularly inspected by officers not assigned bookkeeping duties?
    • Are cross checks made between bank records and the income and expenditure records?

Financial Audit Checklist
  John F. Smith

on December 29, 2011

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