Auditor

Mid-Year Audit!

It is time to plan for your Mid-Year Audit.  All PTAs must conduct audits semiannually.  This Mid-Year Audit covers the period from July 1, 2011 through December 31, 2011.

Check your PTA's Bylaws.  Most will say in Article VI, Section 8, that the Executive Board should review the audit in January and adopt it at the February General Association Meeting.  All PTA accounts, including a savings account or an online payment collection system (i.e. PayPal) require an audit. (Toolkit 5.6.5)

A copy of the adopted Mid-Year Audit Report and Audit Checklist is due to SVPTA Council on February 23, 2012.

Questions? Contact Molly O'Grady at svauditor@svpta.org

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Preparation for an Audit

Collect all financial books, records and reports from the treasurer, including:

• A copy of the last audit report;
• Current bylaws and standing rules;
• Originals of checkbook register and canceled checks (including voided checks);
• Originals of bank statements; bank book for each bank and account
• Deposit slips and supporting documents for cash receipts
• Authorizations for payment with itemized statements and receipts
• Monthly Treasurer's Reports;
• Original treasurer's books/ledgers; including back-up files if books are kept on a computer
• Annual Financial Report;
• Committee reports from chairmen (e.g., fundraising, membership, etc.);
• Copy of PTA-required Workers' Compensation annual Payroll Report form ;
• Copies of the most recently filed IRS Form 990 and State Forms 199 and RRF-1
• Copies of board, executive committee and association minutes, which would include an adopted budget, any amendments that were approved during the year, association approval of expenditures, and ratification of payments. (Minutes Book should be provided by the Secretary)
• Any other information requested by the auditor!

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Note:  In the "How to Audit" Training posted here, the Tax information is obsolete.  Please refer to the the Tax Information for 2010-11 Tax Requirements under our Financial Tab.