Annual VIEW Audit Guide. Excel

Transcription

1 Annual VIEW Audit Guide Excel

2 VIEW Audit Audit purpose To provide an objective independent examination of VIEW Clubs of Australia financial records for inclusion in the Annual Financial Statements of The Smith Family. VIEW Clubs, Areas & Zones VIEW Bank Receipts Cashbook Statements Butts & Forms Audit Process 2 VIEW financial audit is conducted yearly by The Smith Family team and external auditors.

3 Audit: Cashbook reconciliation process Confirm Opening Balance Confirm Income & Expenditure 5 steps process Confirm bank and Cashbook balances Confirm unpresented cheques and outstanding deposits Reconcile Income & Expenditure Statement for the year The Opening Balance in January for the year is matched with the Closing Balance as at December from the previous year. Income & Expenditure for each month is matched to the Bank Statement The Closing Balance for the month in the Cashbook is matched to the Closing Balance in the Bank Statement for the month. Confirm the list of unpresented cheques against cheque book butts. Confirm the list of outstanding deposit against deposit book butts. Confirm Income & Expenditure Statement for the year is complete and reconciles with the Bank Statement. Confirm the Closing Balance per the bank statement as at December matches with the Closing Balance in the Cashbook. 3

4 Cashbook Problems Cashbook is not provided Cashbook is incomplete Opening balance does not match Top 10 problems in maintaining VIEW Club Cashbook VIEW Missing pages Cashbook figures are inaccurate Cashbook Month is incomplete Income/ Expenditure Summary is incomplete 4 Outstanding deposits and unpresented cheques as at 31 December are not completed Progressive Total is not accurate Progressive Total section is incomplete

5 Bank Statement, Receipt and Cheque Book Problems Top 5 problems Receipts and Tax Invoices are not provided Receipts Bank December Statement is not provided Receipts Butts & Forms Deposit butts are not provided Cheque butts are not provided Statements Missing bank statement 5

6 VIEW Club Audit Success Completeness + Accuracy = Successful Audit 3 ways to succeed 1 VIEW Cashbook is completed and provided for audit 2 3 All records are accurate and align with VIEW Club Finance guidelines Income & Expenditure Statement for the year is reconciled 6

7 Recommendations for the Audit 2017 VIEW CASHBOOK Use the VIEW Electronic Cashbook as it has built-in checking mechanisms If you use a paper VIEW Cashbook, Progressive Total must be completed and accurate Opening balance in January must match with December Closing Balance from the previous year All pages of VIEW Cashbook must be completed INCOME and EXPENDITURE records to match with the Bank 7 Statements BANK STATEMENTS Provide all Bank Statements from 1 January to 31 December Final December statement must be provided Closing balance in statement must be recorded in VIEW Cashbook RECEIPTS, BUTTS & PETTY CASH FORM Provide all cheque and deposit butts Attach Club s receipts and Tax Invoices Provide Petty Cash Recording Form

8 VIEW Electronic Cashbook usage 136 VIEW Clubs used the VIEW NT Electronic Cashbook in 2016 WA 4 SA 10 QLD 17 ACT & NSW 13 & 66 VIC 25 1 TAS 8

9 Benefits of using the VIEW Electronic Cashbook Easy Income & Expenditure data entry in Excel Automatic Total calculations across all pages of the Cashbook Total for Month, Progressive Total and Brought Forward are automatically calculated as soon as you enter your data Cashbook Balance section is automatically populated for each month Income and Expenditure Statement for the year is automatically populated so you can easily reconcile your annual Income and Expenditure Formulas are protected from deleting Pie charts are built in and available on the last page so you can use them for 9 your reporting Excel

10 Terminology to understand Income is all money coming to the Club bank account from monthly meals, functions, raffles, annual subscriptions, joining fee, LfL, donations, merchandise and others. Expenditure is all payments made from the Club bank account for meals, functions, raffles, donations, joining fee, LfL, merchandise, other goods and services. Brought Forward is a Progressive Total from the previous month. Progressive Total is a YTD (year to date) total of Income/Expenditure. Outstanding Deposits deposits recorded in the Cashbook but not yet showing on the Bank Statement. Unpresented Cheques cheques recorded in the Cashbook but not yet showing on the Bank Statement. 10

11 Audit Checklist Cashbook. the electronic version for Audit to Completed and reconciled Income and Expenditure Statement Bank Statements from 01 January to 31 December All donation receipts from The Smith Family All Tax Invoices Deposit books (butts only) Cheque Books (butts only) VIEW Club receipt books Petty Cash Recording Form together with receipts/invoices Any supporting documents 11 Club Handbook , page 71

12 Cashbook Request for Audit National Office sends every Club a Cashbook request for audit letter each year in January to remind clubs to prepare financial documents for audit. After receiving the final bank statement as at 31 December, the Treasurer completes the Income and Expenditure statement for the year. Once completed, the VIEW Cashbook, together with the monthly bank statements, invoices, receipts, cheque butts other supporting documents to VIEW National Office. Please Note: It may take up to 6 months for the audited books to be returned to the Club Treasurer. 12 Club Handbook , page 71

13 Late Notification Form Please Note: If you are unable to send your financial books by the deadline, the Treasurer/Councillor needs to submit a Late Notification Form informing us of the reasons for the delay and when we can expect to receive your financial books so we can notify the auditors. 13

14 Be organised When your Club s records are organised and sorted in folders & binders, it helps auditors during audit process. 14

15 Sending Club s Documents or GPO Box 10500, SYDNEY NSW Please Note: Do not include any other Club correspondence, cheques or stock orders etc. not related to the audit in this audit package.

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