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Checklist for Internal Auditors

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<div class=Section1>

<p class=MsoNormal align=center style='text-align:center;page-break-after:avoid;
text-autospace:none'><b>Procedures Audit</b></p>

<p class=MsoNormal align=center style='text-align:center;text-autospace:none'>Checklist
For Internal Auditors</p>

<p class=MsoNormal align=center style='text-align:center;text-autospace:none'><a
name="DDE_LINK">(Adapted from </a><i>The Work of the Church Treasurer</i>;
items which applied only to larger churches -- such as payroll and property
records -- ha<st1:PersonName>v</st1:PersonName>e been deleted for ease of use.)</p>

<p class=MsoNormal style='page-break-after:avoid;text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='page-break-after:avoid;text-autospace:none'><b>Use of
Internal Auditors</b></p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>The chairperson of the auditing
committee prepares the monthly bank reconciliation. Quarterly test checks, such
as the following, are made in addition to those normally performed for
commercial organizations (e.g., footing and cross footing journals): </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>1. Count sheets are compared
with the cash receipts journal.&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>2. Disbursements are compared
with the budget and with other authorizations. </p>

<p class=MsoNormal style='text-autospace:none'>3. Designated receipts are re<st1:PersonName>v</st1:PersonName>iewed
for proper entry, segregation, and disbursement. </p>

<p class=MsoNormal style='text-autospace:none'>4. Transfers of cash among bank
accounts are checked for proper authorizations. </p>

<p class=MsoNormal style='text-autospace:none'>5. Pledge cards are compared
with pledgers' donations. </p>

<p class=MsoNormal style='text-autospace:none'>8. Contributors' statements are
balanced with the appropriate general ledger receipts accounts. (Annual
statements mailed to contributors by the auditing committee or the external
auditor ask for a response if there is any discrepancy.) </p>

<p class=MsoNormal style='text-autospace:none'>9. Insurance company reports on
the adequacy of co<st1:PersonName>v</st1:PersonName>erage are examined.&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>10. Tests are made for
compliance with other appro<st1:PersonName>v</st1:PersonName>ed policies and
procedures for cash control. </p>

<p class=MsoNormal style='text-autospace:none'>11. Irregularities are reported
to the go<st1:PersonName>v</st1:PersonName>erning board.</p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'><b>General</b> </p>

<p class=MsoNormal style='text-autospace:none'>1. Does an organizational chart,
defining lines of authority and responsibility, exist?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>2. Do procedures manuals, job
descriptions, a chart of accounts, and written instructions for handling cash
exist? </p>

<p class=MsoNormal style='text-autospace:none'>3. Are periodic checks made by
the Internal Auditing Committee for adherence to authorized procedures?</p>

<p class=MsoNormal style='text-autospace:none'>4. Does the Internal Auditing
Committee issue written reports periodically on the results of its
examinations?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>5.&nbsp; Is a double-entry
bookkeeping system used?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>6.&nbsp; Is the bookkeeping
function separated from: </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;&nbsp; a. Posting to
contributors' records?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;&nbsp; b. Maintaining
pledge cards?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;&nbsp; c. Handling
currency and checks?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;&nbsp; d. Writing and
signing checks?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;&nbsp; e. Accounting for
the petty cash fund?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;&nbsp; f. Reconciling bank
accounts?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>7.&nbsp; Is the cash handling
function separated from the posting to and mailing of contributors'
records?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'><b>Cash Receipts </b></p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>9. Does the church use a
counting committee to count collections on Sundays (and at other times)
immediately after receipt? </p>

<p class=MsoNormal style='text-autospace:none'>10. Do at least two persons ser<st1:PersonName>v</st1:PersonName>e
on the counting committee each Sunday? </p>

<p class=MsoNormal style='text-autospace:none'>11. Do the members of the
counting committee rotate ser<st1:PersonName>v</st1:PersonName>ice? </p>

<p class=MsoNormal style='text-autospace:none'>13. Does the counting committee
prepare a cash count sheet itemizing designated offerings, loose offerings, and
budget collections? </p>

<p class=MsoNormal style='text-autospace:none'>14. Are offering en<st1:PersonName>v</st1:PersonName>elopes
used for all collections other than loose? </p>

<p class=MsoNormal style='text-autospace:none'>15. Does the counting committee
balance offering en<st1:PersonName>v</st1:PersonName>elopes weekly with the
amount shown on the count sheet from that source? </p>

<p class=MsoNormal style='text-autospace:none'>16. Do at least two members of
the counting committee deposit collections intact immediately after the count? </p>

<p class=MsoNormal style='text-autospace:none'>17. Is a duplicate authenticated
copy of the deposit slip sent to the chairman of the Internal Auditing
Committee?<b> </b></p>

<p class=MsoNormal style='text-autospace:none'>18. Are offering en<st1:PersonName>v</st1:PersonName>elopes
posted to contributors' records weekly and retained intact for the annual
audit?&nbsp; </p>

<p class=MsoNormal style='text-autospace:none'>19. Are contributors' records
balanced with control accounts monthly? </p>

<p class=MsoNormal style='text-autospace:none'>20. Is the cash receipts journal
written up from the cash count sheets? </p>

<p class=MsoNormal style='text-autospace:none'>21. Are receipts that are mailed
or brought by the church during the week handled by someone other than the
bookkeeper and the one who posts contribution records? </p>

<p class=MsoNormal style='text-autospace:none'>22. Is this person responsible
for the cash receipts from the time they reach the church until they are sent
to the bank? </p>

<p class=MsoNormal style='text-autospace:none'>23. Are count sheets and
offering en<st1:PersonName>v</st1:PersonName>elopes prepared for such receipts?

<p class=MsoNormal style='text-autospace:none'>24. Are daily deposits made? </p>

<p class=MsoNormal style='text-autospace:none'>25. Are prenumbered receipts gi<st1:PersonName>v</st1:PersonName>en
to cash contributors during the week? </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'><b>Cash Disbursements</b></p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>29. Are purchasing acti<st1:PersonName>v</st1:PersonName>ities
centralized through a designated official, such as a Church Business
Administrator (CBA)? </p>

<p class=MsoNormal style='text-autospace:none'>30. Are prenumbered purchase
requisitions prepared by the person requesting a purchase? </p>

<p class=MsoNormal style='text-autospace:none'>31. Does the CBA or financial
secretary <st1:PersonName>v</st1:PersonName>erify that disbursements are authorized
by the budget prior to purchase? </p>

<p class=MsoNormal style='text-autospace:none'>32. Do requisitions exceeding a
specified amount require special appro<st1:PersonName>v</st1:PersonName>al by
the chairperson of the <st1:PersonName>Finance</st1:PersonName> Committee
and/or general membership? </p>

<p class=MsoNormal style='text-autospace:none'>33. Are recei<st1:PersonName>v</st1:PersonName>ing
reports prepared upon deli<st1:PersonName>v</st1:PersonName>ery of purchases? </p>

<p class=MsoNormal style='text-autospace:none'>34. Does the person requesting a
purchase appro<st1:PersonName>v</st1:PersonName>e the in<st1:PersonName>v</st1:PersonName>oice
for payment? </p>

<p class=MsoNormal style='text-autospace:none'>35. Does the CBA compare the
appro<st1:PersonName>v</st1:PersonName>ed vendor's in<st1:PersonName>v</st1:PersonName>oice,
purchase requisition, and recei<st1:PersonName>v</st1:PersonName>ing report
prior to appro<st1:PersonName>v</st1:PersonName>al for payment? </p>

<p class=MsoNormal style='text-autospace:none'>36. Are in<st1:PersonName>v</st1:PersonName>oices
noted for payment date to take ad<st1:PersonName>v</st1:PersonName>antage of
discounts? </p>

<p class=MsoNormal style='text-autospace:none'>37. Are all disbursements made
by prenumbered checks, except from petty cash? </p>

<p class=MsoNormal style='text-autospace:none'>38. Are checks signed at
specified time(s) during the week? </p>

<p class=MsoNormal style='text-autospace:none'>39. Are cosignatures required on
checks? </p>

<p class=MsoNormal style='text-autospace:none'>40. Does the cosigner mark in<st1:PersonName>v</st1:PersonName>oices
and other data paid, file data, and mail checks directly after signature? </p>

<p class=MsoNormal style='text-autospace:none'>41. Are those ha<st1:PersonName>v</st1:PersonName>ing
access to accounting records and cash prohibited from signing checks? </p>

<p class=MsoNormal style='text-autospace:none'>42. Is the presigning of checks
prohibited? </p>

<p class=MsoNormal style='text-autospace:none'>43. Are designated receipts
disbursed promptly (where appropriate)? </p>

<p class=MsoNormal style='text-autospace:none'>44. Are <st1:PersonName>v</st1:PersonName>oided
checks mutilated and held for audit?</p>

<p class=MsoNormal style='text-autospace:none'>45. Is the practice of drawing
checks to &quot;cash&quot; prohibited? </p>

<p class=MsoNormal style='text-autospace:none'>46. Are bank accounts reconciled
monthly by the chairperson of the Internal Auditing Committee? </p>

<p class=MsoNormal style='text-autospace:none'>47. Does the chairperson of the
Internal Auditing Committee recei<st1:PersonName>v</st1:PersonName>e bank
statements and canceled checks directly from the bank? </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'><b>Other </b></p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>48. Is adequate appro<st1:PersonName>v</st1:PersonName>al
required for payments from the petty cash fund? </p>

<p class=MsoNormal style='text-autospace:none'>49. Has a maximum figure been
established for indi<st1:PersonName>v</st1:PersonName>idual payments from the
petty cash fund? </p>

<p class=MsoNormal style='text-autospace:none'>50. Are petty cash
reimbursements appro<st1:PersonName>v</st1:PersonName>ed by the treasurer? </p>

<p class=MsoNormal style='text-autospace:none'>51. Is the petty cash custodian
independent of other cash handling and accounting duties? </p>

<p class=MsoNormal style='text-autospace:none'>53. Are budgets prepared on a
month-by-month basis? </p>

<p class=MsoNormal style='text-autospace:none'>54. Is the pledge system used for
subscribing the budget? </p>

<p class=MsoNormal style='text-autospace:none'>55.&nbsp; Are members and
pledgers furnished with prenumbered offering en<st1:PersonName>v</st1:PersonName>elopes?<b>

<p class=MsoNormal style='text-autospace:none'>56. Are statements of
contributions sent quarterly to all members, pledgers, and contributors,
regardless of whether pledges or contributions are recei<st1:PersonName>v</st1:PersonName>ed
for the statement period? </p>

<p class=MsoNormal style='text-autospace:none'>57. Do statements of
contributions show pledged amounts for comparati<st1:PersonName>v</st1:PersonName>e
purposes? </p>

<p class=MsoNormal style='text-autospace:none'>58. Are members requested to
inform the chairperson of the Internal Auditing Committee if reported
contributions differ from personal records? </p>

<p class=MsoNormal style='text-autospace:none'>59. Are monthly statements of
cash receipts and disbursements pro<st1:PersonName>v</st1:PersonName>ided to
the general membership? </p>

<p class=MsoNormal style='text-autospace:none'>60. Do monthly statements
compare year-to-date data with budget-to-date figures? </p>

<p class=MsoNormal style='text-autospace:none'>61. Are journal entries
adequately explained and appro<st1:PersonName>v</st1:PersonName>ed by the
treasurer? </p>

<p class=MsoNormal style='text-autospace:none'>62. Are periodic in<st1:PersonName>v</st1:PersonName>entories
of building equipment taken? </p>

<p class=MsoNormal style='text-autospace:none'>63. Are purchases of building
equipment noted immediately in the property ledger or schedule of capital
assets? </p>

<p class=MsoNormal style='text-autospace:none'>65. Is access to office and
kitchen supplies limited to authorized personnel? </p>

<p class=MsoNormal style='text-autospace:none'>66. Are facilities locked when
not in use? </p>

<p class=MsoNormal style='text-autospace:none'>69. Are separate funds
maintained in the accounting records for restricted assets? </p>

<p class=MsoNormal style='text-autospace:none'>70. Are transfers of cash among
accounts properly authorized? </p>

<p class=MsoNormal style='text-autospace:none'>7 1. Is the Go<st1:PersonName>v</st1:PersonName>erning
Board responsible for administering trusts, endowments, and pending legacies? </p>

<p class=MsoNormal style='text-autospace:none'>72. Are trust principal and
income for restricted funds separated in the accounting records? <b>&nbsp;</b></p>

<p class=MsoNormal style='text-autospace:none'>73. Are securities placed in a
safety-deposit box requiring the presence of two trustees for access? </p>

<p class=MsoNormal style='text-autospace:none'>74. Are records kept of <st1:PersonName>v</st1:PersonName>isits
to the safety-deposit box? </p>

<p class=MsoNormal style='text-autospace:none'>75. Are records kept of all
securities, including certificate numbers? </p>

<p class=MsoNormal style='text-autospace:none'>76. Are di<st1:PersonName>v</st1:PersonName>idends,
interest, and similar receipts adequately controlled so that non-receipt would
be in<st1:PersonName>v</st1:PersonName>estigated? </p>

<p class=MsoNormal style='text-autospace:none'>77. Are borrowings on notes payable
authorized by the Go<st1:PersonName>v</st1:PersonName>erning Board? </p>

<p class=MsoNormal style='text-autospace:none'>78. Are two or more signatures
required on notes payable? </p>

<p class=MsoNormal style='text-autospace:none'>79. Are paid notes canceled and
retained? </p>

<p class=MsoNormal style='text-autospace:none'>80. Are redeemed notes, bonds,
and interest coupons mutilated? </p>

<p class=MsoNormal style='text-autospace:none'>81. Is adequate fire, casualty,
and other insurance carried on church premises and contents? </p>

<p class=MsoNormal style='text-autospace:none'>82. Are fidelity bonds secured
on persons in positions of trust? </p>

<p class=MsoNormal style='text-autospace:none'>83. Are unused checkbooks,
receipt books, purchase orders, and so forth, safeguarded? </p>

<p class=MsoNormal style='text-autospace:none'>84. Is the financial secretary
required to take an annual <st1:PersonName>v</st1:PersonName>acation? </p>

<p class=MsoNormal style='text-autospace:none'>85. Are the financial
secretary's duties performed while she or he is away? </p>

<p class=MsoNormal style='text-autospace:none'>86. Is the church audited each
year by an external auditor? </p>

<p class=MsoNormal style='text-autospace:none'>87. Are canceled checks,
contributors' en<st1:PersonName>v</st1:PersonName>elopes, and other
documentation supporting accounting records retained at least one year? </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'><b>The following o</b><st1:PersonName><b>v</b></st1:PersonName><b>erall
objecti</b><st1:PersonName><b>v</b></st1:PersonName><b>es of a church audit
should be noted:</b> </p>

<p class=MsoNormal style='text-autospace:none'>1. To determine that adequate
internal control procedures exist, and that such procedures are being followed.

<p class=MsoNormal style='text-autospace:none'>2. To determine that all
donations to the church were deposited and recorded correctly. </p>

<p class=MsoNormal style='text-autospace:none'>3. To determine that securities
were safeguarded, and that related re<st1:PersonName>v</st1:PersonName>enue was
collected and recorded. </p>

<p class=MsoNormal style='text-autospace:none'>4. To determine that
disbursements were properly authorized - i.e., that the budget (including any
adjustments during the year) was followed or that changes were appro<st1:PersonName>v</st1:PersonName>ed
- and that authorized members appro<st1:PersonName>v</st1:PersonName>ed payment
of in<st1:PersonName>v</st1:PersonName>oices. </p>

<p class=MsoNormal style='text-autospace:none'>5. To determine that payments to
<st1:PersonName>v</st1:PersonName>endors at year end were not delayed because
of o<st1:PersonName>v</st1:PersonName>erspending the budget. </p>

<p class=MsoNormal style='text-autospace:none'>6. To determine that records
were maintained on plant and equipment items, and that adequate insurance co<st1:PersonName>v</st1:PersonName>erage
was obtained. </p>

<p class=MsoNormal style='text-autospace:none'>7. To determine compliance with
federal and state regulations, including properly and timely paid employment
taxes and income taxes, if applicable. </p>

<p class=MsoNormal style='text-autospace:none'>8. To recommend impro<st1:PersonName>v</st1:PersonName>ed
procedures and practices. </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>Comments pertinent to other
specific objecti<st1:PersonName>v</st1:PersonName>es of an audit accompany the
audit steps that follow. It is assumed that church records are kept on the cash
basis, and that the primary financial statements are the Statement of Cash
Receipts and Disbursements and the Balance Sheet. Accounts payable at the end
of the year are noted on the bottom of the Statement of Cash Receipts and
Disbursements; the Balance Sheet results primarily from cash acti<st1:PersonName>v</st1:PersonName>ities.
The auditor may adjust the records and statements for significant accrual basis
items if external reporting is desired. </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>[This section lists the way an
outside auditor works, but most steps would also be generally applicable to the
internal audit.]</p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'><b>Audit Program </b></p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>Before beginning the detailed
steps of the audit, the auditor will want to do the following things:</p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>1.&nbsp; Determine the nature
and extent of ser<st1:PersonName>v</st1:PersonName>ices to be performed and the
timing of work required. </p>

<p class=MsoNormal style='text-autospace:none'>2.&nbsp; Inspect facilities,
including all property owned, whether or not used by the church. </p>

<p class=MsoNormal style='text-autospace:none'>3.&nbsp; Prepare a brief
description of the acti<st1:PersonName>v</st1:PersonName>ities of the church,
officers, employees, and staff. </p>

<p class=MsoNormal style='text-autospace:none'>4.&nbsp; Obtain procedures
manuals and job descriptions. </p>

<p class=MsoNormal style='text-autospace:none'>5.&nbsp; Re<st1:PersonName>v</st1:PersonName>iew
general records: Charter and bylaws. </p>

<p class=MsoNormal style='text-autospace:none'>b.&nbsp; Minutes of Go<st1:PersonName>v</st1:PersonName>erning
Board and church business meetings. </p>

<p class=MsoNormal style='text-autospace:none'>c.&nbsp; Contracts with
suppliers, officers, staff, employees, and others. </p>

<p class=MsoNormal style='text-autospace:none'>d.&nbsp; Tax and correspondence
files, including filings with the Securities and Exchange Commission, if
applicable. </p>

<p class=MsoNormal style='text-autospace:none'>6.&nbsp;&nbsp; Re<st1:PersonName>v</st1:PersonName>iew
financial statements of prior years and prior audit working papers. </p>

<p class=MsoNormal style='text-autospace:none'>7.&nbsp;&nbsp; Secure copy of
final appro<st1:PersonName>v</st1:PersonName>ed budget. </p>

<p class=MsoNormal style='text-autospace:none'>8.&nbsp;&nbsp; Obtain schedule
of legacies and bequests, including those pending. </p>

<p class=MsoNormal style='text-autospace:none'>9.&nbsp; Compare the current trial
balance with the trial balance of the prior year, noting significant
differences. Note accounts closed during the year. </p>

<p class=MsoNormal style='text-autospace:none'>10.&nbsp; Compare the current
trial balance with the final budget authorizing disbursements, noting
significant <st1:PersonName>v</st1:PersonName>ariances. Search for causes for <st1:PersonName>v</st1:PersonName>ariances,
including information contained in minutes. </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'><b>Test of Transactions and
Audit of Cash</b> </p>

<p class=MsoNormal style='text-autospace:none'>&nbsp;</p>

<p class=MsoNormal style='text-autospace:none'>The purpose of the test of
transactions is to determine that the church's established procedures are being
followed, and that the procedures can be relied upon to produce financial
statements presenting fairly the cash transactions of the church and the
assets, liabilities, and fund balances resulting from cash transactions. </p>

<p class=MsoNormal style='text-autospace:none'>The objecti<st1:PersonName>v</st1:PersonName>e
of the test of cash is to determine that cash as shown by financial statements
is stated properly and that cash is under the church's control. </p>

<p class=MsoNormal style='text-autospace:none'>1. Select test months: The last
month of the fiscal year and at least one other month. (Consideration should be
gi<st1:PersonName>v</st1:PersonName>en to the use of statistical sampling
techniques in place of test months.) </p>

<p class=MsoNormal style='text-autospace:none'>2. Obtain from church officials:
A list of indi<st1:PersonName>v</st1:PersonName>iduals authorized to sign and
countersign checks. </p>

<p class=MsoNormal style='text-autospace:none'>b. Beginning and ending bank
reconciliations for the test period, including lists of outstanding checks. </p>

<p class=MsoNormal style='text-autospace:none'>c. Bank statements and canceled
checks for both the test months and subsequent months. </p>

<p class=MsoNormal style='text-autospace:none'>d. Cash receipts and
disbursements records. </p>

<p class=MsoNormal style='text-autospace:none'>3. Obtain confirmations of
amounts on deposit directly from all depositories as of the date of the ending
reconciliations. Confirm all authorized</p>

<p class=MsoNormal>&nbsp;</p>




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