We just had our first audit and it was great.
Gave everyone a sigh of relief that nothing was hidden. They found 4000. mistake to our advantage! Although we would have found it when we did our April bank statement, it gave them something to talk about! haha.
But, we all feel good about it.
Good luck
I'm the treasurer of our group, and we form an audit committee of 3-5 people at the beginning of the school year. Another option is having an auditor position on your board.
The auditor should not be an authorized check signer, or be related by marriage or blood or reside in the same household of an authorized check signer.
I personally prefer having a committee audit the books. It takes the pressure off of one person, and they usually come up with some helpful recommendations for record-keeping, etc.
Mrs inConn,,,any restrictions on WHO must do the audit if you have the insurance.? ie , and OUTSIDE audit, or at very least, someone without check signing authority? i meam, and audit by the PTO treasurer who also signs the checks would not mean much. but what are the rules about that , if any. thanks.
