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<\/a><\/div>\n\n<\/div>\n<\/div>\n
<\/p>\n
CASH RECEIPTS<\/b><\/p>\n
DONATION RECORDS\/RECEIPTING<\/b><\/p>\n\n- Are individual donor records kept as a basis to provide donor acknowledgments for all contributions?<\/li>\n
- If
\nno goods or services were provided (other than intangible religious
\nbenefits) in exchange for a contribution, does the receipt include a
\nstatement to this effect?<\/li>\n - If goods or services (other than
\nintangible religious benefits) were provided in exchange for a
\ncontribution, does the receipt inform the donor that the amount of the
\ncontribution that is deductible for federal income tax purposes is
\nlimited to the excess of the amount of any money and the value of any
\nproperty contributed by the donor over the value of the goods and
\nservices provided by the organization, and provide the donor with a good
\nfaith estimate of the value of such goods and services?<\/li>\n - Although
\nnot required by the IRS, has your organization adopted a policy of
\nissuing an annual contribution report to donors listing at least each
\nweek\u2019s donations, if not each donation?<\/li>\n - Are the donations traced from the weekly counting sheets to the donor records for a selected time period by the audit committee?<\/li>\n<\/ul>\n
CASH DISBURSEMENTS<\/b><\/p>\n\n- Are all disbursements paid by check except for minor expenditures paid through the petty cash fund?<\/li>\n
- Is written documentation available to support all disbursements?<\/li>\n
- If a petty cash fund is used, are vouchers prepared for each disbursement from the fund?<\/li>\n
- Are pre-numbered checks used? Account for all the check numbers including voided checks?<\/li>\n<\/ul>\n
PETTY CASH FUNDS<\/b><\/p>\n\n- Is
\na petty cash fund used for disbursements of a small amount? If so, is
\nthe fund periodically reconciled and replenished based on proper
\ndocumentation of the cash expenditures?<\/li>\n<\/ul>\nBANK STATEMENT RECONCILIATION<\/b><\/p>\n\n- Are
\nwritten bank reconciliations prepared on a timely basis? Test the
\nreconciliation for the last month in the fiscal year. Trace transactions
\nbetween the bank and the books for completeness and timeliness.<\/li>\n - Are the bank reconciliation reports signed and dated?<\/li>\n
- Are there any checks that have been outstanding over three months?<\/li>\n<\/ul>\n
SAVINGS AND INVESTMENT ACCOUNTS<\/b><\/p>\n\n- Are all savings and investment accounts recorded in the financial records? Compare monthly statements to the books.<\/li>\n
- Are earnings or losses from savings and investment accounts recorded in the books?<\/li>\n<\/ul>\n
LAND, BUILDINGS, AND EQUIPMENT RECORDS<\/b><\/p>\n\n- Are
\nthere detailed records of land, buildings, and equipment including date
\nacquired, description, and cost or fair market value at date of
\nacquisition?<\/li>\n - Was an equipment physical inventory taken at year-end?<\/li>\n
- Have the property records been reconciled to the insurance coverages?<\/li>\n<\/ul>\n
ACCOUNTS PAYABLE<\/b><\/p>\n\n- Is there a schedule of unpaid invoices including vendor name, invoice date, and due date?<\/li>\n
- Are any of the accounts payable items significantly past-due?<\/li>\n
- Are there any disputes with vendors over amounts owed?<\/li>\n<\/ul>\n
INSURANCE POLICIES<\/b><\/p>\n\n- Is
\nthere a schedule of insurance coverage in force? Reflect effective and
\nexpiration dates, kind and classification of coverages, maximum amounts
\nof each coverage, premiums, and terms of payment.<\/li>\n - Is Workers\u2019 Compensation insurance being carried if your state requires it?<\/li>\n<\/ul>\n
AMORTIZATION OF DEBT<\/b><\/p>\n\n- Is there a schedule of debt such as mortgages and notes?<\/li>\n
- Have the balances owed to all lenders been confirmed directly in writing?<\/li>\n
- Have the balances owed to all lenders been compared to the obligations recorded on the balance sheet?<\/li>\n<\/ul>\n
SECURITIES AND OTHER NEGOTIABLE DOCUMENTS<\/b><\/p>\n\n- Does the organization own any marketable securities or bonds? If so, are they kept in a safety deposit box?<\/li>\n
- Have the contents of the safety deposit box been examined and recorded?<\/li>\n<\/ul>\n
PERSONNEL MATTERS<\/b><\/p>\n
Does the organization maintain the following documents?<\/em><\/p>\n\n- Applications for employment<\/li>\n
- W-4 forms for each employee<\/li>\n
- Personnel files<\/li>\n
- Employee handbook<\/li>\n
- I-9 form<\/li>\n<\/ul>\n
FEDERAL REPORTING OBLIGATIONS<\/b><\/p>\n\n- Does
\nthe organization file on a timely basis the following forms if
\napplicable? Federal payroll tax forms (Form 941, Form W-2, Form W-3,
\nForm 1099-MISC)<\/li>\n<\/ul>\n<\/p>\n
<\/p>\n
\n
\n
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FINANCIAL STATEMENTS Are monthly financial statements prepared on a timely basis and submitted to the church board or appropriate person or committee? Do the financial statements include all funds (unrestricted, temporarily restricted, and permanently restricted)? Are account balances in the financial records reconciled with amounts presented in financial reports? Church Accounting Package A set of […]<\/p>\n","protected":false},"author":1,"featured_media":115653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[8425,16404,14380,16293],"dealstore":[],"offerexpiration":[],"class_list":["post-184991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-annual","tag-audit","tag-checklist","tag-internal"],"yoast_head":"\n
Annual Internal Audit Checklist - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=184991\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Annual Internal Audit Checklist - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"FINANCIAL STATEMENTS Are monthly financial statements prepared on a timely basis and submitted to the church board or appropriate person or committee? Do the financial statements include all funds (unrestricted, temporarily restricted, and permanently restricted)? Are account balances in the financial records reconciled with amounts presented in financial reports? 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