1 welcome audit committee, aicpa matrix. fiduciary responsibility and stewardship fiscal...
TRANSCRIPT
1
Welcome
AUDIT COMMITTEE,
AICPA MATRIX
Fiduciary Responsibility and Stewardship
• Fiscal Accountability
• Legal Responsibility
• Regulatory Requirements
• Delegated Responsibility
2
The Audit
• Policy of the Boy Scouts of America
• Definition
• Council Action
3
The Audit Committee
• Purpose
• Composition
• Organization
• Financial Expertise
4
The Audit Committee
5
• Alternative Approaches
• Responsibilities
Audit Committee Chairperson Job Description
6
• Qualifications
• General Responsibilities
• Specific Responsibilities
The Auditor
7
• Qualifications
• Role
• Opinion
A Sample Not-for-Profit Audit Committee Charter
8
• Reporting
• Responsibilities
• Composition
• Terms
• Meetings
•
Resources Available to the Audit Committee
9
• BSA Fiscal Management Team
• American Institute of Certified Public Accountants
Recommended Audit Committee Meeting Schedule and Timetable
for Audit Work
10
• By October 1
• October – December
• As Soon As Possible After Year-End
Recommended Audit Committee Meeting Schedule and Timetable
for Audit Work
11
• By May 1
• By June 1
Sample Letters
12
• Request for Proposal
• Engagement
• Management
• Management Response
• Representation
Audit Costs Reduction
13
• Implementing
Recommendations
• Conducting Inventory Properly
• Collecting Items
Reviewing Financial Statements
14
• Reviewing Presentation
• Reviewing Accounting Policies
• Reviewing Conduct of the Audit
Audit Committee and Internal Control
15
• Reviewing Internal Control
• Strengthening Internal Control
Evaluating Auditors
16
• Audit Committee Members
• Scout Executive/ Highest Level Finance Person
• Highest Level Accounting Person
Questions
17