1 welcome audit committee, aicpa matrix. fiduciary responsibility and stewardship fiscal...

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Welcome

AUDIT COMMITTEE,

AICPA MATRIX

Fiduciary Responsibility and Stewardship

• Fiscal Accountability

• Legal Responsibility

• Regulatory Requirements

• Delegated Responsibility

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The Audit

• Policy of the Boy Scouts of America

• Definition

• Council Action

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The Audit Committee

• Purpose

• Composition

• Organization

• Financial Expertise

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The Audit Committee

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• Alternative Approaches

• Responsibilities

Audit Committee Chairperson Job Description

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• Qualifications

• General Responsibilities

• Specific Responsibilities

The Auditor

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• Qualifications

• Role

• Opinion

A Sample Not-for-Profit Audit Committee Charter

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• Reporting

• Responsibilities

• Composition

• Terms

• Meetings

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Resources Available to the Audit Committee

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• BSA Fiscal Management Team

• American Institute of Certified Public Accountants

Recommended Audit Committee Meeting Schedule and Timetable

for Audit Work

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• By October 1

• October – December

• As Soon As Possible After Year-End

Recommended Audit Committee Meeting Schedule and Timetable

for Audit Work

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• By May 1

• By June 1

Sample Letters

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• Request for Proposal

• Engagement

• Management

• Management Response

• Representation

Audit Costs Reduction

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• Implementing

Recommendations

• Conducting Inventory Properly

• Collecting Items

Reviewing Financial Statements

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• Reviewing Presentation

• Reviewing Accounting Policies

• Reviewing Conduct of the Audit

Audit Committee and Internal Control

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• Reviewing Internal Control

• Strengthening Internal Control

Evaluating Auditors

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• Audit Committee Members

• Scout Executive/ Highest Level Finance Person

• Highest Level Accounting Person

Questions

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