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Post on 12-Oct-2020
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FINANCIAL REVIEW PROCESS
2013 -‐ 2014
FINANCIAL REVIEW PROCESS
ONGOING ACTIVITIES • Finance and Audit Commi?ee (F & A) completes a monthly
review of reports
• CCA Board reviews monthly reports
• Income Statement and Balance Sheet sent to MA’s monthly
• F & A Chair updates at CCA Chair / MA Presidents monthly calls
FINANCIAL REVIEW PROCESS
VARIANCE REPORTING • Level of materiality $25,000 or 1/3 %
• CEO idenTfies variances
• CEO provides cause and correcTve acTon if necessary
FINANCIAL REVIEW PROCESS
POLICY REVIEW AND DEVELOPMENT • F & A annually reviews applicable ExecuTve LimitaTons (ELs)
and Board Governance Policy (BGs)
• F & A conTnually reviews policy for risk reducTon and process improvement
FINANCIAL REVIEW PROCESS
AUDITED FINANCIAL STATEMENTS • F & A, third party Auditors, CEO, COO, have a pre-‐audit meeTng • Independent audit of OperaTons occurs • Third party Auditor and F & A review audit results • Third party Auditor and Board review audit results • Third party Auditor a?ends NCC Business session • F & A presents financial results to NCC • Event audits are completed in the Fall • Third party Auditor and F & A review event audit results • CCA Board accepts event audited statements • F & A reports event audit compliance to MAs
FINANCIAL REVIEW PROCESS
BUDGET COMPLIANCE • Third party Auditors reviews and confirms items during audit • F & A reviews CCA operaTonal budget for compliance • F & A provides report to CCA Board • CEO presents budget to CCA Board • CCA Board confirms compliance
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