Your Mid-Year Audit in 5 Easy Steps: Step 2 – Review and Examine Bank Accounts

This week we are covering all the skills you’ll need to successfully complete your mid-year audit in January. These five steps include the new insurance requirement of having an audit committee. Today we’ll go over step two.

Step 2: Review and Examine All Bank Accounts

You’ve gathered your materials, now you are ready to begin the audit.  

  • Use the audit checklist to help you navigate the audit.  
  • There must be a separate checklist and report for each and every bank account (including accounts like Square, PayPal, etc.) 
  • As you go through the checklist, any box you mark in the negative will need to be listed as a recommendation on the audit report.  Keep a written list of the errors and issues you see and any notes to type up into recommendations and findings at the end of the audit.
  • It is not your job as auditor to correct the books — that will be the responsibility of the financial officers of the unit. On the ledger and check register, draw a double line in red and write “Audited by (your name) on (date)” at the end of the records being audited. If a computerized accounting program is used, attach a copy of the ledger and the last page of the check register to the audit report filed with the secretary minutes, sign and date using red ink, “Audited by (name) on (date).”

You are now ready for step 3, to complete the audit report.

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Click here to view Step 4.

Click here to view Step 5.

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