Video instructions and help with filling out and completing Form 8815 Audit

Instructions and Help about Form 8815 Audit

Preparation for a PTA audit begins in March or April closely following the election of new PTA officers PTA officers and board members are legally responsible for the care of PTA finances best practice is for the president-elect to call a meeting of the board elect at the board meeting the auditor explains PTA audit requirements which financial records and internal controls will be audited and the audit schedule the auditor explains that PTA bylaws require semi annual audits performed mid-year and at year end and that an audit is also required upon resignation of the treasurer financial secretary or any checks signer the auditor explains that all of the items in the description section of the audit checklist will be required to complete the audit and that best practice is to organize the records and folders in the income folder place all cash verification forms and their corresponding bank deposit slips in the payments folder place all payment authorization forms and their corresponding receipts and invoices in the remittance folder place all unit remittance forms and workers compensation annual payroll report forms in the ledger register folder place printed copies of the ledger and checkbook register in the cash receipts folder place copies of cash receipts in the bank statements folder place reconciled bank statements and canceled checks or images of canceled checks in the financial reports folder place all financial reports in the budget folder place copies of the budget and budget updates in the minutes folder place all association and board meeting minutes the auditor then explains the internal controls that will be audited controls that protect pta's income include pta's rule that two people must receive open and count all money received and that money received must be immediately deposited into a PTA bank account the PTA auditor will exam and cash verification forms and deposit slips to verify that all income was received opened and counted by a PTA officer or chairman and one other PTA member and that the money was immediately deposited into a PTA bank account controls that protect payments include presenting all requests for payment to Association members for approval requiring original receipts and invoices and requiring the President and Secretary to sign every payment authorization form the PTA auditor will examine Association meeting minutes to verify that members approved each payment the auditor will examine receipts and invoices and verify that each payment authorization form was signed by the President and Secretary controls that protect the integrity of financial records include having bank statements opened by a member who has not authorized to sign checks performing a five-minute audit on each bank statement before giving it to the treasurer and ensuring that bank statements match the ledger checkbook register and financial reports the auditor will examine each bank statement looking for the signature of the person who opened and audited it the auditor will compare each bank statement to financial records the ledger and checkbook register to verify that deposits and checks match the controls that protect membership dues include the requirement to remit dues monthly the auditor will compare cash verification forms with unit remittance forms and financial reports to verify that per capita membership dues were remitted to California State PTA monthly the auditor that explains the audit schedule and provides dates on which all financial books and records must be given to the auditor for most PTAs the midterm audit is in january and the year-end audit is in july preparation for a PTA audit begins with a meeting of the board elect in the spring the PTA board works together on behalf of the Association to care for pta finances