Per the 2010 New York State PTA Resource Guide 21 Section 5 - Finance and Insurance:
Audit Objective
The purpose of the audit is to certify the accuracy of the books and records of the PTA and to assure the membership that the association’s resources/funds are being managed in a business-like manner within the procedures established. PTA bylaws indicate the procedure for selecting the individuals to conduct an audit. If a professional firm or person is retained to conduct the audit, be sure that individual has not-for-profit accounting experience. Also, that firm/person should not be related to any of the officers. The treasurer should see that the audit committee receives the following:
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A copy of the annual report
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Sales tax returns filed
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Form 990(EZ), if required to be filed
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A copy of the last audit report
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Checkbook and canceled checks
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Bank statements and deposit receipts
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Treasurer’s book or ledger
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Vouchers and/or invoices with bills attached
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All financial reports for the period to be auditedMinutes that would include an adopted budget and any amendments that were approved during the year
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Current bylaws and procedure
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Any other information requested by the audit committee
Composition of audit committee:
The audit committee is composed of not less than three members appointed by the president with approval of the executive committee at least 30 days before the last meeting of the year. The treasurer and president or any other authorized check signer is never a part of the audit committee.
When should an audit be performed:
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Before the end of the fiscal year and/or before the annual meeting
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When any authorized check signer is added or deleted on any bank account
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When the treasurer changes
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At any time deemed necessary
Conducting the Audit and Sample Audit Report - view page 21-24 of the NYS PTA Guidlines on Finance and Insurance.