Control problems in charities, Auditing

Control Problems in Charities

1. Door to door collections: Volunteers should be mattered along with numbered boxes, the boxes should be sealed, and the boxes should be opened and counted regularly preferably in the presence of the volunteer and one or more trustees. All contents should be promptly entered in a register kept for that purpose and banked. The entries in the book should be initialled through those counting.

2. Donations received through post: Two people involving a trustee should open the mail. Receipts have to be entered in a register remained for the reason and the entries initialled. Banking should be instant.

3. Deeds of covenant: A register of donors within deed should be remained. Checks should be created regularly to see that each and all amounts have been obtained or donors followed up.

4. Harambee and another fund raising event: The plans for the events particularly expenditure should be approved in advance through the trustees. Records should be remained of all details of these events. Individuals have to be politely guided in their financial duties. Each and all cheques and cash should go to the society's bank account. All incomes should be calculated in the presence of a trustee and banked promptly. An account should be drawn up after the event approved through the trustee and publicised to each and all the members.

5. Donations of materials and equipment: A full register of that donation should be maintained. An estimate should be created of the market value of all items. Protection materials should be appropriately stored.

6. All cash payments should be created out of cash drawn from the bank, unless any donor objects the yearly report should obtain a full list of donors. The yearly report and the accounts should be as detailed as possible.

Posted Date: 1/28/2013 4:28:30 AM | Location : United States







Related Discussions:- Control problems in charities, Assignment Help, Ask Question on Control problems in charities, Get Answer, Expert's Help, Control problems in charities Discussions

Write discussion on Control problems in charities
Your posts are moderated
Related Questions

Valuation and Petty-cash - Cash and Bank Balances Valuation Till recently, valuation of banks and cash balances was got for granted till several financial institutions st

(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr

Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme

Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business

Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o

main areas contained in a private audit

Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu

Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit

Procedures in Evaluating the Work of Expert The auditor must get reasonable assurance which the expert's work constitutes suitable audit evidence in based of the financial inf