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
oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests

#quInternal Audit checklist for fixed assetsestion..

Related Parties - Audit Evidence IAS 24 prescribes the disclosures essential to the possibility to draw attention which the financial position and loss or profit of an entity

An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the opera

Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme

Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio

Related Party Transactions Related party transactions-a transfer of obligations or resources among related parties, regardless of whereas a price is charged. A party is rel

You have been appointed as an Internal Auditor in an organisation . As part of your duties, you are required to provide training to the staff in the internal audit division. Your f

Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated

Charities and Non Governmental Organizations Key audit areas: Income: donations therefore are not easy to confirm good internal control is needed particularly o