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
what are the things we need to check in statutory audit of bank?

discuss the verification procedure of current assets and long term liabilties

General advantages and disadvantages of joint audits Advantages: All work and fees are welcome to audit firms. An opportunity to closely inspect the auditing methods


Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development.  Illustra

Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org

RELEVANCE OF IAS / IFRS TO AUDITING The auditors should involve in their report that their view on whether the financial statements they report are true and fair view. It is comm

Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r

Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment.  Many more business transactions have financ

Statutory Audits The audits are compulsory below statute in the case of a large amount of number of undertakings involving the following as:        Undert