Transcript AUDIT COMMITTEE, AICPA MATRIX Welcome Fiduciary Responsibility and Stewardship • Fiscal Accountability • Legal Responsibility • Regulatory Requirements • Delegated Responsibility.

AUDIT
COMMITTEE,
AICPA MATRIX
Welcome
1
Fiduciary Responsibility and
Stewardship
• Fiscal Accountability
• Legal Responsibility
• Regulatory Requirements
• Delegated Responsibility
2
The Audit
• Policy of the Boy Scouts of
America
• Definition
• Council Action
3
The Audit Committee
• Purpose
• Composition
• Organization
• Financial Expertise
4
The Audit Committee
• Alternative Approaches
• Responsibilities
5
Audit Committee Chairperson
Job Description
• Qualifications
• General Responsibilities
• Specific Responsibilities
6
The Auditor
• Qualifications
• Role
• Opinion
7
A Sample Not-for-Profit Audit
Committee Charter
• Reporting
• Responsibilities
• Composition
• Terms
• Meetings
8
Resources Available to the Audit
Committee
• BSA Fiscal Management Team
• American Institute of Certified
Public Accountants
9
Recommended Audit Committee
Meeting Schedule and Timetable
for Audit Work
• By October 1
• October – December
• As Soon As Possible After YearEnd
10
Recommended Audit Committee
Meeting Schedule and Timetable
for Audit Work
• By May 1
• By June 1
11
Sample Letters
• Request for Proposal
• Engagement
• Management
• Management Response
• Representation
12
Audit Costs Reduction
• Implementing
Recommendations
• Conducting Inventory Properly
• Collecting Items
13
Reviewing Financial Statements
• Reviewing Presentation
• Reviewing Accounting Policies
• Reviewing Conduct of the Audit
14
Audit Committee and
Internal Control
• Reviewing Internal Control
• Strengthening Internal Control
15
Evaluating Auditors
• Audit Committee Members
• Scout Executive/ Highest Level
Finance Person
• Highest Level Accounting Person
16
Questions
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