Information

  • For the Members of

  • Client Name

  • Review of financial reports for the period ended:

  • Conducted on

  • Client Representative

  • Was the client present for the review?

  • Reviewed by

Planning

1. PLANNING

  • Have the persons responsible for the financial reports signed the reports

  • What is the governing code determining the requirements for this review

  • If applicable, name of other governing code

  • MAJOR RISKS FOR MATERIAL ERROR
    All cash receipts are not recorded .. Cash takings are not promptly banked .. Expenditures are not properly authorised .. GST is incorrectly claimed on input taxed services, staff employment obligations not met...

  • Have you considered the major risks of fraud for this client<br><br>

  • Are all activities of the association and all bank accounts being reviewed?

  • Copy of preliminary reports to be reviewed

Cash Balances

2. CASH AND RECEIVABLES BALANCES

  • Copy of bank reconciliations

  • Copy of bank statements

  • Does the closing cash book balance reconcile to the year end bank statement?

  • Have all other bank accounts been reconciled and the book figure reported?

  • Have all cash investments been verified by sighting year end statements and confirmations?

  • Does the amount of interest received correlate with reported cash investment balances?

  • Are there any monies owing to the client, including bonds.

  • Have you sighted invoices or statements to support monies owing to client?<br>

  • Have the receivables been paid after year end?

Cash Receipts

3. CASH and CREDIT SALES

  • Review receipt records and bankings for the whole year

  • Does the association issue a receipt or invoice for every sale?

  • Are receipts being properly dissected and recorded in the financial records?

  • Has GST been collected on all sales?

  • Has a detailed substantiation of selected receipts been completed?

  • Has sales cutoff at year end been properly performed?

  • Transactions examined

  • Comments on transactions examined

  • Were any errors noted?

Stock

Inventory

  • Is there a physical stocktake for year end?

  • Has stock been valued at the lower of cost and net realisable value?

  • Do costings agree with supplier invoices?

  • Has any damaged or obsolete stock been written off?

Fixed Assets

Fixed Assets

  • Have you sighted major fixed assets and additions for the year?<br>

  • Have you ensured all capital additions have been recognised as fixed assets?

  • Are assets being depreciated at appropriate rates?

  • Are any assets impaired and require write down?<br>

Cash Payments

4. CASH PAYMENTS AND CREDITORS

  • Review the cash expenditures for the whole year for large or unusual items

  • Does there appear to be adequate supporting documentation for payments made?

  • Are payments being approved by two signatories?

  • Has GST been properly recorded and claimed?

  • Has the expenditure been correctly allocated in the financial records?

  • Has a detailed substantiation of selected payments been completed?

  • Transactions examined

  • Comments on transactions examined

  • Were any errors noted?

  • Have all unpaid accounts been recorded?<br>

  • Have you examined transactions after year end to ensure all liabilities recorded?

Employment Records

5. Employment Records

  • Are staff being paid correctly approved rates

  • Do fringe benefit arrangements comply with FBT legislation and association policies?

  • Has employee withholding tax been correctly calculated and promptly remitted to the ATO?

  • Have payments for contractors and other personal services arrangements been correctly treated with either.. TFN, ABN or volunteer declarations obtained?

  • Have assessments for workers compensation, superannuation and other benefits been correctly determined and promptly remitted to relevant authorities?

  • Have BAS returns been prepared in accordance with financial records and lodged promptly?

  • Have you reviewed the Integrated Client Account for timely lodgment of BAS returns and any refunds that may be due?

Treasury Oversight

6. TREASURY OVERSIGHT - THOSE CHARGED WITH GOVERNANCE

  • Copy of minutes

  • Have you reviewed the approved minutes of all meetings for the year and noted any significant financial decisions?

  • Do minutes of meetings evidence proper oversight of financial affairs and approval of expenditures?

  • Was a budget approved for the year and actual receipts and payments compared to the budget periodically during the year?

  • Have all points raised by the prior year review been adequately addressed by TCWG?

  • Has the Treasurer (and/or committee members) signed a statement for the accounts

  • Copy of Treasurer's Statement

Financial Report

7. FINANCIAL REPORT

  • Financial Report on file?

  • Does the financial report agree with the financial records?

  • Do prior year comparative figures agree with prior year reports?

  • Do the classification of income and expense items comply with association reporting guidelines and policies?

  • Are the additions of the report correct?

  • Have all items been correctly and fully disclosed in the reports, especially any trust monies?

  • Have all errors and recommendations been documented and reported to TCWG?

  • Are you satisfied that the financial report is accurate and an assurance statement can be issued?

  • Copy of Review Statement

  • Signature of assessor

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