Field Audit Program

Information

For the Members of
Client Name
Review of financial reports for the period ended:
- 31/12/2013
- 30/06/2014
- 31/12/2014
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
Are all activities of the association and all bank accounts being reviewed?
Copy of preliminary reports to be reviewed

Cash 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?
Have the receivables been paid after year end?

Cash Receipts

Stock

Fixed Assets

Cash Payments

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

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

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

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