Financial Transparency: 2013-2015 Compliance Review Completed
We had a compliance review by an independent accounting firm. They reviewed our existing procedures, tested samples of our transactions, and made several observations and recommendations.
Recommendations:
- Generally, we can continue our approach as it is currently working.
- The reviewer suggested small changes in how we record transactions in our Excel spreadsheet (e.g., adding a new column to identify what account – Bank, PayPal – was used to pay for specific expenditures).
- The reviewer also recommended we develop a written accounting practice policy and procedure manual to promote good internal controls to minimize fraud, theft or embezzlement. Our current job descriptions are a good start. We need to include other areas and explain how we handle those areas (e.g., cosigners on bank account, financial oversight committee, and determining use of prudent reserve).
Here is the final paragraph of his review:
“In closing, I would like to congratulate the Board of Trustees for their commitment to be good stewards of GSAPBI’s assets, and by submitting their financial affairs to the external compliance review of their accounting practices and procedure statements by an independent third party. Overall, I am impressed with the Microsoft Excel Spreadsheets that the Treasurers use, the General Ledger for recording transaction activities, and providing reliable and relevant reports to the Board of Trustees. The existing procedures noted earlier in this letter are good accounting practices to continue in successive years along with my recommendations for improvement.”
