The sole and only purpose of the Auditing Committee is to check the financial records of the Society and to determine whether they are in order. The results of the audit are reported to the membership at the Annual Meeting.

Article IV, Section 5 of the Bylaws states that, the Auditing Committee consists of three (3) members each serving for one (1) year. The Chair (or other member) of the Finance Committee is an ex officio member. A graduate student may be appointed by the Branch President, in addition to the three members required by the Bylaws. When there is a change in Treasurers, it is desirable that the incoming Treasurer participate as an observer in the audit.

The Chair of the Auditing Committee arranges a meeting of the Committee to audit the Treasurer's financial records sometime after the close of the fiscal year (December 31). A convenient time is at the program planning meeting.

As a new Treasurer does not officially take office until the audit is completed, it is especially desirable that the audit take place as soon as possible after the end of the fiscal year and before the winter planning meeting of Branch Officers and Chairs when there is a change in Treasurer. The Auditing Committee may present its report as a simple written endorsement at the bottom of the Treasurer's Financial Statement (i.e., "Audited and found correct" followed by the names and signatures of the Audit Committee members). However, the status of the financial records may require a more detailed separate report.

Common sense is the basis of the audit

* Does the Financial Statement account for all the Society's funds?

* Does income plus the previous balance equal disbursements plus new balance?

* Do the amount of disbursements (expenses) seem reasonable? And are they supported by receipts, bills, etc.?

* Are all outstanding bills against or due to the Society paid?

* Has the IRS Form 990 been submitted by the ESA National Office for the previous year and are there any other required tax forms which need to be prepared?

* Is the bank holding the reserve fund paying a reasonable rate of interest compared to current rates?

* Are the financial records well arranged and organized?

Present report at annual business meeting.

Submit written report to Secretary following Annual Meeting which will be published as part of Branch business in the ESA Bulletin (usually March or June of the following year).

Last modified on June 14, 2006