Tips for a smooth P&C Audit – Part 1
Audit of your school’s P&C
P&C Associations play an important role in supporting their respective schools by providing support and funds through their various activities.
In this context, the role of the treasurer is important in ensuring all funds being handled by the P&C are properly accounted for, and procedures are in place to ensure this happens. In addition to this they are charged in the regular reporting of the financial position of the P&C at monthly meetings.
It a significant and important role.
Most auditors understand that treasurers are volunteers and are generally doing their best in an often demanding role. The fear is that auditors are judging the treasurer’s work and giving them a scorecard, which is then reported to all at an AGM.
Whilst auditors are required to make conclusions and report findings, most understand treasurers are doing their best for the school’s P&C.
As an audit is required before the AGM and must be forwarded to the regional office before 31 May of the subsequent year, planning by treasurers is important to meet these deadlines.
Often thoughts of audit preparation happen once school is back and the holidays are over, but planning of the audit should happen towards the end of Term 4 of the year being audited, and contact with the auditor may help plan a smoother audit for both parties.
Many P&C’s have tuckshops and uniform shops so stocktakes and cash counts are required to be done at the end of Term 4 and are matters auditors are required to verify. Where these are of significant value, the auditor may wish to attend the stocktake, for example.
A call to the auditor at year-end to plan for completion of work also allows the auditor to schedule your work in what is generally their busiest period. Most will want the work in at least 4 weeks before the AGM.
As auditors are required to have full and free access to all documents and property, getting things together will assist the completion of the audit greatly.