91ɬÂþ

To delineate the requirements for annual independent audits of any and all 91ɬÂþ (91ɬÂþ) records and activities to ensure appropriate oversight and compliance with all legal and regulatory requirements and 91ɬÂþ policies.

This policy applies to independent audits of all 91ɬÂþ records and activities.

Audit: A systematic and independent examination of books, accounts, documents, and vouchers of an organization to ascertain how fair and accurate the financial statements are presented

Policy

The President shall ensure 91ɬÂþ undergoes an annual external audit of all funds, fiscal records, and accounts by recommending a firm of certified public accountants with whom the Board of Trustees will contract. The purpose of such an audit is to ensure that 91ɬÂþ is in compliance with all applicable laws and 91ɬÂþ policies.

Guidelines

1. The authority for selection of the independent auditor shall rest with the Board of Trustees who shall have responsibility for the following:
   
   1. Developing and adopting the scope of services for the independent audit;
   2. Maintaining public confidence in the procedures and processes used by 91ɬÂþ in all of its financial transactions and reporting;
   3. Establishing sufficiently scheduled and unscheduled testing of transactions to provide a reasonable and professionally prudent person a basis for determining that 91ɬÂþ’s financial transactions are fully and accurately reported and reflected in all financial statements and reports to the Board and other monitoring and oversight agencies.
2. This policy shall apply to all financial transactions including but not limited to:
   
   1. Investment of funds;
   2. Cash receipting and disbursement;
   3. Tax reporting;
   4. General ledger accounting;
   5. Grant accounting;
   6. Purchasing transactions
   7. Employee expense reporting; and
   8. All other financial transactions executed by 91ɬÂþ.