1 welcome audit committee, aicpa matrix. fiduciary responsibility and stewardship fiscal...
TRANSCRIPT
![Page 1: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/1.jpg)
1
Welcome
AUDIT COMMITTEE,
AICPA MATRIX
![Page 2: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/2.jpg)
Fiduciary Responsibility and Stewardship
• Fiscal Accountability
• Legal Responsibility
• Regulatory Requirements
• Delegated Responsibility
2
![Page 3: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/3.jpg)
The Audit
• Policy of the Boy Scouts of America
• Definition
• Council Action
3
![Page 4: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/4.jpg)
The Audit Committee
• Purpose
• Composition
• Organization
• Financial Expertise
4
![Page 5: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/5.jpg)
The Audit Committee
5
• Alternative Approaches
• Responsibilities
![Page 6: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/6.jpg)
Audit Committee Chairperson Job Description
6
• Qualifications
• General Responsibilities
• Specific Responsibilities
![Page 7: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/7.jpg)
The Auditor
7
• Qualifications
• Role
• Opinion
![Page 8: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/8.jpg)
A Sample Not-for-Profit Audit Committee Charter
8
• Reporting
• Responsibilities
• Composition
• Terms
• Meetings
•
![Page 9: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/9.jpg)
Resources Available to the Audit Committee
9
• BSA Fiscal Management Team
• American Institute of Certified Public Accountants
![Page 10: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/10.jpg)
Recommended Audit Committee Meeting Schedule and Timetable
for Audit Work
10
• By October 1
• October – December
• As Soon As Possible After Year-End
![Page 11: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/11.jpg)
Recommended Audit Committee Meeting Schedule and Timetable
for Audit Work
11
• By May 1
• By June 1
![Page 12: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/12.jpg)
Sample Letters
12
• Request for Proposal
• Engagement
• Management
• Management Response
• Representation
![Page 13: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/13.jpg)
Audit Costs Reduction
13
• Implementing
Recommendations
• Conducting Inventory Properly
• Collecting Items
![Page 14: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/14.jpg)
Reviewing Financial Statements
14
• Reviewing Presentation
• Reviewing Accounting Policies
• Reviewing Conduct of the Audit
![Page 15: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/15.jpg)
Audit Committee and Internal Control
15
• Reviewing Internal Control
• Strengthening Internal Control
![Page 16: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/16.jpg)
Evaluating Auditors
16
• Audit Committee Members
• Scout Executive/ Highest Level Finance Person
• Highest Level Accounting Person
![Page 17: 1 Welcome AUDIT COMMITTEE, AICPA MATRIX. Fiduciary Responsibility and Stewardship Fiscal Accountability Legal Responsibility Regulatory Requirements Delegated](https://reader036.vdocuments.site/reader036/viewer/2022082817/56649dd25503460f94ac8a32/html5/thumbnails/17.jpg)
Questions
17