Evaluation of Ministry Finance Concerns 0025-01 ZZhlp

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               TO:  Interested Ministries                                                                                   FROM: Jim Bramer, Retired Auditor CPA
                                                                                                                                                 FILE:  0025-01/hlp

                RE:  Evaluation of Ministry Financial Concerns                                         Originated in 1982                          


PREFACE

            Ministries must make every effort to account for and report on their finances to applicable parties. A system of controls is essential to such an effort and such controls must be evaluated and weaknesses corrected. More and more Ministries now have an Internal Audit Committee or Finance Committee of their board; such committees might need assistance in this evaluation endeavor.

WRITTEN REPORT

            Please Go Here  for responses to questions regarding a Fiscal Fitness assignment where we provide you with a written report ( Go Here  for content in a sample) as we evaluate and specify our view of weaknesses in at least the following areas:

  • Board fulfilling its responsibilities re finances
  • Organization of work flow regarding finances and accounting
  • Adequacy of accounting and reporting and budget system frequency of financial statements
  • Attention to insurance matters
  • Attention to organizational financial planning and projections
  • Sufficient distribution of work functions to insure general internal controls
  • Ministry Funding evaluation
  • Internal control over cash receipts
  • Internal control over non-cash income and related assets
  • Attention to cash flow (money management)
  • Internal control of receivables
  • Attention to collection of receivables, etc.
  • Internal control over purchasing
  • Internal control over cash disbursements
  • Internal control of inventories
  • Internal control of fixed assets
  • Internal control of payroll
  • Internal control regarding funds accounting
  • General protection of organizational assets.

ENGAGEMENT CRITERIA

        1. We would NOT provide financial statements over our letterhead since the engagement objective is to assist the organization in evaluating methods and procedures.
        2. The fact-finding is designed to take place in one continuous day while at your place.  But it can be done remotely.
        3. Ministry officials with answers to such questions (e.g. Chief Executive Officer, Treasurer, Bookkeeper, etc.) must be available for necessary interaction. 
   
    4. It is desirable to have at least the following.

  • Financial Statements for past few years
  • Recent accounting records 
  • Recent Minutes 
  • All existing internal forms related to finances
  • Copies of recent Payroll tax returns 
  • Written confirmation of existing insurance coverage.

        5. A verbal follow-up conference with your policy-making Board as we go through the written report in depth.

CONCLUSION

        We believe the results of this type of engagement will bear fruit to your organization as you improve your financial accountability.


   Please Click Here for a list of "How we help Onliners" here at www.bcidot.org. The bulk of this Publication originated in July 1982 and was   UPTD: March 09, 2012  

ABOUT  US   |  OUR PURPOSE   |  TABLE OF CONTENTS   |  SEARCH  MATTERS  |  HELP DETAILS   |  FUND ACCTG VIA COMPUTERS   |  GLOSSARY