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Comprehensive Question 14 28 Essay

772 words - 4 pages

Comprehensive Question 14-28
You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review, you have prepared the following comments relating to the collections made at weekly services and recordkeeping for members’ contributions:
1. The church’s board of trustees has delegated responsibility for financial management and audit of the financial records to the finance committee. This group prepares the annual budget and approves major disbursements but is not involved in collections or recordkeeping. No audit has been considered necessary in recent years because the same trusted employee has kept church records and served as ...view middle of the document...

Audit committee has the responsibility to exercise periodic auditing procedures or request the use of outside auditors.
Head usher is the only person with any authority to access cash through the counting period. On the other hand, not one person will ever be left alone with the cash unless it has already been fully counted and recorded. The head usher could be able to come up with another method as long as it follows the basic rules. There should always be at least two counters, this way the two people look over each other to avoid any type of theft or fraud.
Collection presents a problem that theft, while it is being counted and in the church safe before it gets deposited. Collection needs to be deposited in the night deposit box directly after the initial count. Precautions that should be taken are to bolt to door while counting, to ensure that a robbery would not occur.
Head usher’s count can lack efficiency from the managements stand point due to the multiple tasks of counting and recording the count. Financial secretary should gain a copy of the collection report, which in turn needs to be posted in the financial records. Head usher also needs to retain a copy of the collection report, in order to show it to the audit committee.
All the contributions are not to be deposited as a whole. However, there is no guarantee that the financial...

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