[BCMA] audited accounts

[Moderated BCMA subscriber listserv.]

Audits can be very expensive, so shop around. A lot depends on the size of your budget, I think. They are considerably more detailed than a review engagement. We had estimates that ranged  from $3500 to $6,000, so be prepared. Not all accountants are qualified to do audits. It seems to be a specialty.

If you have detailed book keeping records - that will be good . They will want all your receipts, ROA's bank statements and minutes of the board meetings from the year you are being audited.

We have been required to give audited statements to the town - and we think the money could be better spent elsewhere but have no choice.
Make sure your book keeper isn't the one who does the banking. For some reason, that's a no-no.
I's a good exercise- and you will learn if you have any weaknesses in your system that need to be cleared up.
Best- Gayle Cornish
Osoyoos Museum
  ----- Original Message ----- 
  From: Moderated BCMA subscriber listserv. 
  To: bcma at lists.vvv.com 
  Sent: Thursday, December 10, 2009 8:40 AM
  Subject: [BCMA] audited accounts


  We will be applying for capital funding through Cultural Spaces and will need to submit audited accounts as it will be for over $50,000.   Would any of you that have applied to this or a similar program be able to clarify the definition of "audited accounts" please?

   

  I understand that it would require more than a review engagement but does the audit have to be carried out by a chartered accountant and do they need to see invoices etc or just our bank statements and cheque stubs?  I use the Simply Accounting software program so can submit that to the accountant.

   

  We need to estimate the cost too so that we can include it in our 2010 budget. 

   

  Thanks.

   

  Rosaleen Boardman

  Museum Manager

  Hudson's Hope Museum

  9510 Beattie Drive

  Box 98

  Hudson's Hope

  BC V0C 1V0

  Phone (250) 783 5735

  Fax (250) 783 5770

  e mail hhmuseum at pris.ca

   



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