Auditing


Policies and Procedures

I.    Committee Membership

 

A.  The Auditing Committee shall be an ad hoc committee appointed by the Deacons prior to the end of each financial year December 31.

B.  The Auditing Committee shall consist of a number of members determined by the Deacons to be appropriate for that year.

C.  The Deacons shall seek accounting expertise from the membership when possible.

 

II.  Committee Duties and Responsibilities

 

A.  The Auditing Committee shall be responsible for performing an annual analysis of the financial condition of the church to ensure that records, accounts, and procedures are accurate and appropriate for conducting the financial business of the church.

 

III. Policies and Procedures

 

A.  It shall be the policy of Memorial Baptist Church to maintain its financial integrity and protect its staff and members through a combination of reviews and audits. 

B.  The Auditing Committee shall consult with the Stewardship Committee and the church staff as necessary to conduct an adequate review of church finances.

C.  The Stewardship Committee may be represented on the Auditing Committee.

D.  The Stewardship Committee may be requested to support the audit by any combination of activities including evaluations and analysis of records, policies, and procedures.

E.   The Stewardship Committee shall cooperate fully in any informal audits as well as formal internal and external audits.

F.   If a full external audit is warranted, the Auditing Committee shall seek approval from the church body for the auditor and associated costs prior to contracting for the audit to begin.

G.   Annual audits shall consist of the following, at a minimum:

  1.   A review of previous year financial records by the end of March of each year.

  2.   An evaluation of the condition of financial records.

  3.   An evaluation of church staff, committee, and organization conformance with church Bylaws, policies, and procedures.

  4.   A recommendation whether a full internal or external audit should be conducted.

  5.   A report to the church containing the results of the review which shall be presented at a business meeting no later than May of each year.

  6.   A report to the church containing the results of formal audits, if such audits are determined necessary, upon their completion.

H.  The Auditing Committee, with assistance of the Stewardship Committee and the church staff, shall be responsible for overseeing correction of any discrepancies or irregularities identified during any annual informal or formal audit.

I.    Church staff, committees, and organizations shall be responsible for making recommended corrections to their respective policies and procedures upon recommendation of the Auditing Committee and any formal auditor.  Such corrections shall be made as soon as is practicable.

 

 

                                                Approved by Memorial Baptist Church May 11, 2014