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Policy:

The Association's finances are to be audited annually by an independent CPA recommended by the Treasurer and approved by the Regional Council.

Procedures:

1. The Treasurer and auditor should begin the annual process not later than June 30 each year. The auditor will specify the information needed to conduct the audit. It will include at least the following:
   1. a statement describing the sources of income and expenses for the year,
   2. copies of invoices and canceled checks,
   3. the Association checkbook.
2. The auditor will prepare a draft audit report and discuss, refine and finalize it in consultation with the Treasurer.
3. The Treasurer will prepare the annual financial statement to be presented to the membership at the Annual Business Meeting, in conjunction with the auditor.
4. The auditor prepares the annual federal tax return as part of the annual audit.

Approved:

February 1994

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