[read complete report - pdf]

Audit Objective

Determine whether the Board provided adequate oversight of the Association’s financial operations.

Key Findings

The Board or membership did not:

• Ensure that the bylaws were adequate or adopt supplemental financial policies or procedures.
• Conduct or contract for an annual audit of the books and records of the Treasurer and Financial Secretary.
• Audit claims prior to payment and ensure there was sufficient supporting documentation for all claims.

Key Recommendations

The Board or membership should:

• Amend the bylaws or adopt separate written financial policies and procedures to establish internal controls over key financial areas.
• Conduct or contract, as required, for an annual audit of the Treasurer’s and Financial Secretary’s books and records.
• Ensure that all claims are audited prior to payment and have adequate supporting documentation.

Association officials agreed with our findings and recommendations and indicated that they have begun to initiate corrective action.