ANNUAL AUDIT REPORT.

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Presentation transcript:

ANNUAL AUDIT REPORT

General: Each member of a Lodge is entitled to the assurance provided by an accountant’s report that Lodge assets are being protected against waste, fraud and theft and are being used only for the purposes intended. Section 13.040 of the Statutes places responsibility on the Auditing & Accounting Committee to obtain and file the annual financial report on the forms designed by the Grand Lodge Auditing & Accounting Committee. The following advice, suggestions and recommendations are provided for carrying out these responsibilities.

An Audit: An audit is defined as a formal or official examination and verification of accounts. It results in a final report by the accountant setting forth his opinion. An audit requires more work and is more costly than a review or compilation. An audit is appropriate for any Lodge, but more so for larger Lodges that have a complex organization or extensive assets.

A Review: A review is an engagement performed by an independent accountant which is less expensive than an audit examination. The accountant determines whether material modifications exist that do not present financial information in conformity with generally accepted accounting principles. He makes this determination after conducting inquiries of Lodge personnel and performing an analytical review of procedures. A review is appropriate for all but the larger Lodges.

A Compilation: A compilation merely presents, in the form of financial statements, information that is the representation of Lodge management. A compilation is only to be prepared when the Independent Accountant determines that an audit or review is not economically practical because of inadequacies in Lodge records and procedures or similar circumstances. In addition, the accountant may prepare a compilation if it is his first report being prepared for a Lodge — however, in the following year either a review or an audit is to be prepared. However, under the two given examples mentioned, the report will not include an opinion or any other form of assurance that the financial information is in conformity with generally accepted accounting principles. Lodges are required to have at least a Review performed if there has been three consecutive prior years of compilation reports. A compilation must have the approval of the Past Grand Exalted Ruler (Area Sponsor) before it can be prepared.

In-House Annual Financial Report Preparation: Under Section 13 In-House Annual Financial Report Preparation: Under Section 13.040(j), a Lodge must request permission to prepare its Annual Financial Report using in-house personnel, if it meets certain criteria and is approved by its Past Grand Exalted Ruler State Sponsor. Applications must be obtained from the Lodge’s Grand Lodge Auditing & Accounting Area Committee Member, and completed applications must be filed with the Area Committee Member by December 31 for the Lodge fiscal year to end the following March 31.

Section 13.040. The Auditing & Accounting Committee shall: Engage an accountant with …. Receive from the accountant and deliver to the Lodge by June 15 the accountant’s report which will include the required standard Annual Financial Report forms with budget comparison and applicable Federal and State tax returns, complete for all entities of the Lodge. (d) Send one copy of the Annual Financial Report, prior to June 30, to …

Sponsor’s Requirements for Approval of Compilation Request Timely filing of previous year’s annual report, Response to Grand Lodge A & A evaluation, Budget submission to DDGER and State Sponsor, Submission of quarterly P&L’s, Evidence that the Lodge Audit Committee is functioning Letter requesting compilation.