What qualifies as a “review committee” for annual internal financial reviews? A group of 3 or more people organized specifically to review financials on an annual basis.
Check with your specific insurance provider, but AIM requires that someone who does not have check signing authority review the monthly bank statement. Why is this required? This is a preventive measure set in place to accomplish two things: to protect your organization from having a loss, and to limit the amount dollar amount of the loss through early detection. The person who does not have check signing authority should date and sign the monthly bank statement indicating it has been reviewed.
Can the treasurer do the bank reconciliation and then give it to someone else to review? No. The bank statement needs to be reviewed prior to the treasurer receiving it for the bank reconciliation. Should a treasurer be the individual taking the money, allowing them to receive the bank statement first gives them an opportunity to tamper with the report.
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