Notes of Guidance for Inspection of Club Accounts

General

The reporting accountant approved by the Proctors must be given complete freedom to investigate and the Treasurer or person responsible for the financial management must give every assistance, particularly in the production of documents, etc.

The reporting accountant inspecting the records should ensure that the Treasurer has:


  1. Reconciled the bank statement with the receipt and payment book balance;

  2. Checked that the cash in hand agrees with the receipt and payment book;

  3. Checked that all members have paid their subscriptions;

  4. Kept a proper record of the subscriptions paid, and that a receipt has been issued;

  5. Kept a proper record of equipment and other assets belonging to the club or society and where such assets are stored;

  6. Checked that all payments have been properly authorised;

  7. Properly banked all money received;

  8. Checked that the level of cash held in a current account is no more than is necessary to meet the normal requirements, and that any excess amount is placed in an interest earning account;

  9. Checked that the subscription rate is fixed at a realistic level;

  10. Checked that valuable items of equipment are properly insured.