I have to turn in a profit and loss statement and a finacial statement at every meeting a well as a form for every event that brings or costs money and this is reviewed before we vote on financial issues so eveyone is on the same page. This month's issue had some examples of these statements to help get you started.
The irony of commitment is that it’s deeply liberating-in work, in play, in love. The act frees you from the tyranny of your internal critic, from the fear that likes to dress itself up and parade around as rational hesitation. To commit is to remove your head as the barrier to your life. --Anne Morris
It's never a bad idea to take a few minutes (or more) during a board meeting and make sure you have a balanced book. I wish we would have taken this more seriously, we wouldn't be still looking for $375 that NO ONE can find but it's on the reports! UGH!
To add to JHB's sound comments, yes, it's a good idea to conduct an audit if your treasurer leaves office mid-stream. That way, the replacement treasurer is assured that she is taking over well-managed financial records.
We have a volunteer (parent) review our books in August.
I don't know that the treasurer is audited. And I would be careful about using that language - it sounds like you have concerns about the person.
However, auditing books is a routine business practice, usually once a year. The most logical time for PTOs tends to be after school ends and the year's cycle is more or less complete.
Some groups have a volunteer (or paid) CPA do it. Many have an audit committee comprised of people who don't usually have access to the funds or signature authority over expenses. In our case, the school district auditor will do it for free if we can be flexible time-wise. He sometimes keeps our books for several weeks, but it doesn't really impact us as it's during the summer.
