Sigma Theta Tau International
Internal Audit Checklist
Date ______________________________
Chapter____Omicron Tau____________
PURPOSE. An audit is a review of the accounting practices and procedures of an organization. This review is performed to
determine whether chapter policies provide for clear lines of financial decision-making, define expectations and whether financial
reports are complete and accurate.
FREQUENCY. If an external audit is scheduled every two years, an internal review is conducted by the chapter in the alternate
year. Ideally, the external audit is scheduled at the close of the treasurer's second year in office.
QUALIFICATIONS FOR REVIEWERS. It is recommended that chapter members with an interest in the financial management
function be appointed by the board to conduct the review. Some chapters appoint a standing audit committee or certain chapter
members may perform the review. The treasurer should not perform the review; however, it is important that the treasurer
remain available to provide any additional information needed.
MATERIALS NEEDED. The treasurer makes the following documents available for the reviewers: a copy of the Chapter's
Financial Policy; the Sigma Theta Tau International Chapter Finance Guidelines; all account registers; all manual or
computerized records and ledgers; the file of receipts, revenue vouchers, and expense vouchers; all bank and investment
statements
Items
1.
Notes
Review of Chapter Finance Guidelines from
Sigma Theta Tau International
2.
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Review of the Chapter Financial Policy
 Officers authorized to spend chapter funds are identified
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Officers authorized to sign checks are identified
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 Chapter induction and renewal fees are spelled out
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 Procedures exist for budget development and approval
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 Timelines for financial reports to the board, members, and
Sigma Theta Tau International are established
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3. Review of the system for recording and depositing receipts (cash and checks): July 1 - June 30
 Cash receipts are recorded and filed according to their
assigned category.
© 2003 Sigma Theta Tau International
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 Cash receipts are deposited promptly.
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 Cash receipts reflect areas outlined in the annual
budget (e.g. renewals, chapter induction fees).
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4. Review of system for making and recording cash disbursements: July 1 – June 30
 Disbursements are made by check.
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 Checks are numerically controlled and a check register
is used for all accounts. Account for all checks.
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 Disbursements are recorded and prepared with receipts
attached.
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 Disbursements are reflected in the annual budget and seem
to be of a reasonable nature.
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5. Account balances agree with bank statement balances and
accounts are reconciled monthly.
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6. The policies and procedures outlined in the chapter's financial
policy are followed.
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7. The policies and procedures recommended in the Chapter
Finance Guidelines, Sigma Theta Tau International, are followed.
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SUMMARY: Findings and recommendations. Describe strengths and areas for improvement.
Findings:
Recommendations:
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The undersigned have reviewed the financial management system of the Omicron Tau Chapter of Sigma Theta Tau
International and have found it to be in compliance with the financial policy of the chapter and with the Sigma Theta
Tau International Chapter Finance Guidelines.
Committee Member Signature
Print Name
Committee Member Signature
Print Name
Committee Member Signature
Print Name
© 2003 Sigma Theta Tau International