We decided to have the audit at my house since some of the information might be on the computer and it would be world's easier to get the data from the computer in place rather than try to haul it to someone else's house. In preparation, I set out a pitcher of ice water, tumblers, and a plate of cookies. I had also retrieved the box of records for this year and last.
Since this was basically an internal audit, it was informal and low key. And although it took a little over an hour, it went exactly as I would have planned it. Actually, I did plan it. Two or three years ago I was asked to develop an audit protocol for an internal audit. I had forgotten about it until I saw the checklist that they were using. With the audit protocal mirroring my accounting procedures, it was no surprise that my accounting records mirrored the audit protocol.
Well, there is nothing to worry about an internal audit, that is, if you are absolutely sure you followed the accounting protocols to the letter. Internal audits like this are necessary. At the very least, it can help pinpoint any areas in your accounting process than can be improved.
ReplyDeleteThat's right, Boris. Internal auditing can point out the potential risks that can damage the business' management. By pointing it out, they could make changes that will improve or enhance the business' efficiency by providing certain recommendations according to the analysis and assessments of the given data.
DeleteThis truly shows the convenience of having accounting software in one’s computer. Doing the accounting and auditing yourself is always the best way to make sure that there are no errors. It’s easier to keep a second copy of all the records in the unfortunate event that something gets misplaced.
ReplyDeleteI agree with you Darcy. Using accounting software in this type of situation would be a great help. But if I were her, I would rather do it manually as it is more challenging, and it seems like they are not in a rush to finish the job. But I guess it depends on which type of technique you're most comfortable using.
DeleteI definitely agree with Darcy. With technology constantly evolving to make things easier for us, it would be beneficial to take advantage of accounting software. Having backups of all our financial records is also very important, just in case something bad happens to the originals.
ReplyDeleteYou don’t have to be nervous at all. I’m sure that in the span of 5 years, you’ll be really good at auditing. With internal auditing, it’ll surely help you to determine the strengths and weaknesses of your public library. Maybe you could consider using business software. It’ll make your work easier and help you meet the demand for speed and accuracy in generating results.
ReplyDelete-Carlene Schnitzer
Are you using financial software now in the Friends of the Sacramento Public Library? It might take you some time to get used to that kind of operation, but it would be much easier to audit your records through such, with no trouble trying to access your data. You did a great job in keeping accurate records, by the way, given that you were using manual accounting back then. :)
ReplyDeletePhyllis Stoffel
It’s more comfortable working at home, right? Doing internal auditing manually must take time and a lot of papers too. It must’ve hurt both your eyes and hands? Anyway, I hope that the Friends of the Sacramento Public Library have accounting software now. It would surely make your auditing a lot easier and faster.
ReplyDelete-Jamie Shellman
A manual audit is really “taxing” -- pun intended :D -- that’s why most companies and businesses have been using business software or accounting software to do the accounting for them. Now is the right time for the Friends of the Sacramento Public Library to consider using accounting software and lessen their workload.
ReplyDelete-Tianna Flemings
I greatly admire those people that are into accounting. It’s not an easy job. You really need to be systematic and accurate, because you need to analyze your business reports properly. One mistake is a really big deal. It’s a good thing that you prepared some snack bites and drinks. With a job like yours, you’ll really need it.
ReplyDeleteWystan Dale
Awesome post.
ReplyDeleteIf you have seen a lot of Quicken vs QuickBooks comparisons and still not decided what software to buy. Just visit our website as it provides the best and ethical information about this software.
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