Revised Audit Procedures

Prepared: 12/12/24
Financial Analysis, testing various transactions, in lieu of annual audit:
Chandler Museum Foundation staff shall:
1.
Record all transactions timely.
2.
Reconcile all bank and investment accounts timely.
3.
Provide financial statements to the Chandler Museum Foundation board on a regular
basis with a copy to Management Services.
4.
Ensure proper segregation of duties and safety of assets.
5.
Review known and anticipated revenues at 12/31 and 3/31 to determine if an audit is
necessary ($500,000 or more in revenues).
6.
Notify Accounting Senior Manager of need for an audit as soon as reasonably
necessary.
7.
Prepare annual financial statements for inclusion into city ACFR providing the
Accounting Senior Manager with a copy no later than October 31st each year for the prior
fiscal year (FY24/25 statements due 10/31/25).
8.
Prepare all necessary filings (tax, Corporation Commission, etc.).
9.
Should there be any concerns documented, Museum staff will provide recommendations
on changes.
Chandler Museum Foundation procedures in lieu of annual audit, to be completed by City of
Chandler Management Services staff:
1.
Review bank statements and reconciliations.
2.
Review investment statements and reconciliations.
3.
Review Quickbooks activity throughout the year.
a.
Review financial statements provided to board.
b.
Review Quickbooks transaction detail report.
4.
Review foundation credit card statements.
5.
Sample invoice and p-card transactions for adequate support and approval.
6.
Review inventory records.
a.
Review all adjustments for proper approval and reasonableness.
7.
Review other transactions as deemed necessary.
8.
Any items of concern will be documented and provided to Museum Manager, Cultural
Development Director, and Deputy City Manager | CFO.
9.
Provide an annual summary of procedures completed to Chandler Museum Foundation
board.
Management Services staff will contact Chandler Museum Foundation staff to schedule based
on mutually agreed upon dates and times.