Timing of an Audit:
– The Canons call for the church fiscal year to end on December 31.
– The audit should begin prior to the end of the year to include audit procedures that can only be performed at year-end.
– Prior to filing, the Audit Committee should present the audit report to the Treasurer, Rector and Wardens.
– Findings and recommendations should be discussed with the Treasurer or other responsible persons, and within 30 days their written response attached to the report.
– The Vestry receives the audit report upon completion.
– The audit report should be filed with the Bishop no later than 30 days following completion, no later than the following September 1.
– The minutes of the Vestry will officially record the receipt, acceptance, and subsequent filing of the audit report with the Ecclesiastical Authority.