Internal Audits for Clubs
Article by Geoff Wohlsen
Boards of Clubs should consider getting an internal audit review done every few years.
What is that?
Unlike an external audit which has outside accountants checking your finances. An internal audit looks at the controls you have in place to minimise the risk of such things as fraud.
It will pick up on things like one Club employee handling payrolls or invoice payments that are open to fraud. It also looks at your cash and EFTPOS handling. How most of your operations are reported. Whether the Board is getting accurate and correct reports.
If you do not think it can happen at your Club, we can tell you about many cases of Clubs that have lost thousands of dollars because the controls did not pick this up early enough. The Board can only govern well if it is has correct and timely information to consider and sometimes the long used reporting you get is inadequate.
To assist you we can recommend MGI. They are accountants who have 100 years of experience in compliance and advisory services for Clubs around Australia. They can do an independent internal audit and report to the Board how good your controls are or any risks your Club has. Also included in their reports is other value and suggestions to gain more efficiency in your Club operations.
To find out more contact Steve Greene at MGI on 0426 510 812 or for a confidential discussion about an internal audit review. You might be surprised in our experience what they find for your Board from their reviews of other Clubs.
Who Needs Club Governance Training?
In our opinion every club and Association across Australia need Club Governance Training.
Governing a Club, Charity or any Not-for-profit is a big responsibility, and it cannot be done by well-meaning volunteers who do not understand their role.
Club Governance Training will;
- Board Members will know their responsibilities.
- You’ll have more productive Board Meetings.
- Help improve your Club’s growth and sustainability.
- Your Club will be more legally compliant.
Club Governance has developed an online training program for all Board and Committee members to ensure they know how to do their job.
It is available in 15 modules of about 15 minutes each and covers all the necessary knowledge they must have, based on our 30+ years of assisting organisations like yours around Australia.