What is an audit/why am I being audited?
Each term, the DSU reviews the financial records of every levied and faculty society. This is called an audit. Levied and faculty societies are required to be audited by the DSU to ensure that these societies are keeping proper financial records and that students’ money is not being mismanaged.
Please note that constituent societies must submit audits to their faculty level societies, not to the VPFO.
The best way to prepare for an audit is to maintain your financial records throughout the year. If your records are kept up to date throughout the year, then all that will be necessary is for you to submit your books on time.
Summer Audit: Only for societies who receive summer fees, books should be submitted no later than TBD or by appointment and contain financial records from January – June
Fall Audit – You will be contacted in the second week of October with a due date for fall audits. If you have not heard from the VP Finance and Operations Commissioner by October 13, 2019, feel free to email firstname.lastname@example.org to schedule a submission date. You fall audit must contain records from January 1st until August 31st, 2019.
Note that due to high demand at these times, email response times and office hour availability will be slower than usual. Please understand that due to high volumes of communications, you will receive a response within 7 business days, but not always within the same day!
Winter Audit – You will be contacted in December to schedule a time for your Winter audit. This audit will contain financial records from September 1st - December 31st.
Books can be submitted to the staff at the DSU Student Union Building 2nd floor front desk.
What to Include in your Audit Submission
Your audit submission needs to include three components: transaction records, your General Ledger and your Bank Reconciliation. You must also include the Audit Form when passing in your audit submission.
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