Page 18 - PowerPoint Presentation

Pink Pearl Press January/February 2020 Page 18

Standards

Sorors, did you know that the requirement for the chapter to have
financial audits can be found on page 17 of the Alpha Kappa Alpha
Sorority, Incorporated “FISCAL FITNESS Guide for Chapter
Financial Operations” Manual.

In this manual, the following is stated:

1) “An internal audit provides the chapter with information

that is useful in measuring compliance with the sorority and
chapter policies and procedures. It provides an assessment of the
fairness of the presentation of the chapter financial statements
and the adequacy with which operational procedures have been followed.
It should also provide a report on the completeness and integrity of the
chapter financial records.
The financial records of a chapter must be audited internally on an
annual basis, and a written report made to the chapter. The Basileus
appoints the Audit Committee.
The audit committee is responsible for the internal audit. Members
of the audit committee must be independent from the daily financial
operations of the chapter. Sorors performing the internal audit function

should not include the Tamiouchos, Pecunious Grammateus or any other
officer involved in the receipt and/or disbursement of funds for the audit
period.”
Our chapter met all of these requirements and completed an
internal audit in 2019.
2) “It is recommended that an external audit by a non-chapter
member(s), be performed at the end of the Tamiouchos’ term of office or
on other occasions as deemed necessary. The School of Business at a local

university may provide graduate students to assist with this project.”
An external audit will be completed in 2020 to review the financial
records of our 2016 - 2019 Tamiouchos.

Please contact any member of the Standards Committee if you have any
questions.

Submitted by Soror Sharon Gresham
Standards Committee Chairman