Get Audit Packet - Alaska PTA

The Comptroller and Auditor General has authority, under Section 18 of the Act, to (1) inspect any office of accounts under the control of the Union or of a State or of a Union Territory having a legislative assembly; Page 11 Page 8 of 67 (2) require that any accounts, books, papers and other documents, which deal with ...

Public companies are obligated by law to ensure that their financial statements are audited by a registered certified public accountant (CPA). The purpose of the independent audit is to provide assurance that company management has presented financial statements that are free from material error.

Audit the books and financial records of the association semiannually or as additionally specified in the bylaws. Prepare a mid-year and year-end audit in the months stipulated in the bylaws. Ensure the completed audit is reviewed by an audit review committee, if required.

Please note that a PTA member who is a qualified accountant/bookkeeper may conduct an audit. PTA audits are done twice a year, as a mid-term audit and a year-end audit. They are also conducted when a financial officer or check signer is replaced, a bank account closed and whenever an audit is deemed necessary.