This morning, Robin & I carried out the audit of our investment activities for
the year April ’21-‘22
The simplified approach was designed to exploit the fact that our transactions
lie within nearly closed system:
1. money from members goes into the Coop account…
2. moves both ways between the Co-op account and our broker...
3. and occasionally money is released from the Co-op account to
members on request, or at the end of the year.
We checked:
That members pay in the right subscription, that subscriptions are correctly
tracked in the Treasurer’s spreadsheet, and the quarterly value of members'
holdings is correctly calculated
The correct number of shares were bought/sold, when they were supposed to be,
according to the minuted decisions
Payments to members were made correctly (with the 2.5% deduction made when it
was not a year end withdrawal)
A few other payments from the bank account (e.g. for prizes) were appropriately
authorised and recorded
Cash from the investment account flowed only into the bank account
I would like to thank Richard for preparing so thoroughly for the audit, with
all the documentation clearly indexed and easily available. That, together with
a truly excellent flapjack, helped to make the whole process swift and
painless.
Nick Gallop
+44 (0)7867 808 872
nick.gallop on Skype
