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DEFINITIONS: <br />AUDIT <br />0J0033 <br />A. A formal or official verification and examination <br />of Account. <br />B. A final statement of accounts. (wi& 7r€r) <br />TYPES OF AUDIT (Minnesota State Statues)/ <br />a. Current - by Officials of the Village <br />b. Independent - Must be performed by agency outside the <br />control of the Municipality. <br />KINDS OF AUDIT: <br />a. General - Complete <br />b. General - limited <br />c. Special - complete <br />d. Special - limited <br />e. Cash - complete <br />f. Cash - limited <br />Pre -audit of disbursements and an internal check of receipts, both <br />by local officials. <br />TYPES OF AUDITS - (M.F.O.A.) <br />a. Internal - Current audit of receipts <br />- Pre -audit of requisitions <br />b. External - Pre -audit of vouchers and warrents <br />_ - post audit of disbursements and receipts <br />!< wc/S Q %vC/"l i (Sec Atcle) <br />Part of the auditing process performed by local officials - <br />an internal audit: for example - <br />Each disbursement is approved only when it has been <br />authorized by law, supported by approv d invoices. A disbursement* <br />is made in Mounds View when an approve in voice or statement is <br />received. This still must be reviewed by the governing body or <br />audited by the Council. Not only the individual disbursement is <br />audited by each member of the council (the council signs the claim <br />slip) but each check is individually signed by the Mayor, Treasurer <br />and Clerk. <br />A further audit is made of each disbursement at each council <br />meeting, that is the auditing of the list of bills, i.e. Civl Defense, <br />Recreation, Police Department. These are internal audits of all <br />disbursements - audits conducted every meeting by your elected officials. <br />