Branch financial report 20/1/15

Colleagues,

Yesterday the Branch undertook an audit of it’s bank accounts and practises. The audit was performed by Pete Metcalfe (CWU Senior Policy Advisor) and Linda McNamara (CWU Branch Finance Software Manager) and was attended by myself, Amanda and Richard.

The audit lasted over 4 hours and during that time questions were asked e.g. on how we perform certain tasks and duties when paying out monies, how the accounts are reconciled each month, what procedures are in place for keeping a record of Branch assets. The auditors also sampled numerous transactions from our 3 accounts (General, Political & Benevolent accounts) to ensure that the claim forms/invoices matched the bank statements which in turn matched the accounts reconciled to CWU accountants.

Pleasingly, the auditors gave the Branch a ‘clean bill of health’ insomuch that they were more than satisfied with our procedures, record keeping etc. There were a couple of recommendations put forward by the auditors regarding the Branch’s additional contribution to the Death Grant Benefit and whether the Branch Benevolent Fund is being used in a manner which doesn’t fall foul of any financial regulations. These recommendations can be discussed further at next weeks BCM, however it must be stressed that these are only recommendations and that any decision on changing current Branch procedures/rules should be dealt with at an AGM or EGM.

Regards,

Austin

—
Austin Goldsmith
Branch Treasurer
CWU Eastern No 5 Branch