Audits
Every competent administrator will arrange for periodic financial audits. These should be required at least annually but may be conducted without notice at any time.
Audits are usually conducted (a) at the end of each fiscal year; (b) when there is a change in unit administrators or fiscal officers; (c) when any misuse of funds or false accounting is suspected; (d) when accounts cannot be made to balance.
Audits should be made by competent, trained auditors not connected with or responsible to the unit concerned. A satisfactory audit brings peace or mind to those responsible, and regular audits do much to ensure sound financial practices and procedures.
Regular and special audits are part of good budgetary practices. Many institutions maintain an internal auditor to assure proper procedures and preparedness for external audits.
