Experience in auditing sporting clubs reveals certain qualities about clubs that must be considered if the audit it to be optimised. Those factors include:
Strong financial literacy on the committee cannot be assumed;
- Performance at the AGM is a factor for the auditor as well as the committee;
- Value for money ranks high on the list of qualities for the auditor;
- An informative and engaging auditor’s management letter is often a help to the treasurer when he/she fronts both the committee and the AGM;
- Separation of duties can be trying in an environment when often one employee is having to wear many hats as part of their job;
- Often the audit adjustments provide a less profitable position than the committee and members might have been expecting; and
- Trading Statements are required to be separately shown in the financial statements, a process which will require the allocation of costs across such profit centers as Bar sales, Kitchens/Galleys, equipment rentals etc
At Crunch Auditing, our team has has years of experience in tackling a great range of issues that often arise within sporting clubs. Committees should be confident that when you engage Crunch, the occurrence of a Sporting Club specific issue will not result in a drawn out audit due to a lack of experience on the auditor’s behalf.