What is an audit/why am I being audited?
Each term, the DSU reviews the financial records of every levied and faculty society. This is called an audit. Levied and faculty societies are required to be audited by the DSU to ensure that these societies are keeping proper financial records and that students’ money is not being mismanaged.
The best way to prepare for an audit is to maintain your financial records throughout the year. If your records are kept up to date throughout the year, then all that will be necessary is for you to submit your books on time.
Summer Audit: Only for societies who receive summer fees, books should be submitted no later than August 6th or by appointment and contain financial records from January – June
Fall Audit – Books should be submitted for the first round of audits no later than TBD
Winter Audit – Books should be submitted no later than TBD and contain financial records from September 1st - December 31st.
Books can be submitted directly to the Vice President (Finance and Operations) in room 282 of the SUB. If the VPFO is unavailable, the staff at the DSU 2nd floor front desk will be more than pleased to accept your audit submission.
What to Include in your Audit Submission
Your audit submission needs to include three components: transaction records, your General Ledger and your Bank Reconciliation. You must also include the Audit Form when passing in your audit submission.