Annual Financial Reconciliation & Year-End Transition

An Annual Financial Reconciliation (AFR) of the PTA’s books is required by the bylaws (Article VII, Section 6). The AFR is to be performed either by an AFR committee of at least three members of the PTA or by an auditor. An AFR committee would perform an “internal annual financial reconciliation,” following Utah PTA’s recommended AFR procedure checklist. An outside auditor is not required to perform an audit in accordance with generally accepted auditing standards. “Agreed-upon procedures” (based on the recommended internal audit procedure) are sufficient to fulfill the requirement. An auditor who is a member of the PTA could perform an “internal AFR” such as would be performed by an AFR committee.

Use the documents below to learn more information on the AFR requirement.