For Clubs and Societies
- Can non-accounting majors be the Financial Controller of a student organisation?
While there is no official policy requiring that the financial controller be an accountancy major, it is highly recommended that whenever possible, the Financial Controller be an accountancy major or have at least taken some modules on accounting, in order to ensure the proper preparation of the accounts.
- Do my club need to be audited?
If your club is a non-constituent club it is likely that your club needs to be audited, though it is recommended that you check with the Student Affairs Office (SAO) for clarifications. Additionally, if your club is required to file your tax returns with IRAS, there is a high chance that your club needs to be audited. In any case, feel free to contact us if you have any doubts.
- Why does my club need to be audited?
An audit allows NTU to ensure that the clubs and societies have good governance through the proper accountability of their finances. Furthermore, if your club is a registered society, it is required to file tax returns with IRAS via the submission of their audited financial statements.
- What are the penalties for failing the audit?
Penalties will be imposed by SAO and some of the penalties include a possible downgrading of ECA tier and a decrease in funding. Additionally, for registered societies, a fine may also be imposed by IRAS.
- How much is the audit fee?
The audit fee is $15 and is currently paid for by SAO, making it essentially free for you.
- What do I as the financial controller need to prepare ahead of the Audit?
The main items are:
- Bank statements (it’s best to open a dedicated bank account for easy tracking of cash);
- Receipts from cash payments & payments; photocopies of receipts (receipts printed on thermal paper fades over time, so a photocopy is a good way to preserve the records)
- General ledger accounts
- Financial statements in softcopy (Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income)
- What happens if I cannot submit the documents on time?
This will give us a shorter time frame to audit your club, which may result in your club being not audited in time. As mentioned above, some of the consequences include fines, ECA tier downgrades and decreased funding.
- What to expect in an audit?
To complete a proper audit, the auditor will require informations on your financial statements and enquire about the internal procedures that your club has.. Hence, we will need to stay in constant contact with both the current and previous financial controller to facilitate our audit. Some of the field work that may entail includes stock take and physical sighting of equipments which requires the co-operations from the appointment holders to ensure our audit field works can be carried out.