Laserfiche WebLink
Malnory McNeal & Company, PC <br /> Certified Public Accountants <br /> <br />Mark W, Malnory, CPA Johnna W McNeal, CPA Members ol <br /> American Institute ot Certified Public Accountants <br />Ginny W, Minter, CPA Texas Society of Certified Public Accountants <br /> <br /> Apri, 22, 2003 , DRAFT <br /> To the Board of Directors of the Police <br /> Athletic League of Paris <br /> <br /> In planning and performing our audit of the financial statements for the Police Athletic <br /> League of Paris (PAL) for the year ended December 31, 2002, we considered its internal <br /> control in order to determine our auditing procedures for the purpose of expressing our <br /> opinion on the financial statements and not to provide assurance on the internal control. <br /> <br /> During our audit we became aware of several matters that are opportunities for <br /> strengthening internal controls and operating efficiency. <br /> <br /> Our comments and suggestions are as follows: <br /> <br /> Prepare a Budget <br /> <br /> We believe management could benefit by preparing a budget and comparing budgeted <br /> information with actual results of operatiorks. A budget is a plan for the future operations <br /> of a business. It is based on past experience and management's intentions or expectations <br /> of future conditions that will affect the Organization. It allows management to plan the <br /> actions necessary for achieving desired or anticipated results and may also be a means of <br /> measuring performance. <br /> <br /> Obtain Employee Fidelity Bonds <br /> <br /> In general, internal controls are designed to safeguard assets and help prevent losses. <br /> However, the cost of maintaining intemal controls sufficient to prevent all such losses <br /> would be prohibitive. Accordingly, insurance, such as fidelity bonds, may be practical, <br /> relatively inexpensive supplement to internal controls. The following types of coverage <br /> are available: <br /> <br /> Scheduled bond - used where the employer needs to cover only certain named <br /> employees. <br /> <br /> Blanket bond - covers all employees, including automatic coverage for new <br /> employees. <br /> <br /> 5551 Yale Boulevard Dallas, Texas 75206 Telephone: 214-692-5019 Facsimile: 214-891-7007 <br /> 1711 Clarksville Street Paris, Texas 75460 Terephone; 903-784.6700 Facsimile; 903-784-5934 <br /> <br /> <br />