Number: ADMIN 140
Effective: February 17, 2017
Department: Finance and Business
Last Revision: April 28, 2017


To delineate the requirements for annual independent audits of any and all CWI records and activities to ensure appropriate oversight and compliance with all legal and regulatory requirements and CWI policies.


This policy applies to independent audits of all CWI records and activities


Audit: A systematic and independent examination of books, accounts, documents and vouchers of an organization to ascertain how fair and accurate the financial statements are presented


The President shall ensure CWI undergoes an annual external audit of all funds, fiscal records, and accounts by recommending a firm of certified public accountants with whom the Board of Trustees will contract. The purpose of such an audit is to ensure that CWI is in compliance with all applicable laws and CWI policies.


  1. The authority for selection of the independent auditor shall rest with the Board of Trustees who shall have responsibility for the following:
    1. Developing and adopting the scope of services for the independent audit;
    2. Maintaining public confidence in the procedures and processes used by CWI in all of its financial transactions and reporting;
    3. Establishing sufficiently scheduled and unscheduled testing of transactions to provide a reasonable and professionally prudent person a basis for determining that CWI’s financial transactions are fully and accurately reported and reflected in all financial statements and reports to the Board and other monitoring and oversight agencies.
  2. This policy shall apply to all financial transactions including but not limited to:
    1. investment of funds;
    2. cash receipting and disbursement; 
    3. tax reporting;
    4. general ledger accounting;
    5. grant accounting;
    6. purchasing transactions
    7. employee expense reporting; and
    8. all other financial transactions executed by CWI