Internal financial review is a periodic review on internal accounting practices by a party responsible for oversight of the finances of PHBA, but who doesn’t have day to day hands on responsibilities such as the Executive Board, Treasurer and/or Finance Committee.
Financial reviews are a statement of the Organizations financial status. They identify any risks encountered over the period being reviewed in accordance with the standards set by the American Institute of Certified Public Accounts and make recommendation, if necessary. The scope of a review is far less than that of an Audit.
Audits are conducted by an independent Certified Public Accountant in accordance with accepted auditing practices set by the USA and include testing to ensure financial statements are free from misstatement.