Auditor Training

The Auditor's job is to carefully analyze a copy of a student's bank log and verify that every transaction was included and that all transactions are valid.

The list below shows the types of transactions that are listed on the bank log, and how the Auditor can verify the amounts are accurate. To help the Auditors, please give each a copy of the auditor checklist.

• Salary: Every student receives $750 each month for being an "exemplary student." Some students also have additional jobs, and will therefore have two salaries. The Auditor can verify who holds additional jobs on the classroom job list.
• Rent: Every student must pay $800 each month for rent. If a student has purchased his or her desk, the Auditor can verify it by asking the student for the deed to desk.
• Electricity: Every student must pay a monthly electricity bill. The amount withdrawn on each student's bank log must equal the total shown for that month on the classroom energy log.
• Bonuses/Fines: The Auditor must verify that the dates and amounts of all bonuses and fines match the bonus/fine log. If there is a discrepancy, the Auditor can ask the Bonus/Fine Administrator to retrieve the actual bonus/fine slip from his or her files.
• Auctions: The Auditor must verify that any purchased auction items, as indicated on the auction record form, are paid for on the bank log.
• Investments: The Auditor verifies investments from a copy of the classroom investment log. Investments may show up as an expense (at time of purchase) or as income (at time of redemption).
• Insurance: There are two different situations the Auditor must be aware of in terms of insurance: either the student purchased insurance, or he or she did not. In the case of purchased insurance, the Auditor must verify the student's name on the insurance log. If the student did not purchase insurance, then the Auditor must verify that the student paid the full damages that were owed that month by comparing his or her bank log with the amounts shown in the simulation records on the insurance log.
• Student-to-student purchases: Students are allowed to run their own business as long as they submit an application and you approve it. All student-to-student transactions are completed side by side, with one student withdrawing the funds and the other student crediting them—a practice that must be done in front of an Auditor so the Auditor can approve the transaction by initialing both students' bank logs. Auditing these transactions will be straightforward because they have already been approved.

If the Auditor finds an error on a student's bank log, he or she issues a bonus/fine slip to that student. The fine should be equal to the amount of the error minus an additional $50 as a penalty. In other words, if the student's bank log shows that he or she has $1,200, but the correct amount is really $1,100, then the Auditor has found a $100 error. The Auditor issues a fine for $150 ($100 error + $50 penalty). After filling out all the bonus/fine slips, the Auditor hands them to you. Use these as a progress indicator—if a student makes several errors on his or her bank log, you may need to provide some extra help.

Bonus/Fine Training

We recommend this procedure: The Bonus/Fine Administrator goes to the cash box once per week and removes all of the bonus/fine slips. He or she then records the amount and date of each slip in the bonus/fine log. After all slips have been recorded in the log, the Administrator files the slips in a folder—sorted and marked by month. In case of a discrepancy on the bonus/fine log, the Bonus/Fine Administrator can retrieve the original document.