Larger locals may have or need a more sophisticated system of internal controls. However, as a minimum a local should have their checkbook and their formal financial records in a secured location. They should require two signatures on all of banking accounts. All deposits of cash are being made timely. Finally, all financial reports are presented to the membership at their regularly scheduled meetings. Oral statements giving the cash balances in each of the accounts is not an adequate financial report. The report should detail the items in the current balance sheet along with a statement of income and expenditures.