Tuesday, April 1, 2014

Make Your Audit Count

Natalie Hopkins, Alerding CPA

Governance, Fraud, Conflicts of Interest and 990 Reviews are among the hot topics that have circled the not–for-profit world the last couple years. Finance committees, tax preparers, and boards of directors can all provide critical information related to these areas and help an Organization achieve the many goals surrounding fiscal responsibility. However, the annual independent audit process can also be a crucial benchmark that organizations use to measure how they stack up on current issues.
The annual audit process should include, but not be limited to, evaluation of the fraud and control risks present in the organization, assessment of policies and procedures to determine compliance with the organization’s stated policies, testing of internal controls, review of credit card expenditures and expense reimbursements for fraudulent or inappropriate charges, and other substantive testing and fraud procedures. In many instances, a complete audit process will evaluate the laundry list of critical matters our profession has highlighted for not-for-profit organizations to consider and will result in recommendations being made to management on notable items. The audit process should further facilitate a smooth Federal and state 990 preparation process as a great deal of information gathered for the audit is also applicable to the Form 990.
Be sure your annual audit process is adding value by keeping you apprised of the ever changing issues related to fiscal responsibility. In turn, you can keep your focus on your mission and serving the cause. To find out more, contact Natalie Hopkins, Audit Manager at Alerding CPA Group, 317 ­-569­-4181 ext. 244, nhopkins@alerdingcpagroup.com or visit our website atwww.alerdingcpagroup.com.

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