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Financial Technologies & Management’s Common Audit Pitfalls and Implementing the New Standards
August 28 @ 11:30 am - 1:00 pmFree
11:30 to 12:30 Common Audit Pitfalls and Misperceptions*
12:30 to 01:00 MIP User Group-How to use MIP to help with your audit
While not required by law, one reason a nonprofit might conduct an audit is to demonstrate the organization’s commitment to financial transparency and accountability.
And while a nonprofit can spend considerable resources for its annual audit, it is important that it consider the following to ensure the audit is a success:
- No delays: An audit needs to avoid any major delays.
- Minimal accrual and year-end adjustments: The nonprofit needs to ensure that all accrual and year-end adjustments are completed prior to the start of the audit.
- Minor board and management comments: It is a good idea to have an exit interview after the fieldwork to review the audit’s results.
- No material weakness or significant deficiency: This is a deficiency in internal controls that could negatively impact financial integrity.
- Nonprofit should prepare audited financial statements and related disclosures: The organization should have the ability and accounting systems to prepare the audited financial statements and related footnotes and disclosures.
- Fraud detection is not purpose of audit: While nonprofit leaders may believe the annual audit will uncover fraud, it is very unlikely this will occur.
- Auditor does not guarantee financial statement accuracy: While auditor does issue an opinion on the nonprofit’s financial statements, the auditor does not certify or guarantee its accuracy.
Those attending the forum will receive handouts.*
Event is free. Events are available on our events page at www.ftmllc.com