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Financial Technologies & Management’s Webinar, “Common Audit Pitfalls and Implementing the New Standards”

August 26 @ 11:30 am - 1:00 pm

Free

Join Abila Business Partner, Financial Technologies & Management in a special webinar on “Common Audit Pitfalls and Implementing the New Standards”

11:30 to 12:30 EST – Common Audit Pitfalls and Misperceptions
12:30 to 01:00 EST – 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.

Venue

Webinar

Organizers

James A Simpson
Financial Technologies & Management
@ftmnonprofits