By Natalie Hopkins Governance, Fraud, Conflicts of Interest and 990 Reviews are among the hot topics that have circled the not-for-profit world the last couple of years. Finance committees, tax preparers, and boards of directors can all provide critical information related to these areas and aim to help an Organization achieve the many goals it has surrounding fiscal responsibility. However, the annual independent audit process can also be a crucial benchmark 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.
Let your annual audit process add value by keeping you apprised of the ever-changing list of current 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, firstname.lastname@example.org or visit our website at www.alerdingcpagroup.com. Alerding CPA Group is an Indianapolis-based public accounting firm.
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Natalie Hopkins, CPA
Natalie services audit and assurance clientele with their annual compliance needs and general consulting services. Her client base includes wholesale/distribution, manufacturing, retail, service organizations, and health and welfare organizations. Natalie was chosen as an “Emerging Leader” by the Indiana CPA Society.
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