Audit & Assurance

covid-19 relief

How Does COVID-19 Affect Financial Reporting and Auditing? Here Are 10 Financial Statement Areas To Watch

October 11, 2021

The COVID-19 pandemic is still adversely impacting many businesses and nonprofit organizations. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply with U.S. Generally Accepted Accounting Principles only at year-end. It’s time to evaluate…

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employer tax credit

Have You Utilized the Management Letter From Your Audit Team?

September 20, 2021

A useful tool that accompanies an auditor’s annual report for an organization is the management letter. It may provide suggestions on how to fortify internal control systems, streamline operations and reduce expenses. Managers generally appreciate the suggestions found in management letters, but they may not have time to implement those suggestions because they’re concentrating on…

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financial audit

5 Tips for Nonprofits To Prepare for a Successful Audit

August 10, 2021

Annual audits for nonprofits can be time-consuming, but regular maintenance and preparation for an impending audit can make the process less disruptive. Here are five essential steps you can take to prepare for a nonprofit audit. 1. Reconcile routinely You shouldn’t wait until audit time to reconcile accounts, such as cash, receivables, pledges, payables, accruals,…

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cyberattacks

Is Your Organization Secure? How Auditors Assess Cyber Risks

May 10, 2021

Data security is a critical part of the audit risk assessment of an organization. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While conducting fieldwork, they’ll assess how your practices measure up and whether your company…

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financial audit

Is Your Audit Over? Here’s What to Do Next

October 14, 2020

Financial audits conducted by outside experts are among the most effective tools for uncovering risks in nonprofits. They help assure donors and other stakeholders about your stability, but be sure you properly respond to the results since failing to act on issues identified in an audit could threaten your organization’s long-term viability. Reviewing the draft…

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virtual board meeting

Navigating Meetings for Your Audit During COVID-19

September 30, 2020

Remote audit procedures can help protect the parties from health risks during the COVID-19 pandemic as well as streamline the audit process. Though, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement audit. Virtual face-to-face meetings can be the solution to this issue. What does an…

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