Details:
- We will be using GoToWebinar.
- You can join our session by using a Mac, PC or a mobile device.
Nonprofit Forum Agenda
11:30 to 12:30-Common Audit Pitfalls and Misperceptions and Implementing the New Accounting Standards
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.
12:30 to 12:50-MIP User Group-How to use MIP to help with your audit?
12:50 to 1:00-FTM Updates and Closing
- We will be using GoToWebinar.
- You can join our session by using a Mac, PC or a mobile device.
Nonprofit Forum Agenda
11:30 to 12:30-Common Audit Pitfalls and Misperceptions and Implementing the New Accounting Standards
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.
12:30 to 12:50-MIP User Group-How to use MIP to help with your audit?
12:50 to 1:00-FTM Updates and Closing
Course curriculum
-
1
February 2022 - Nonprofit Forum - Tips for Smooth Audit and Common Audit Pitfalls
-
Nonprofit Financial Forum & MIP User Group-Tips for Smooth Audit and Common Audit Pitfalls
-