6 Nonprofit Accounting Best Practices to be Thankful For

As the season of gratitude unfolds, it’s a perfect time for nonprofit organizations to reflect on the foundational elements that safeguard their financial integrity and reputation. Let’s express thanks for these 6 essential nonprofit accounting standards. They not only help mitigate fraud risk but also ensure a well-run and well-respected accounting function.  1. Segregation of…

Read More…

Understanding the Significance of Nonprofit Audits: Fostering Trust, Transparency, and Sustainability 

In the realm of nonprofit organizations, the term “audit” often invokes mixed feelings. While some perceive it as an arduous and intimidating process, others recognize its importance in ensuring transparency and accountability. In this comprehensive exploration, we will delve deeper into the world of nonprofit audits, unraveling their hidden purpose and value in fostering trust,…

Read More…

Key Audit Strategies for Nonprofits: Ensuring a Smooth and Uneventful Audit

For nonprofit organizations, audits are an essential part of maintaining transparency, accountability, and public trust. However, the audit process can be daunting and time-consuming, often leaving nonprofit leaders feeling overwhelmed. To ensure a smooth and uneventful audit, it is crucial to implement effective preparation strategies that streamline the process and mitigate potential issues. Let’s explore…

Read More…

3 Keys to Being Prepared for Your Next Nonprofit Audit

For many nonprofits, going through an annual audit is like undergoing a root canal—it’s a painful, stressful, and expensive experience. The good news is that it doesn’t have to be that way (the audit, that is.) Through advance planning, organization, and knowledge of the audit requirements, nonprofits can embark on their annual audit with ease and…

Read More…

A New Audit Standard Affects Me??? Really?

Many nonprofits are subject to annual audits. Although they can be challenging, they are often required for one or more reasons. A byproduct of that requirement is that audit standards can and do change and those changes can and do impact your organization. This year is no different. A new “Statement on Auditing Standards (SAS)”…

Read More…

The PBC Audit Checklist—and Why You Need One

If you’re getting close to an annual audit, you’ve probably heard the term “PBC”—but what is it and what does it mean?  First, it is important to understand what an audit REALLY is.  So many organizations view an audit as an opportunity to issue financial statements.  It’s not uncommon to even refer to the audited financials as the auditor’s financials when, actually, it is the responsibility…

Read More…

3 Keys to Prepare for Your Next Nonprofit Audit

3 Keys to Being Prepared for Your Next Nonprofit Audit For many nonprofits, going through an annual audit is like undergoing a root canal—it’s a painful, stressful, and expensive experience. The good news is that it doesn’t have to be that way (the audit, that is.) Through advance planning, organization and knowledge of the audit…

Read More…