DfID Merger with FCO Creates Uncertainty with UK Aid
By Tricia Katebini, CPA, MBA, Senior Manager, Audit On June 16, United Kingdom (UK) Prime Minister Boris Johnson announced a merger between the Department for International Development (DfID) and the Foreign and Commonwealth Office (FCO). Together the two departments will become the Foreign, Commonwealth and Development Office. Johnson said the merger will “unite our aid…
The COVID-19 Crisis Highlights Best Practices for Virtual Audits
By Thomas Netznik, CPA, Audit Manager, GRF CPAs & Advisors In recent years, nonprofits have begun investing in technology that not only appeals to a younger workforce, but also achieves some organizational goals related to digital transformation. Gone are the days when most organizations relied on paper documents and files, and not a moment too…
Retirement Plan Options during the COVID-19 Crisis
By Jennifer McCahill, CPA, Partner Individuals and organizations are looking for ways to gain access to cash during this time of financial and economic uncertainty. As Congress and the Administration discuss additional aid packages, we are seeing changes to the traditional regulations that would allow individuals and organizations to access funds through retirement plans. There…
The Bow Tie Method Addresses Risk Holistically
By Jay Mui, PMP, MBA | Supervisor, Risk & Advisory Services Well if you are being literal, 17th century Croatian mercenaries would use a scarf to hold together the openings at the neck of their shirts. King Louis XIII, a great employer of these mercenaries, so enjoyed and promoted this look that it soon became…
What Every Board Member Should Know about the Financial Statement Audit
By Omid Mohebbi, CPA | Audit Supervisor As members of a nonprofit board of directors, you and your board colleagues are charged with considering a variety of matters as part of your fiduciary duty to safeguard the organization. Even if you are not part of a designated audit or finance committee, as a member of…
An Audit Committee Offers Substantial Value Beyond the Audit
By Laura Malcom, CPA | Audit Manager Most nonprofit organizations today are led by a volunteer board of directors responsible for helping the group achieve its mission while providing sound governance and financial management1. In keeping with their fiduciary duty to provide effective financial oversight, many boards appoint an audit committee if not already required…
UG Compliance Requires Awardees Address Key Sub-Recipient Risk Areas
By Tom Netznik, CPA | Nonprofit Audit Manager Whether your organization has historically provided sub-awards to domestic or international nonprofit organizations or is new to these types of transactions, there are important steps you should take to not only ensure compliance with federal regulations, but also protect your organization from possible loss due to unallowable…
Best Practices for Nonprofits Implementing ASU 2016-14
By Alison Albrecht, CPA | Nonprofit Audit Supervisor The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, to enhance the presentation of financial statements and provide more meaningful information to the readers of the financial statements. One of the changes included in the ASU 2016-14…
Identifying Contributions vs. Exchange Transactions Clarified with ASU 2018-08 (Topic 958)
By Lindsay Dean, CPA | Nonprofit Audit Senior Manager In June 2018, FASB issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. Nonprofit organizations with fiscal years that begin after December 15, 2018 and make or receive contributions should be prepared to…
Why is Preparation of a Complete and Accurate SEFA so Imperative?
By Laura Malcom, CPA | Audit Manager The schedule of expenditures of federal awards (SEFA) is the “meat” of any Uniform Guidance audit. Often it is one of the first pieces of information that a CPA firm will request when designing and planning the audit. The total expenditures reported in the SEFA is the determination…