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…
Achieving Proper Segregation of Duties with Limited Nonprofit Resources
Although they recognize the importance of maintaining proper segregation of duties (SOD) as a risk management best practice, many nonprofits still struggle because of limited staff, scarce resources and tight budgets. These organizations are under pressure to cut costs, increase revenue, and identify additional funding streams while also providing better, more useful reporting to leadership…
Anticipating Going Concern Issues Can Save Nonprofits Valuable Time and Effort
By: Omid Mohebbi, CPA | Audit Supervisor Introduction Auditors occasionally come across going concern issues in the course of performing their audit procedures. These issues essentially refer to the ability or inability, as the case may be, of the audited entity to continue operations beyond a certain timeframe, which the standards refer to as “a reasonable…
Unrestricted Net Assets and Key Financial Ratios Help Nonprofits Focus on their Financial Health
By: Michael Shaffer | Nonprofit Audit Manager In my 18 years as an auditor of nonprofit organizations, I have sat in a large number of offices for meetings with my clients. I always enjoy seeing how folks have their offices decorated, but one office stands out to me more than others over the years. This…
Alternatives to the Financial Statement Audit May Offer a Better Solution
The annual audit of financial statements is required for many organizations, often becoming a process their accounting staff has come to dread. However, a review or compilation of their annual financial statements is adequate and is an attractive and less burdensome alternative to an audit for some. Understanding the difference can save your organization time…
8 Steps for an Easier Audit
GRF Partners Ian Shuman and John Pace and Senior Manager Elinor Litwack recently presented a webinar on planning for an easier audit. Additional information including the webinar recording and PowerPoint slides are available here. The presenters provided 8 key takeaways to make your next audit easier based on years of experience assisting clients as members…