004 - Audit Tips for Nonprofits
from Generally Accepted Accounting Podcast Hosted by CPAdvisors
GAAP Ep 004 – Audit Tips for Nonprofits – Show Notes We sit down with Casey Peterson CPA and income partner Devin Pfaff to discuss audits for nonprofits and attempt to make sense of attestation, internal controls, compliance, cash vs accrual, and all kinds of other jargon! Plus we'll learn about preparing for audits, what to expect from the process, and what happens when audits are all done. Stick around to learn more! 2:24 Defining different service options 4:00 What is independence? 4:48 Do you really need an audit? 7:55 Cash vs. accrual 9:00 Internal controls 10:35 Compliance 11:35 Revenue recognition 14:58 Single audits 20:17 Regular audits 22:20 Preparing your nonprofit for an audit 27:33 Deliverables 30:13 What happens post-audit? 32:24 Why Devin loves audits Which service is right for you? https://www.caseypeterson.com/blog/financial-statement-prep-compilation-review-or-audit-which-r Casey Peterson audit tools: https://www.caseypeterson.com/resource-center/audit-tools Why audits rarely find fraud: https://www.isaca.org/resources/news-and-trends/newsletters/atisaca/2019/volume-24/why-auditors-rarely-find-fraud
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What this episode covers
We talk with Casey Peterson income partner Devin Pfaff about how nonprofits can prepare for audits, what they can expect, and what happens post-audit. Stick around to learn more!
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