046: Independent Audits of Nonprofit Organizations With Douglas Cook

Welcome to EO Radio Show – Your Nonprofit Legal Resource.  Many nonprofit organizations are required to have their financial statements audited by an independent certified public accountant. For example, a nonprofit charity that is required to be registered with the California Registry of Charitable Trusts and which has gross revenues of $2 million or more in a fiscal year must obtain an independent audit. They also must certify to the California Attorney General each year the amount of revenue received and that they have obtained an independent audit. Many other states have similar requirements. Today I'm delighted to be joined by Certified Public Accountant Douglas Cook, who will address frequently asked questions for charities facing their first audit and some unique situations that often surprise his clients. Resources: Douglas Cook LinkedIn Profile: www.linkedin.com/in/douglascook Council of Nonprofits: www.councilofnonprofits.org/running-nonprofit/nonprofit-audit-guidec/state-law-nonprofit-audit-requirements Blue Avocado Accounting Manual Template: blueavocado.org/finance/accounting-procedures-manual-template/ If you have suggestions for topics you would like us to discuss, please email us at [email protected].  Additional episodes can be found at EORadioShowByFarella.com.  DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.