Tips for a Successful Nonprofit Audit
Preparing for your not-for-profit audit might seem daunting. Here are a few tips you can use to help the process go smoothly.
Tips for a Successful Nonprofit Audit
Preparing for your not-for-profit audit might seem daunting. Here are a few tips you can use to help the process go smoothly.
Planning for an Efficient 401k/403b Plan Audit
As the plan sponsor, you are responsible for evaluating all the plan’s service providers, including the independent auditor. If your plan is newly subject to the audit requirement, or if it’s been a while since you evaluated your auditor, consider sending requests for proposals to several potential service providers. In addition to cost, evaluate potential auditors based on their experience with plans like yours, competence in the overall ERISA space, their commitment to integrity and data security, and other qualities.
ERISA Plan Governance Best Practices
Effective plan governance can help reduce risk for the plan and its fiduciaries, as well as increase the likelihood that plan and participant objectives are met.
COVID-19’s Lasting Effects on Nonprofits – Audit and Tax Issues
The pandemic may have also affected the operation of internal controls at your organization. For example, if staff members were laid off or terminated, controls designed for segregation of duties may not have operated effectively. Likewise, increased health and financial insecurity may have increased the motivation of some individuals to commit fraud.