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
