The annual audit is an important part of nonprofit financial management. Nonprofit accounting audit services include a visit from the auditors, review of key financial information, preparing reports, and reviewing them with directors, board members, and other members of your organization. If it’s time for you to make the call to Beck & Company to schedule your audit, keep these considerations in mind.
Helping the Auditors Help You: Manage the Process
A good audit can really help your nonprofit thrive. Having organized finances along with the confidence that everything is in good order can strengthen relationships with your board and major donors. The information gained from the audit can also be used to shape goals, strategies, and methods by which you’ll continue to fulfill your organization’s mission.
In order to obtain a satisfactory audit, it’s important that you take control of the process within your company and do the prep work required. It’s simple to do, but a methodical approach ensures that nothing is left for the last minute.
Register for this Webinar Now: Survival Guide for Nonprofit Finance Teams
To manage the audit process, tackle the following logistical and operational tasks early in the timeframe intended for the audit:
- Call Beck & Company to schedule your audit. Scheduling it early in the season means we can accommodate your timeline easier. Providing a few dates gives us all some room to work around previously scheduled meetings.
- Make arrangements within the organization to have a room set aside for the auditors. Confirm that you have a working telephone line, computers or outlets available, and a quiet space for them. Have the WiFi passwords and instructions for calling outside the company printed and waiting for the auditors.
- Secure parking spaces, if necessary, in your building’s lot, or provide travel directions to the auditors.
- Gather together the necessary paperwork. Label things neatly so that the auditors know what they are reviewing.
- Tell the staff to make helping the audit a priority. Brief the staff on your expectations for the audit. Make it clear that they should be helpful to the auditors while also avoiding interruptions.
- Allow people time to help the auditors with tasks, if necessary.
- After the audit, review the report with the audits. Ask questions and be sure you understand both their findings and recommendations.
- Prepare to share the information with your Board of Directors.
- After sharing with the Board, share it with your staff. Staff also needs to know what’s going on within the organization. Sharing the audit findings gives everyone a sense of clarity about the organization’s financial state and operations.
- Ask the auditors if there is anything you should improve for next year’s audit. Make notes and get ready for next year!
Nonprofit accounting auditing services are an important part of running an active organization. If it’s time for your group to have its annual audit, these steps can help make it go smoothly and efficiently for all.
Financial Advice and Assistance for Nonprofit Organizations
Beck & Company Certified Public Accounts and Business Advisors specializes in nonprofit financial management, nonprofit accounting audit services, and issues pertaining to the world of nonprofits. We have extensive experience helping nonprofits of all sizes achieve their mission without sacrificing margin. Contact us for more information.