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