auditing3-4 - Copy

auditing3-4 - Copy - Understanding what auditors look for...

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Understanding what auditors look for is impt for management staff to understand. An audit is a 3 rd party review of financial records of an organization. The primary purpose of an audit is the financial type, but performance audits are also done internally to help the organization see how well they are inline with their mission statement. Nonprofits audits are optional unless required by a funding agency like the United Way as a condition for funding or if a nonprofit receives $300,000 or more in federal funds. ****The auditor will collect all records and take personal care of those records for awhile. You should set up a checklist of all the things you gave them to make sure you get it all back. Audit reports are not public record and can be kept private to an organization. Put records in secure storage for 7 years. An auditor will defend you if IRS confronts you. You will get an engagement letter from auditor describing what they do. Look at internal controls, bylaws, and will collect sufficient evidence to
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This note was uploaded on 08/29/2011 for the course PUBLIC ADM 101 taught by Professor Staff during the Spring '11 term at UNF.

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auditing3-4 - Copy - Understanding what auditors look for...

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