Though interns in a CPA firm may seem like grunt workers, tackling all the menial tasks the staff accountants and managers don’t want to do, they play a vital role in our firm. Hear from a few of our former interns in what they would recommend for someone tackling an audit internship.
When the end of your audit is in sight, the last thing you want to do is answer follow-up questions from HUD about the numbers you submitted. However, these questions are usually easy to answer and will help avoid strongly worded letters and hefty fines.
Though there are many benefits to getting an audit of your financial statements, it’s not always required. Make sure you understand your organization’s financial obligations and goals before seeking what may be an unnecessary expense.
Not-for-profit organizations are mission-focused and often employ scrappy teams who work in multiple roles with the passion of the cause. However, if your organization grows, it may be worth more to your team to focus on your strength zones and not on keeping your own accounting records.
Although Indiana’s not-for-profit organizations play a huge role in making our state a valuable place to live and do business, their tax reporting requirements can be a major hassle to completing their respective missions. We tried to make it easier in this reference guide for 2019.
Though it’s not a situation we would wish on anyone, sometimes CPA firms treat their clients poorly enough to be guilty of an ethical violation. Here’s what to know about the most common situations and what you can do to fix it.
Even when done properly and quickly, audits drain time away from your team and often cause a lot of stress among those working on it. The question on everyone’s mind is “How can we get this done faster?” The answer: by mastering communication skills and being timely with every step of the process.
Board members of a not-for-profit hold a significant amount of sway over the direction of the organization. Though they can be a force for good, they can also cause discord and disrupt the organization’s mission, so make sure you have the right team players to ensure success and unity.
The final phase of an audit is what guarantees the assurance sought by the entire process: it’s when the auditors involved actually test the year-end amounts and balances. It’s also a period of intense communication, and requires cooperation and open communication from everyone involved.
Balancing your daily responsibilities and answering an auditor’s request list can be competing interests, but gathering those documents as early as possible will save you and your organization time and hassle during the audit.