Getting a request list months before your year-end date may make responding to it a low priority for some. But these lists are actually carefully constructed to eliminate unnecessary documents and include crucial ones that will help speed up the audit. Responding promptly makes the audit easier for everyone involved.
With the stuffy language and seemingly redundant information, non-profit financial statements can seem like an irrelevant formality. However, if you know what you’re reading, you may soon realize just how powerful this financial tool can be to raising funds and increasing donor confidence.
The USDA changed how Rural Development regulates properties’ financial statements in 2018, but not every change in their handbook affects properties on a daily basis. The most dramatic changes affect AUPs, prescribed forms for non-audited properties, and the basis for requiring audits on for-profit properties.
Whether you’re getting ready to send your hundredth audit RFP or are creating your first one, it’s important to make sure it’s doing the work for you. A well-written, clean-cut RFP will tell you right away which auditing firm pays attention to details and is worth every penny of their fee.
We know it’s tough trying to create an audit RFP from scratch, especially if you’ve never done it before. By focusing on your organization’s unique programs, challenges, and mission, the questions may come a little more easily. Use our audit template and checklist for an even simpler way to ask the right questions in the right way.
During this time of transition in Rural Development’s guidelines, properties may have the chance to reduce their accounting fees or lower their stress by staying on the cutting edge of upcoming changes.