For affordable housing properties and not-for-profit organizations, changing the year end date can be part of a strategic plan to better serve those the organization supports. However, this transition can be confusing, and it helps to have the most up-to-date financial statements to help guide decisions.
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.
Our team has worked with many different people over the years, as teams change and our client list grows, which means we’ve had the opportunity to experience a wide range of personalities as we lead others through the audit process. But sometimes we misjudge others’ comfort zones and push personalities that need a little more help.