What Happens During Preliminary Testing?

The preliminary phase of an audit teaches us about our client’s major changes throughout the year, what kinds of internal controls they use, and what strategies we may need to implement during the audit itself. This knowledge isn’t just helpful, it’s necessary to make the audit process smooth, simple, and stress-free.

Checklist for Closing Books

Monthly financial statements are key supports of an organization’s financial stability. They help those in charge of governance make decisions based on their financial position, which means they need to be both accurate and timely. The key to generating financial statements is being able to close the books each month easily and accurately.

How to Make Manual Journal Entries Correctly

If you’ve ever entered a transaction incorrectly, you’ve likely forced an accounting software to correct the mistake using a journal entry. Though this manual override is versatile and powerful, it can also create vulnerabilities in your organization’s financial records.

How to Respond to an Auditor’s Preliminary Request List

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.

How to Read Non-Profit Financial Statements

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.