Is your nonprofit required to hire a CPA to audit your accounts and financial records?
Regardless of your answer, performing audits is a key step toward properly maintaining accounting guidelines and securing already limited funding and resources.
Even if an organization is not required to submit audited financial statements, the process leading to the issuance of the independent auditor’s report is sure to reap benefits for the organization now and in the future.” –Brian J. Read, Lindquist Solutions
Whether or not you’re required by the state, audits can provide:
- Valuable insight regarding your financial decisions and accounting policies
- Encouragement to exercise financial responsibility
- Reassurance that your fiscal procedures are comparable with your competition’s
- An opportunity to engage in open discussions surrounding current internal practices
Read the full Lindquist article here.