Do I need to hire a CPA firm for my nonprofit? Why can't my finance person just take care of and publish my not-for-profit finance statements? Preparing for a not-for-profit audit is not something you should fear.
In fact, this is why Jeanne Dee, a partner at Anders CPAs + Advisors, was this week's speaker on Episode 3 of A Modern Nonprofit Podcast. Tosha Anderson's latest guest dove into the specifics of what a certified public accountant does. Additionally, Jeanne discusses the differences between a review versus an audit. Sometimes, different states have different expectations when it comes to the audit of a nonprofit. Nonprofit finances has a lot of standards that you must know! Fortunately, Jeanne highlights the types of expenses, fundings, and risk assessment process for not-for-profits. Plus, Jeanne explains the difference between procedures and policies. This distinction is important for having a good business mindset. Also, good documenting, risk assessment, and succession plans are points that auditors will want to consider.
So, why should your charity consider an audit? Listen to the latest episode to learn more, all powered by The Charity CFO!