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Avoid Fraud with Effective Policies and Controls

Gelman, Rosenberg & Freedman CPAs is a member of CPAmerica International, an association of CPA and consulting firms that provides industry knowledge including insightful articles, to help member firms serve clients and other individuals and organizations.

Audit Partner Terri McKnight provides an overview of key steps nonprofits can take to develop effective policies and controls, and protect against fraud. Included in this article, which appeared in the American Society of Association Executives’Associations Now publication, are these recommendations:

  • Perform a risk assessment to identify vulnerabilities
  • Address the overall control environment
  • Don’t let reduced staffing levels affect controls
  • Regularly reconcile accounts
  • Maintain supporting documents
  • Review IT department controls
  • If fraud has occurred, prosecute

 


We were looking for a new employee benefit plan auditor and our CFO, John Ring, selected Jackie Cardello with Gelman, Rosenberg & Freedman, and we are very happy with the choice.

Arlene Campbell |  Assistant Controller
Paralyzed Veterans of America