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The Impact of New Auditing Standards on Nonprofit Organizations and Tips on Preparing your Annual Audit

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Statements of Accounting Standards #104 – #111 went into effect for all financial statement audits following a December 31, 2007 year end. Senior Audit Manager Trevor Williams provided a overview of each one and described the impact on the auditor’s work.  The new standards are intended to:

  • Provide guidance to the auditor to obtain a more in-depth understanding of the auditee and its environment
  • Provide guidnace on the auditor’s assessment of the risks of material misstatement of the financial statements based on that understanding
  • Provide guidance to the auditor on the design and performance of audit procedures
  • Provide guidance to the auditor on planning and supervision and the nature of audit evidence
  • Evaluate audit evidence once it is obtained

 

In the years that I have been working with Robert Albrecht, he has proven to be one of the most productive, reasonable and reliable auditors I have ever worked with. He takes his time analyzing the audit conditions at HQ and mission level before the audit to ensure that the time spent at our facilities is productive and can be 100% dedicated to the important task of finishing a reliable, complete audit in a timely manner

Luis M. Garcia |  Director of Finance
Action Against Hunger (ACF) International