GRF Financial Foresight

Insights from the team on the GRF blog

Preparing for an Audit Made Easier with Financial Compilations and Reviews

By: Steven Lyons, CPA | Outsourced Accounting and Advisory Services Manager In addition to providing a more cost-effective alternative to a financial statement audit, compilations and reviews offer businesses and nonprofit organizations a number of important advantages. Perhaps most important, compilations and reviews help your organization prepare for a future financial audit because they include…

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Increase Nonprofit Fundraising Through Effective Advocacy

By: Brandon Arrieta | Executive Director | Lambs For Life Advocacy is defined as the act or process of supporting a cause or proposal and establishes the foundation or mission for nonprofit organizations. Among some of the best-known and widely supported 501(c)(3) organizations advocating for a cause or change are the March of Dimes (healthy…

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Nonprofits & Associations Should Consider Virtual Chief Information Security Officers to Meet Their Cyber Security Challenges

By: Melissa Musser, CPA, CITP, CISA | Risk & Advisory Services Principal and Darren Hulem | Network Administrator Auditor Recent data security mandates and ongoing budget pressure have pushed many nonprofits and associations to change their traditional business model to leverage a suite of cloud providers, creating a new, distributed data environment. Consequently, these organizations are…

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Achieving Proper Segregation of Duties with Limited Nonprofit Resources

By: Alejandra Jensen, CPA, CFE | Nonprofit Audit Manager Although they recognize the importance of maintaining proper segregation of duties (SOD) as a risk management best practice, many nonprofits still struggle because of limited staff, scarce resources and tight budgets. These organizations are under pressure to cut costs, increase revenue, and identify additional funding streams…

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Anticipating Going Concern Issues Can Save Nonprofits Valuable Time and Effort

By: Omid Mohebbi, CPA | Audit Supervisor Introduction Auditors occasionally come across going concern issues in the course of performing their audit procedures. These issues essentially refer to the ability or inability, as the case may be, of the audited entity to continue operations beyond a certain timeframe, which the standards refer to as “a reasonable…

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