Category: Audit & Assurance

Why is Preparation of a Complete and Accurate SEFA so Imperative?

By: Laura Malcom, CPA | Audit Manager The schedule of expenditures of federal awards (SEFA) is the “meat” of any Uniform Guidance audit. Often it is one of the first pieces of information that a CPA firm will request when designing and planning the audit. The total expenditures reported in the SEFA is the determination…

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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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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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Unrestricted Net Assets and Key Financial Ratios Help Nonprofits Focus on their Financial Health

By: Michael Shaffer | Nonprofit Audit Manager In my 18 years as an auditor of nonprofit organizations, I have sat in a large number of offices for meetings with my clients. I always enjoy seeing how folks have their offices decorated, but one office stands out to me more than others over the years. This…

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Fast-Track Your Compliance with the New UG Procurement Standard

The two-year deferral period for implementation of the procurement standards under Uniform Guidance (UG) is officially over.  As of midnight on January 1, 2017, organizations receiving federal funds with a calendar year-end of December 31 MUST implement policies and procedures to ensure compliance with the standards effective immediately. Is your organization behind or struggling with…

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Alternatives to the Financial Statement Audit May Offer a Better Solution

The annual audit of financial statements is required for many organizations, often becoming a process their accounting staff has come to dread. For a lucky group, a review or compilation of their annual financial statements is adequate and is an attractive and less burdensome alternative to an audit. Understanding the difference can save your organization…

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8 Steps for an Easier Audit

GRF Partners Ian Shuman and John Pace and Senior Manager Elinor Litwack recently presented a webinar on planning for an easier audit. Additional information including the webinar recording and PowerPoint slides are available here. The presenters provided 8 key takeaways to make your next audit easier based on years of experience assisting clients as members…

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Chart Your Course to Compliance Under the New Procurement Standards

Time is up for many nonprofits! The two-year deferral period for implementation of the procurement standards under Uniform Guidance (UG), Title 2, CFR 200 for non-Federal entities was officially over as of January 1, 2017. Effective immediately, federally funded organizations with a calendar year end of December 31 must implement appropriate policies and procedures to…

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Understand, Assign and Update: Best Practices for Compliance Under Uniform Guidance

Uniform Guidance was implemented over two years ago, but many Federal award recipients are still challenged by compliance and struggle with the organizational changes necessary to meet the requirements. By following some simple best practices developed by organizations already successfully achieving compliance, non-Federal entities can easily implement policies and procedures to thrive under Uniform Guidance….

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