Preparing for an Audit Made Easier with Financial Compilations and Reviews
By: Steven Lyons, CPA | Senior Manager, Outsourced Accounting and Advisory Services 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…
Elements of Successful Nonprofit Cybersecurity
Nonprofits are more reliant on technology than ever before to deliver on their mission. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are there more ways to be attacked than ever…
The Bow Tie Method Addresses Risk Holistically
By Jay Mui, PMP, MBA | Supervisor, Risk & Advisory Services Well if you are being literal, 17th century Croatian mercenaries would use a scarf to hold together the openings at the neck of their shirts. King Louis XIII, a great employer of these mercenaries, so enjoyed and promoted this look that it soon became…
Why Associations Are Implementing Enterprise Risk Management (ERM)
By Melissa Musser, CPA, CITP, CISA | Principal, Risk & Advisory Services For years, associations have taken a siloed approach to risk management, focusing on areas like cybersecurity. More are now widening their nets, using ERM to ensure unexpected dangers don’t derail their association. When it comes to risk management, some may think of areas…
What Every Board Member Should Know about the Financial Statement Audit
By Omid Mohebbi, CPA | Audit Supervisor As members of a nonprofit board of directors, you and your board colleagues are charged with considering a variety of matters as part of your fiduciary duty to safeguard the organization. Even if you are not part of a designated audit or finance committee, as a member of…
Be Prepared: Why Enterprise Risk Management is Essential for Nonprofits
By Melissa Musser, CPA, CITP, CISA | Risk & Advisory Services Principal Corporations and organizations have long understood the value of systematic planning for worst-case scenarios to avoid unwelcome surprises, known as enterprise risk management (ERM). ERM is a proactive, multidimensional process of identifying, assessing, cataloguing, and preparing for potential negative organizational outcomes in order…
UG Compliance Requires Awardees Address Key Sub-Recipient Risk Areas
By Tom Netznik, CPA | Nonprofit Audit Manager Whether your organization has historically provided sub-awards to domestic or international nonprofit organizations or is new to these types of transactions, there are important steps you should take to not only ensure compliance with federal regulations, but also protect your organization from possible loss due to unallowable…
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…
Manage International NGO Risk Effectively with an External Field Office Audit
By: Max Manley, CPA | Nonprofit Audit Manager International NGOs (INGOs) working overseas in the development and humanitarian response sectors face a unique set of challenges and risks from both an accounting and operational standpoint. Whether your role resides at headquarters (HQ) or in a field office, as an INGO leader your responsibilities include managing…