At Financial Technologies & Management, we offer nonprofit financial management training to our clients and to better educate the communities we serve. We have been helping nonprofits to save time and make sound decisions with nonprofit accounting solutions since 1999. Our nonprofit accounting solutions provide financial management training and tools that focus on best practices, so you can lead and better serve your nonprofit. Successful nonprofits start with strong nonprofit accounting and planning. This is why at Financial Technologies & Management we offer many targeted financial management training areas from CFO training to nonprofit accounting training. Our nonprofit financial management training allows you to enhance your accounting skills to make sound decisions.
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FTM Nonprofit Forum for March 28, 2018 – Common Audit Pitfalls and Misperceptions
March 28, 2018 @ 11:30 am - 1:00 pm
Nonprofit Forum Agenda for March 28, 2018
11:30 to 12:30-Financial Management Topic
Common Audit Pitfalls and Misperceptions
While not required by law, one reason a nonprofit might conduct an audit is to demonstrate the organization’s commitment to financial transparency and accountability.
And while a nonprofit can spend considerable resources for its annual audit, it is important that it consider the following to ensure the audit is a success.
No delays: An audit needs to avoid any major delays.
Minimal accrual and year-end adjustments: The nonprofit needs to ensure that all accrual and year-end adjustments are completed prior to the start of the audit.
Minor board and management comments: It is a good idea to have an exit interview after the fieldwork to review the audit’s results.
No material weakness or significant deficiency: This is a deficiency in internal controls that could negatively impact financial integrity.
Nonprofit should prepare audited financial statements and related disclosures: The organization should have the ability and accounting systems to prepare the audited financial statements and related footnotes and disclosures.
Fraud detection is not purpose of audit: While nonprofit leaders may believe the annual audit will uncover fraud, it is very unlikely this will occur.
Auditor does not guarantee financial statement accuracy: While auditor does issue an opinion on the nonprofit’s financial statements, the auditor does not certify or guarantee its accuracy.
If your nonprofit has one of these audit pitfalls or misperceptions, you should take action to bring expertise and capacity to your organization to remedy it.
This webinar will help Executive Directors, Finance Directors, and finance staff to develop and use a financial policies and procedures manual. Savvy nonprofit leaders know that effective financial audits can be the difference between good and great performance.
Immediately following the presentation on nonprofit financial governance, we will host a MIP Fund Accounting User Group meeting focusing on how to use MIP to help with your audit.
Those attending the forum will receive handouts.
12:30 to 12:50-MIP User Group-How to use MIP to help with your audit?
12:50 to 1:00-FTM Updates and Closing
Nonprofit Accounting Training to Compliance Training
Whether you are the CFO or nonprofit staff, our tools help you achieve your goals with stronger nonprofit financial management training. We provide all levels of nonprofit financial management training that can benefit all nonprofit accounting staff. Staff can benefit by taking our nonprofit financial management training courses or online. At Financial Technologies & Management we also offer courses, articles, newsletters and webcasts to boost your staff’s competency in the area of nonprofit accounting and software. Our mentors are knowledgeable and qualified financial management trainers that cover every aspect of nonprofit financial management.
Call Financial Technologies & Management in Indianapolis, IN, at (317) 819-0780 to learn more about our nonprofit accounting solutions. Also specializing in nonprofit accounting software, we can offer software training to help you better utilize your accounting software.
MIP Fund Accounting User Group Meetings
Financial Technologies & Management’s Jim Simpson will be hosting monthly Nonprofit Forums and MIP Fund Accounting user group meetings. All nonprofits are welcome to join our FREE monthly nonprofit forum. There is no charge for the Nonprofit Forum, but registration is required. Our forum topics include all areas of essential financial management training.
The first Nonprofit Forum and MIP User Group was held during April, 2000. We continue to educate and give back to the communities we serve.
Contact us today and review our event and training calendar to learn more about our training opportunities.