Sometimes, it takes an emergency (like a pandemic) to reveal fault lines in the systems we take for granted. Or does it? In this piece, we explore how independent audits help organizations identify and mitigate vulnerabilities before they become problems. Read more
CARES funding helped many nonprofits stay afloat during COVID-19. Now, it’s making many more face a Single Audit for the first time. In this short article, we break down what this means, how it works, and what you can do to prepare.
Read moreDue to the effects the pandemic has had on organizations, auditors, accountants, and financial statement preparers need to brush up on the existing going concern requirements to be ready to address those situations. There will likely be few exceptions where organizations do not have some amount of doubt about events and conditions being present that could indicate a going concern problem.
Read moreThe IRS recently posted guidance following passage of its Taxpayer Certainty and Disaster Tax Relief Act of 2019 explaining how nonprofits can seek refunds of the “parking tax.”
Read moreDue to several common factors—including a lack of internal controls, as well as less resources available for prevention and recovery—many nonprofit organizations are particularly vulnerable to fraud and identity theft.
Read more