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7 steps to planning a successful not-for-profit audit Logo aicpa

  Tim McCutcheon, CPA |   Free |   AICPA |   24 Apr 2017 |   CPA Insider

This column offers tips to help make year-end financial statement audits more effective and less challenging.

Topics covered:
  • Not-for-profit: Technical: Audit, Intermediate

1 Comments/Reflections

Asitha Hingulage

Asitha Hingulage Jun 2019

This is a good article on the planning prior to audit. Thanks.

I would like to see or initiate a discussion on the industry good practice "during & after the audit process" as well.

- What is the best level of interaction between the auditor & the accounting staff?
- What level of discussion should take place between the accounting staff & the auditors on the on-going audit findings?
- Should the audit findings be discussed with the management prior to reporting to the trustees?
- Shouldn't the auditor get a chance to talk to the trustees alone (without the management present)?
- Management letter - a must? And what should it cover? 

- How can the trustees be satisfied that the auditors have done a thorough job?
- How frequently should we look for new auditors?
- What is the best practice should trustees decide to change the auditors?

Having worked in charities over two decades, I have seen vastly varying degrees of interactions & have heard a lot of complaints from both sides.

It is good to find out others' thoughts on this (especially from the UK point of view).