At Financial Technologies & Management, we offer Indianapolis nonprofit financial management training and nonprofit management solutions. We have been helping nonprofits in Indianapolis save time and make sound decision with nonprofit management solutions since 1999. Our nonprofit management solutions provide training and tools that focus on best practices, so you can lead and better serve your nonprofit. Successful nonprofits start with strong nonprofit financial management and planning. This is why at Financial Technologies & Management we offer many targeted training areas from CFO training to nonprofit accounting training. Our nonprofit financial management training allows you to enhance your financial management skills to make sound decisions.
FTM Nonprofit Forum for September 26, 2018 – Common Audit Pitfalls and Misperceptions
September 26 @ 11:30 am - 1:00 pm
Common Audit Pitfalls and Misperceptions
Nonprofit Forum Agenda for September 26, 2018
11:30 to 12:30-Financial Management Topic
Common Audit Pitfalls and Misperceptions
How should your evaluate your audit process? Please bring your questions so we can have candid conversation regarding auditing process. We will share our expertise and candid advice to better prepare you for this important role to your organization.
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.
3 Key Things you will learn include:
- Why audits have become more complicated to complete?
- Best practices to improve annual audit
- What audit pitfalls should I avoid?
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 director, our tools help you achieve your goals with stronger nonprofit financial management. We not only provide nonprofit CFO training, but also offer financial training that can benefit all nonprofit accounting staff. Staff can benefit by taking our nonprofit accounting training courses in Indianapolis 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 financial management. Our mentors are knowledgeable and qualified financial 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 financial management solutions. Also specializing in nonprofit accounting software, we can upgrade your existing software to better meet your needs.
MIP Fund Accounting User Group Meetings
Financial Technologies & Management’s Jim Simpson will be hosting monthly Indianapolis Nonprofit Financial Management Forum and MIP Fund Accounting user group meetings. All nonprofits are welcome to join our monthly nonprofit financial management forum. There is no charge for the Indianapolis Nonprofit Forum, but registration is required. Our forum topics range from nonprofit operating efficiency, MIP Fund Accounting software to fraud protection. We also offer complimentary products and services to help with nonprofit management solutions.
The first Nonprofit Financial Management Forum was held on May 25 and in addition to an update on MIP Fund Accounting, the theme was “Characteristics of Financially Healthy Nonprofits.” All attendees received a Financial Management Self-Assessment checklist and a PDF of the “12 Characteristics of Financially Healthy Nonprofits.” If you would like to receive these resources, please email email@example.com and we’ll make sure to get you copies.
Contact us today to request additional information about financial management training opportunities. We serve clients in Indianapolis, IN, and surrounding areas.