GAAP Ep 004 – Audit Tips for Nonprofits – Show Notes
In this episode, we sit down with Income Partner and CPA Devin Pfaff to discuss audits and nonprofits. What can you expect during an audit? How long do they typically take? And do you really need one in the first place? Listen in to learn more.
2:24 Defining different service options
4:00 What is independence?
4:48 Do you really need an audit?
7:55 Cash vs. accrual
9:00 Internal controls
10:35 Compliance
11:35 Revenue recognition
14:58 Single audits
20:17 Regular audits
22:20 Preparing your nonprofit for an audit
27:33 Deliverables
30:13 What happens post-audit?
32:24 Why Devin loves audits