GAAP Episode 004 - Audit Tips for Nonprofits

GAAP Episode 004 - Audit Tips for Nonprofits

07/5/2022

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

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