Charity Village – Best practices to help you prepare for your year-end audit

Year-end audits for nonprofit organizations are an independent examination of their financial statements and records. They are there to ensure that the organization’s financial statements accurately reflect its financial position and performance, in accordance with generally accepted accounting principles. Year-end audits can also be required by funders, lenders, or regulatory bodies, and are believed to be a best practice for good governance.

During the audit process, auditors review the organization’s financial records, internal controls, and compliance with laws and regulations. Auditors also assess the accuracy of the financial statements and provide an opinion on their reliability. Audit results are usually communicated in a report that is made available to stakeholders including members, donors, and government agencies… View Full Article