Big Data, IT Controls, and Offsite Work: The Future of Auditing?

I’ve recently read many blog posts, news articles, and LinkedIn stories that seem to be trying to look into a crystal ball to see the future of auditing.

Some sources talk about changes to professional standards that would allow auditors to rely more on data analysis as direct audit evidence. Others foresee more automation, such as linking the accounting transactions from the general ledger directly to outside sources like bank records.

And still others talk about Bitcoin, Blockchain, and the challenges and opportunities that digital currency brings – a topic that Clark Nuber has addressed in a recent article.

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Top 10 tips to prepare for a successful audit

By Sarah Wine, CPA

As an employee at a not-for-profit organization required to have an annual audit, you know that audit preparation and audit fieldwork can be overwhelming and time consuming. However, by implementing the following 10 tips on preparing for a successful audit (plus 5 bonus tips for those preparing for a federal compliance audit), you will be able to reduce your preparation time and feel more confident when your auditors arrive for fieldwork.

1. Ask questions during the year, do not wait until fieldwork. If an unusual transaction occurs or you are thinking about entering into a new transaction,

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Comprehensive Revisions to the Not-for-Profit Entities Audit and Accounting Guide Could Have a Significant Impact on Your Organization

The AIPCA has completed its first comprehensive update to the Not-For-Profit Entities Audit and Accounting Guide since 1996. The updated guide, available now, includes changes to AICPA literature that stem from the Auditing Standards Board’s Clarity project and authoritative guidance from the FASB ASC Codification.

The updated guide includes simplified explanations, examples, guidance and recommendations provided by the Financial Report Executive Committee. You can purchase the guide directly from the AICPA in eBook format at this link.

Changes to Note
The most significant changes include:

  • New sections or updated guidance related to specific accounting areas such as:
    • Noncash gifts (including gifts- in-kind)
    • Contributions of fund-raising materials,

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Balancing Client Service and Auditor Independence

By Deby MacLeod, CPA

Having a good working relationship and receiving great client service – these are consistently the two most important criteria we hear from organizations when they’re selecting an auditor, and we do our best to fill those criteria when conducting an engagement. An important aspect to keep in mind is balance – how the auditor, as an “independent third party,” develops a good working relationship and provides great client service while maintaining independence.

Audits are important for many reasons. They may be required by state regulation or grantors. They may be considered by rating organizations whose reports are widely available on the internet and used by many donors.

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Dustin VandeHoef
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Clark Nuber
Phone: 425-454-4919
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