Article Archives: Victoria Kitts

Posted by: Victoria Kitts

Has your organization completed an enterprise risk management assessment? Your external auditors may ask this question, and you may wonder why. Your financial statements are audited annually by an independent audit firm. You have insurance policies in place, including insurance that covers cyber-attacks. Your staff keeps current on the list of federal, state, and local […]

Posted by: Victoria Kitts

You are on the board of a not-for-profit organization (NFP) and charged with making wise decisions for the good of the organization and its donors. When is the best time to perform an audit of its financials? The NFP doesn’t have any outside requirements to have an audit. It does not need to provide one […]

Posted by: Victoria Kitts

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 […]

Posted by: Victoria Kitts

By Victoria Kitts, CPA, CFE If your not-for-profit entity receives federal funding, much of the focus in recent months has been on preparing for implementation of the new Uniform Guidance. But are you aware of another effort to streamline standards relating to federal funds? The Digital Accountability and Transparency Act (or DATA Act) was signed […]

Posted by: Victoria Kitts

By Victoria Kitts, CPA, CFE You may have heard about the new Uniform Guidance for federal funding, (aka the “Super Circular”) that replaces the Office of Management and Budget (OMB) Circulars A-110, A-122, A-133 and others. In a previous Clark Nuber Not-For-Profit Newsletter article by Deby MacLeod, we learned about the biggest changes to the […]

Posted by: Victoria Kitts

By Victoria Kitts, CPA, CFE You may be asking yourself, “Procurement. What does it mean? And why are my auditors asking me about my procurement policies and procedures?” If your organization receives and spends federal grant money, listen up. You are likely subject to federal regulations under the Office of Management and Budget (OMB) Circular […]

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