It’s never too early to start planning for your not-for-profit’s first independent audit, even if you are a small organization and have never considered the need to have one....
If you work in the world of nonprofits, there’s a good chance you are familiar with the idea of having an annual, independent, not-for-profit audit by a CPA. You may be required to have an audit by your funding sources or by state law (in your home state or where you solicit contributions). But even if it is not a requirement, there may still be very good reasons for requesting a not-for-profit audit....
In my last article about the new not-for-profit accounting principles, I discussed how ASU 2016-14 will change the way that not-for-profits organize and present information in their financial statements....
If you have anything to do with preparing financial statements for U.S. not-for-profit organizations, then you certainly have something to look forward to in 2018....
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