Step #4 out of my 10 steps to an easy audit.

You can learn a lot from past audits. You can find any adjustments or recommendations for altering methodologies, or go-over any challenges your accountant encountered in prior audits. Identifying issues from the past can help you identify potential current problems. Looking into the past may be the best point to start working on the future.

You do not want to repeat the same issues.

When you meet with your auditors, talk about what went wrong in past audits. Last year’s audit can give clues to opportunities to improve this year.

Action Item:There are always parts of the audit that do not go as smoothly as they should. If you are having the same issues every year, then take the time to figure out how to make it work before your auditors show up. In the long run, this will save you from overrun fees. So for example, if your investments are always an issue or your calculation on contributions receivable never works, take the time to do it right before the auditor fixes it and charges you you more. Also take this time to reflect on last years audit and make sure that you have fixed any items your auditors told you to correct. This is important because guess where they are going to start this year…yep with your problems from last year.

If you are looking for an audit firm for your organization look no further as TBFoster NonProfit Accounting specializes in nonprofit audit. If you have any questions about your audit please feel free to post them in this group or send them to me at trent@tbfosteraccounting.com or checkout our blogs that we have issued covering these items at www.tbfosteraccounting.com.