Case Study – Nonprofit Audit

Industry: Nonprofit
Type of Service: Pre-audit

Issue

The CFO of a nonprofit desired to mitigate a number of accounting weaknesses identified by its auditors, and wished to have the audit completed much sooner and more efficiently than in the prior year.

What We Did

The CFO engaged CFO Consulting Partners (“CFOCPs”) to identify and mitigate internal control weaknesses over financial reporting, and to develop an internal control manual for approval by the Board of Directors. In addition, the CFO asked CFOCPs to streamline accounting processes to be more efficient and to prepare pre-audit workpapers and final drafts of the financial statements, including footnotes.

Outcome

The Board of Directors approved the internal control manual, accounting processes were streamlined, and the books are now being closed in a couple of days. Further, the auditors completed the audit in an efficient manner, with no repeat management comments and only one new suggestion, which has already been mitigated.