Description
Standards for Excellence 3.0
Financial Budgeting, Reporting and Monitoring
28.1 Audits 6
28.1.1 When to audit 6
28.1.2 Audit vs a review vs. a compilation 8
28.1.3 How to talk to a funder about conducting a review or compilation 9
28.1.4 What to expect: what an audit will do and won’t do 10
28.2 Role of an Audit Committee 11
28.2.1 2009 Accounting Standards Codification and 2006 Audit Standards Revision 12
28.2.2 Finding an auditing firm – RFPs and related issues 12
28.3 Audited Financial Statements 15
28.3.1 Making recommended changes based on management letter 16
28.3.2 Where to use audited financials 17
References 18
Selected Resources for Audits 19
Resources 20
Attachments 20
Attachment 28A: Sample Request for Proposal Letter to send to Potential Auditing Firms 21
Attachment 28B: Sample Independent Nonprofit Auditor Policy 23
Attachment 28C: Sample Prepared by Client (PBC) Listing 27
Attachment 28D: Sample Audited Financial Statements 30
Attachment 28E: Audit Committee Description 37
Attachment 28F: Suggested Interview Questions for Audit Firm 38
