internal control

Case Study: Ensure the Effectiveness of Your Organization’s Internal Controls

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The Challenge
A newly hired CEO wanted to begin with a clean slate, and wanted assurance that the organization had cost-effective internal controls, and that they were documented, communicated, and monitored. The organization had always received “clean” financial statement audits in the past, but the CEO was well aware that a clean audit does not necessarily […]

Fraud Risks in Nonprofits – Part II

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Our previous article, Fraud Risks in Nonprofits, provided background about who commits frauds, how large they typically are, and how long it takes to detect them.  It also provided a list of questions to narrow your focus on fraud prevention efforts.  In Part II of this article, we’ll look at the […]

The Importance of Effective Financial Governance and Internal Controls in the Wake of Reported Embezzlements at Prominent Nonprofits

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The Washington Post recently reported that an administrative assistant admitted to stealing more than $5 million from the Association of American Medical Colleges (AAMC) in one of the largest embezzlement schemes at a Washington area nonprofit organization.  AAMC said it would “apply the lessons we have learned from this experience, as well as share them […]

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