Hear about powerful finance department technologies that bring strong controls, greater efficiencies, cost savings, and insightful dashboard reporting for strategic decision-making.
Check out “10 Things Keeping Internal Audit Up at Night,” so you know where you should be taking a Second Look. Don’t hesitate to contact Tate & Tryon’s Outsourced Internal Audit experts to develop a plan that’s right for you. Outsourced Internal Audit Services for nonprofits is a cost-effective way to safeguard […]
Nonprofit finance teams are under constant pressure to deliver timely information, insightful business analysis, and organizational stewardship. In today’s world, finance teams are expected to fulfill these tasks faster and with fewer resources. The tools and techniques employed by internal auditors can be of great assistance in generating organizational efficiencies while improving controls and data […]
A gift acceptance policy is a necessary component of internal control for any organization operating within a philanthropic environment. Having such a policy in place enables an organization to provide clear direction to donors about how they can best help advance the cause of the organization, while also providing the staff with the direction necessary to avoid the administrative black holes that can accompany some donations.
Management is responsible for establishing and maintaining internal controls to prevent and detect material misstatements of the financial statements. However, the responsibility for the oversight of internal controls ultimately rests with the members of the Board of Directors as part of their fiduciary duty. Boards frequently delegate the heavy lifting of financial oversight to a […]
By: Jacqueline Bryant, CPA, Partner, Outsourced Services
The volume of Automated Clearing House (ACH) and Electronic Funds Transfer (EFT) payments has increased tremendously over the last several years. The trend towards using EFT and ACHs will only continue to grow in the future. Compared to the traditional way of processing paper checks, ACH and EFT payments offer many […]
By: Doug Boedeker, CPA, CMA, Partner
One of the top priorities for a not-for-profit organization’s (NFP’s) Chief Executive Officer (CEO) is the proper stewardship of the NFP’s assets. Stories of fraud, waste, and abuse in the business world are all too common, and unfortunately NFPs suffer from these same problems. Because overseeing an NFP’s programmatic and mission functions […]
The Importance of Effective Financial Governance and Internal Controls in the Wake of Reported Embezzlements at Prominent Nonprofits
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 […]
By: Katrina Henderson, CPA
In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a revised version of the Internal Control-Integrated Framework (original framework) due to the many changes in the various operating and business environments. The original and the revised framework divide internal control into the following components:
Control environment – the tone at […]
It has been over 10 years since Sarbanes-Oxley rocked the world of accounting and set into motion a domino effect of increased scrutiny over internal controls and governance. One of the most notable changes was the requirement for public companies to document, evaluate, and test internal controls over financial reporting, which lead the AICPA to issue […]