An outside financial audit may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. But undergoing regular audits allows your organization to identify risks early and act quickly to prevent problems.

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Independent audits also provide valuable reassurance to donors. Fortunately, you can reduce the cost of external audits with good preparation.


Continue Reading Prepare Your Not-for-Profit for a Financial Audit

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Marty Lindle, one of our audit directors and one of the faces of PKF Texas’s Broker-Dealer team. Marty, welcome back to the playbook.

Marty: Great to be here.

Jen: What are some typical findings you see when you’re auditing the broker-dealers?


Continue Reading Deficiencies Auditors Find with Broker-Dealers

According to a July 1, 2019 Notice from the Office of Federal Financial Management, the 2019 Office of Management and Budget Compliance Supplement (2019 Compliance Supplement) is now available. It will replace the 2018 and 2017 Supplements and will apply to audits of fiscal years beginning after June 30, 2018.

a pencil lying beside an open notebook with the printed words "2019 Compliance Supplement"

The 2019 Compliance Supplement includes the following:


Continue Reading New 2019 Compliance Supplement Available

Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile.

In particular, consider:

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