W470: Common Audit Findings, the Internal Control Issues Behind Them, and How to Respond

COURSE DESCRIPTION:

Nobody likes receiving findings during their audit, and *most* auditors don’t take pleasure in delivering them. In this session we’ll discuss audit findings such as absent documentation, errors in the financial closing process, and common accounting errors within nonprofit organizations. We’ll also explore the internal control issues that lie beneath the surface and give rise to audit findings. Finally, we’ll plot a course for responding to and reducing recurrences of findings during your audit. Nobody can guarantee a “clean audit”, but we’ll work together in this session to build a framework for continuous improvement and oversight that will strengthen your organization’s internal controls.

LEARNING OBJECTIVES:

• – Learn about common audit findings for nonprofit organizations.
• – Learn what an auditor looks for when assessing internal controls.
• – Learn how to use a response to audit findings as a springboard for implementing improvements.

Will Donahue, Director, Aprio