Financial Audit Preparation/Utilization

Programs that help nonprofit organizations, small businesses and other groups understand what a financial audit involves, prepare for the arrival of the auditor and work with the individual while the audit is taking place. The program may also help the organization discuss findings from the audit with the board finance/audit committee and use information in the management letter that accompanies a completed audit to make improvements in financial policies, procedures and practices. Auditors generally require confirmation letters from banks, funders, creditors and others who are in a position to provide independent support for the financial information in an organization's financial records; evidence that effective internal controls are in place; documentation of assets, liabilities, revenue and expenses; board minutes; leases and other contracts; bank statements, reconciliations, checkbooks and canceled checks; financial files for paid bills and deposits; components of the organization's accounting system and the budget for the fiscal year being examined.