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Rob Eby, Greg Plotts, and Carol Barnard of Aronson’s Nonprofit & Associations Services Group spoke at the Nonprofit Finance & Accounting Summit and Federal Grants Forum on Wednesday, September 18th.
Rob Eby spoke at the session, “Developing a Forward Thinking Audit Committee.” Most audit committees are reactionary but the best ones are proactive. Instead of responding to fraud, monitor the risk of fraud before it hits. Instead of learning of the IT breach, oversee managements IT control evaluation. Instead of listening to the auditor’s report at the end of the audit, discuss the audit plan and the general and specific risks facing the organization before audit testing starts. The saying “an ounce of prevention is better than a pound of cure,” applies to the audit committee. If the audit committee becomes forward-thinking, there will be less need to respond to problems.
Greg Plotts and Carol Barnard spoke at the session, “The 2019 Compliance Supplement – What You Need to Know.” The Compliance Supplement is a document released by the OMB annually that provides guidance of the application of Uniform Guidance requirements in federal grant programs. The 2019 Compliance Supplement has many changes incorporated that impact the way the audit is conducted and how you should design your internal control policies and procedures. New this year is detailed internal control guidance in Part 6, and a change to which compliance areas must be tested by your auditor.
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