Three Key Planning Steps to Get a Head Start on Your Next Audit [SUBSCRIBERS-ONLY]

With disruptions from COVID-19 continuing into the foreseeable future, it is best to start planning for your next year-end financial statement audit early. Odds are that your next audit experience will be different than your last one due to the many programmatic and operational changes that most nonprofits have experienced this year. Investing some extra time in front-end logistical planning will lead to smoother sailing and better outcomes.

I recommend focusing your front-end audit planning tactical efforts on three key steps: (1) schedule an early outreach meeting with the members of your independent audit services team; (2) have additional front-end communications with your audit committee; and (3) review and update your accounting policies and procedures manual before the fiscal year-end.