Independent audits promise increased financial transparency by providing a window into the financial operations of an organization. But for many staff and board members trying to learn about audit practices, the promise is elusive. Ironically, audits can cause more confusion than transparency!
We found that although search engines yield plenty of helpful resources about independent audits, there didn’t seem to be a comprehensive online resource just for charitable nonprofits. And, it was hard to find practical advice shared alongside the often-complicated legal requirements. So, we set about to provide answers to questions such as, “What is an independent audit? and “Does my nonprofit need to have one?”
We developed the Nonprofit Audit Guide, a resource that board members and nonprofit staff can refer to for practical information about independent audits. The Guide also includes information about the federal law requirements for “single audits” and provides information about state law requirements. Because the laws that address independent audits differ state-by-state, we created a 50-state audit chart.
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