Charitable nonprofit organizations generally aren’t required to conduct independent audits. Certain circumstance, however, could trigger an independent audit. Many groups, such as the following, rate nonprofits and offer guidelines on when audits should be obtained: These groups are not regulating authorities, but they attempt to influence nonprofit practice and how the general public evaluates potential […]
Tag: nonprofit audit
Auditing Your Nonprofit: What You Need to Know
You want to demonstrate your commitment to financial transparency. By publishing an independent audit report on your nonprofit website and providing the report to anyone who requests it, you’ll be assuring your donors and the public that your financial practices meet accepted standards — for handling contributions, for instance. Many public and private foundations — […]
Building Trust: Why Transparency Matters in the Nonprofit World
You manage a nonprofit or serve on its board, and you’ve heard that nonprofits need to have an independent audit. You wonder whether your organization needs one and want to better understand what it actually entails. State and federal laws vary in their regulation of nonprofits. Some states require an independent audit, whereas others do […]