4. Manage the Audit

  1. Charles K. Coe

Published Online: 9 MAR 2012

DOI: 10.1002/9781118386064.ch4

Nonprofit Financial Management: A Practical Guide

Nonprofit Financial Management: A Practical Guide

How to Cite

Coe, C. K. (2011) Manage the Audit, in Nonprofit Financial Management: A Practical Guide, John Wiley & Sons, Inc., Hoboken, NJ, USA. doi: 10.1002/9781118386064.ch4

Publication History

  1. Published Online: 9 MAR 2012
  2. Published Print: 13 JUN 2011

ISBN Information

Print ISBN: 9781118011324

Online ISBN: 9781118386064

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Keywords:

  • financial audit;
  • internal audit;
  • performance audit

Summary

A nonprofit can have three types of audits: internal, performance and financial. The audit process has three steps that are discussed in the following in this chapter: (1) designate the audit coordinator; (2) select the auditor; and (3) conduct the audit. SAS 114, or Statement on Auditing Standards No. 114, The Auditor’s Communication with Those Charged with Governance, was issued in response to the accounting scandals of the 1990s and early 2000s. SAS No. 115, Statement on Auditing Standards No. 115, Communicating Internal Control Related Matters in an Audit, requires the auditor to evaluate the seriousness of internal control deficiencies. The chapter presents a glossary of common audit terms.

Controlled Vocabulary Terms

Financial accounting; financial audit; Internal audit; Internal control; Nonprofit management