Comments on: The Value of an Audit http://www.nonprofitsassistancefund.org/blog/2008/09/24/the-value-of-an-audit/ Nonprofits Assistance Fund shares thoughts and insights on nonprofit management and finance Fri, 20 Jan 2012 15:53:43 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Soren Jensen http://www.nonprofitsassistancefund.org/blog/2008/09/24/the-value-of-an-audit/comment-page-1/#comment-1079 Soren Jensen Wed, 24 Sep 2008 15:34:12 +0000 http://www.nonprofitsassistancefund.org/blog/2008/09/24/the-value-of-an-audit/#comment-1079 In my almost 20-year career in the sector, I have found that many nonprofits see an audit as something to get through quickly and quietly, rather than an opportunity to increase transparency and improve financial controls. Many nonprofits stick with the same auditor year after year, which can lead to a relationship that is too close and comfy, resulting in an audit that indeed may not be worth the paper it's printed on. Better would be to switch auditors every few years, in order to get a fresh look at the finances and financial operations. Audits are great financial tools for executive directors, CFO's and boards, but the organization must seem them as opportunities to improve financial operations, increase accountability, and improve transparency. What high-performing non-profit wouldn't want that? In my almost 20-year career in the sector, I have found that many nonprofits see an audit as something to get through quickly and quietly, rather than an opportunity to increase transparency and improve financial controls.

Many nonprofits stick with the same auditor year after year, which can lead to a relationship that is too close and comfy, resulting in an audit that indeed may not be worth the paper it’s printed on. Better would be to switch auditors every few years, in order to get a fresh look at the finances and financial operations.

Audits are great financial tools for executive directors, CFO’s and boards, but the organization must seem them as opportunities to improve financial operations, increase accountability, and improve transparency. What high-performing non-profit wouldn’t want that?

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