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Reducing Audit Stress For Nonprofits

Reducing Audit Stress For Nonprofits

FromThe Nonprofit Show


Reducing Audit Stress For Nonprofits

FromThe Nonprofit Show

ratings:
Length:
26 minutes
Released:
Sep 16, 2024
Format:
Podcast episode

Description

A fresh perspective on how nonprofit organizations can embrace a proactive approach to audit preparation, in this Nonprofit Power Week session with Justine Townsend, a seasoned manager at Your Part-Time Controller (YPTC). With her unique blend of expertise and passion for nonprofit finance, Justine gives us not just technical advice, but a mindset shift, inviting NPO’s to rethink how they approach audits as an opportunity for growth and reflection, rather than a source of anxiety.Watch on video!Audits, she explains, are often met with dread, but they don’t have to be. “It’s always a freak out time. It doesn’t have to be," Justine begins. At the heart of her strategy is the importance of consistent financial hygiene—maintaining regular, thorough month-end closings throughout the year. In doing so, nonprofits can stay "audit-ready," removing the stress of last-minute scrambles and turning the audit process into what she describes as "just a part of the cycle."One of Justine’s big messages is reframing the auditor's role, reminding us that auditors aren't there to solve operational problems but to issue a professional opinion on the financial statements. “Their whole job is just to issue an opinion...all you’re paying for is that opinion,” she says. By focusing on material accuracy rather than micromanaging financial details, nonprofits can streamline their approach to audits and empower their boards with better understanding.Justine’s creative solution to reducing audit stress is rooted in building a year-round culture of preparedness, where monthly financial practices mirror the heightened rigor needed at audit time. This idea not only prevents last-minute panic but also strengthens decision-making processes. "Month-end close is 90% of your audit prep," she says, painting a clearer picture of how a small but consistent monthly effort can make a monumental difference when the auditors arrive.Justine's message is one of empowerment and strategy. Through steady financial discipline, nonprofits can transform the audit from a feared obligation into a celebration of their financial integrity, a chance to "shout from the rooftops" their transparency and accountability to funders, stakeholders, and the public.Find us Live daily on YouTube!Find us Live daily on LinkedIn!Find us Live daily on X: @Nonprofit_ShowOur national co-hosts and amazing guests discuss management, money and missions of nonprofits! 12:30pm ET 11:30am CT 10:30am MT 9:30am PTSend us your ideas for Show Guests or Topics: HelpDesk@AmericanNonprofitAcademy.comVisit us on the web:The Nonprofit Show
Released:
Sep 16, 2024
Format:
Podcast episode

Titles in the series (100)

The Nonprofit Show is the daily live broadcast where our national nonprofit community comes together for problem solving, innovations, and reflections to foster greater social impacts.  Each day the hosts and their guest experts cover relevant topics, from money to management to missions, with fresh thinking and ideas to help you and your nonprofit amplify your social impact and better achieve your mission, vision and values. //Join in with The Nonprofit Show Co-Hosts Julia C. Patrick, CEO of The American Nonprofit Academy and Jarrett Ransom, The Nonprofit Nerd and CEO of The Rayvan Group.   Watch or listen to The Nonprofit Show for new knowledge and amazing inspirations.  Connect with nonprofit and social impact experts from across the globe. More details . . . https://bit.ly/34yEYk1 //Signup to watch the Live video broadcast of The Nonprofit Show and receive a show time reminder: http://bit.ly/3nxnADf // The Nonprofit Show is a production of the American Nonprofit Academy http://bit.ly/2LsVonu