“Where is that important document? I’m pretty sure we kept it…” If this sounds all too familiar, you’re not alone. Most organizations struggle with the burden of maintaining all the critical documents they will need to file taxes or complete an audit. And, of course, wondering whether or not you should hold on to a particular record only adds to the difficulty. The new year has just begun, so now is a perfect time to finally get those files in order. This time, though, you’ll have the advantage of knowing exactly what you need to keep.Read More »
“Do you have the necessary policies?”
This question is no longer just an innocent inquiry, but a requirement. As audits become more analytical in today’s digital age, focus continues to shift to companies’ internal controls and the underlying policies influencing them. Among these is the often overlooked document retention policy.
Do you work for a nonfederal entity? Does your organization receive federal grants and awards? Does your organization expend $750,000 or more in these awards in one fiscal year? If you answered yes to all of these questions, then your organization is subject to a single audit in accordance with the Office of Management and Budget (OMB) Circular A-133.
With the fiscal year end around the corner, what comes next? The annual audit, of course! With the stress of year-end closing weighing on your mind, the last thing you may want to think about is the challenge of going through an audit. This process tends to make everyone uneasy and can undoubtedly lead to extra work, but it doesn’t need to be an experience to dread.
You decided you need to have an audit done, but now you are dreading the process completely. Below are six ideas on how to control the audit process to ensure completion of your goals and deliverables within the expected time frame.