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Meeting with the Independent Auditors

Questions to Ask
Evangelical Council for Financial Accountability | posted 11/07/2007
This article provided by the Engstrom Institute

In order to be prepared for a meeting with independent auditors, Evangelical Council for Financial Accountability suggests the following list of questions to ask? This is a helpful tool for nonprofits and a valuable resource for your financial management department.

1. What are our organization's areas of greatest financial risk?
   
   
2. As auditors, what steps have you taken or can you take to fully assess and limit your exposure to these higher-risk areas?
   
   
3. Does our organization's financial management staff have sufficient competency to handle their responsibilities?
   
   
4. Evaluate our organization's internal controls. Are they adequate?
   
   
5. Have you adequately addressed areas of potential conflict of interest (particularly regarding potential conflicts of interest of board members or key executives)?
   
   
6. How do you evaluate our compliance or noncompliance with the Intermediate Sanction regulations (which relate to excessive compensation, "insider" transactions, etc.)?
   
   
7. How do you evaluate the anti-fraud environment in our organization? What steps have you taken to assess our fraud risks?
   
   

See also:

 annual audit, audit, effective financial management, nonprofit audit, questions for auditors