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990s, Audits, and Fraud Mitigation with Brian Carter, CPA & Jacob Kinsel, CPA
Manage episode 421914638 series 3540661
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This week, we speak with Brian Carter and Jacob Kinsel, both are CPAs at Mauldin & Jenkins. Together, Brian and Jacob provide a masterclass on the financial statements and audits for nonprofit board members. Including an overview of the 990, what boards should be aware of during the audit process, and how nonprofit boards can mitigate fraud. If you listen to any part of this episode, listen to 14:12, where Brian highlights 7 areas of the 990 board members should be aware of.
Timestamps:
00:00 Introducing Brian Carter and Jacob Kinsel
02:35 What do board members need to know about the audit process?
05:00 When should an organization have a full audit?
07:20 Common misconceptions about an audit
09:00 The board’s role in the audit
10:20 Should the board engage the auditor?
11:20 What is a 990?
14:12 7 areas of the 990 the board should be aware of
20:45 What is the best practice for approving the 990?
22:50 What controls should be in place to prevent fraud?
27:20 Red flags board members should be aware of
29:20 Final advice for nonprofit boards
31:30 Recapping with Read
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