Estimates show that over 5% of all revenue is lost to fraud and theft each year. The numbers are staggering - odds are if you have not experienced it, you will.
One of the best ways to prevent fraud and theft is to implement a system of internal controls (though no system of internal control can prevent all fraud and theft). We have developed a comprehensive checklist of internal controls you should be using, but here are our top 5:
Q: As a sitting board member of an organization, can I be personally liable for the actions of the entity?
In a word, yes.
As a member of the board of directors, you assume certain fiduciary responsibilities.
Topics: Audit and Assurance Department, Business - Management, Issues & Concerns
Audits are important. Investors, lenders, government agencies, potential buyers and - in the case of not-for-profit organizations, your donors - rely on audit reports to assess your organization. Audits can be long, arduous, headache-inducing ordeals…but they don’t have to be. Proper preparation can go a long way towards simplifying the audit process.
Topics: Audit and Assurance Department, audits, non-profit reporting, not-for-profit, internal control
Part 5 of a 5 Part Series
Can board members be held personally liable for actions of the organization? Yes!
Agreeing to sit on a board for a nonprofit is a great way to donate your time and expertise. However, it comes with a great deal of responsibility.
Topics: Audit and Assurance Department, non-profits, internal control, fundraising
Part 4 of a 5 Part Series
Not-for-profit boards have an important role in reviewing and approving the financial reports of the organization. In order to effectively evaluate the organization’s activities, plan for the future, and make decisions, financial reports are almost always on the agenda at board meetings.
Topics: Audit and Assurance Department, non-profits, non-profit reporting, management advisory, Business - Management, Issues & Concerns
Part 3 of a 5 Part Series
An Organization’s management is charged with managing the day-to-day operations of the non-for-profit; however, this does not relieve Board Members from taking on certain oversight responsibilities.
Topics: Audit and Assurance Department, audits, non-profits, Business - Management, Issues & Concerns
risks than ever before. One of the major responsibilities of the Board, as well as management, is to continuously assess the risks facing the Organization, both externally and internally.Part 1 of a 5 Part Series
Do you ever wonder what challenges Board members are facing and how they are 
dealing with those challenges? Zinner and Co. plays a key role in helping organizations and their management team to overcome a wide range of obstacles. Our unique position of working with multiple entities allows us to take our experience and apply it to you and your organization.
The nature of charitable giving has changed, and there are four primary reasons for this:
Topics: Audit and Assurance Department, audits, non-profits, non-profit reporting
For many companies, keeping close tabs on revenue, expenses, and profit is the number one priority. However, companies that carry inventory may not realize its direct effect on profitability. This effect is known as shrinkage. Shrinkage is the excess amount of inventory (in accounting records) that no longer exists in the actual inventory. In other words, it is a loss of inventory. There are several causes of shrinkage, such as:
Topics: Audit and Assurance Department, fraud, Chris Valponi, internal control
