• Risks to CPAs Doing Nonprofit & Government Audits

    Risks to CPAs Doing Nonprofit & Government Audits April 26, 2016

    The number of local governmental entities and tax-exempt organizations is over 1.5 million. As these agencies require yearly audits that fall on fiscal years rather than year-end, these audits can provide additional business opportunities outside of the usual busy season for CPAs. However, the malpractice claims from auditing mistakes can be the most severe, requiring a greater awareness of risk management.

    In this AICPA® Professional Liability Spotlight article Daniel J. Gartland, CPA, examines the pitfalls of expanding your practice into government and not-for-profit organization auditing, as well as how you can prepare yourself and your team for success. He discusses the following topics:

    • Train for fraud awareness
    • Staff engagements appropriately
    • Become an expert
    • Maintain competence through CPE
    • Report identified issues
    • Maintain professional skepticism
    • Keep it professional
    • Ethics matter

    Should you or your firm enter into not-for-profit or governmental auditing services, make sure your Accountant Professional Liability Insurance is up for these specialized responsibilities by contacting a Brunswick Companies expert today at 800-686-8080.

    Brunswick Companies is the Territorial Administrator for the AICPA® CNA Sponsored Program and proudly share their market insights.