NP news 9 08 audit fees.p65

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Summer, 2008Your growth is our missionNonprofit NewsAudit and preparation fees are about to getmore expensive for nonprofits by Cindy Bergvall, CPAIt is the perfect storm for nonprofits. governance and financial practice byHigher fuel costs coupled with increases in requiring increased oversight, review,utility and travel costs are driving up the transparency, and documentation fornonprofit expenses and at the same time, public corporations.charities who provide health and humanservices are finding their services are in While only two provisions of SOX applygreater demand as more people struggle to nonprofits (document destruction andwith the economy. the whistleblower policies), the nonprofitindustry has not escaped increased scrutiny.Correspondingly, revenues have decreasedas donors also feel the economic pinch. The accounting industry has written aAnd if that isn't enough, recent audit new set of risk assessment standardsstandard changes have increased audit for nonprofits. These standards arecosts and the IRS changes to Form 990 designed to enhance auditors'are likely to increase tax preparation costs. responses to audit risk and materialityand encourage focus on greater areasChallenges from every direction: of risk of misstatement.Strategies for dealing with audit andtax changes. The Internal Revenue Service hasThe good news is that there are some changed Form 990, the annual reportingsteps that you can take to lessen the form for ...

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