990s, Audits, and Fraud Mitigation with Brian Carter, CPA & Jacob Kinsel, CPA

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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