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Preparing for your annual auditPreparing for your annual auditApril 12, 2006April 12, 2006
Presented by:Presented by:
Tim Abercrombie, CPATim Abercrombie, CPAAbercrombie & Associates, LLCAbercrombie & Associates, LLC
Preparing for your annual auditPreparing for your annual audit
TopicsTopics
Auditor reportAuditor reportAuditor requested schedules Auditor requested schedules Establishing Internal ControlsEstablishing Internal ControlsPreparation for the auditPreparation for the auditFinancial statementsFinancial statements
Preparing for your annual auditPreparing for your annual audit
AuditorAuditor’’s Reports Report
Objective is forming an opinion on the Objective is forming an opinion on the financial statementsfinancial statementsUnderstanding internal controlsUnderstanding internal controlsAre the financial statements fairly statedAre the financial statements fairly stated
Preparing for your annual auditPreparing for your annual audit
Auditor Requested SchedulesAuditor Requested Schedules
Significant accountsSignificant accountsUnusual transactionsUnusual transactionsHigh risk areasHigh risk areas
Preparing for your annual auditPreparing for your annual audit
Internal ControlsInternal Controls
DefinitionDefinitionPurpose Purpose How to establish with limited staff?How to establish with limited staff?
Preparing for your annual auditPreparing for your annual audit
Preparation for the annual audit Preparation for the annual audit
Be readyBe readyCommunicate Communicate TimelyTimelyAccurateAccurate
Preparing for your annual auditPreparing for your annual audit
Monthly ProceduresMonthly Procedures
Cash and Investment account Cash and Investment account reconciliationsreconciliationsRevenue reconciliationRevenue reconciliationSalary allocation and reconciliationSalary allocation and reconciliationGrant reconciliationGrant reconciliation
Preparing for your annual auditPreparing for your annual audit
Financial StatementsFinancial Statements
Statement of financial positionStatement of financial positionStatement of activitiesStatement of activitiesCash flow statementCash flow statementStatement of functional expensesStatement of functional expensesFootnotesFootnotes
Preparing for your annual auditPreparing for your annual audit
Thank you for your attentionThank you for your attention
I appreciate your attendance and participation.I appreciate your attendance and participation.
If you have additional questions you may email If you have additional questions you may email me: me: [email protected]@abercrombiellc.comPlease visit our site: Please visit our site: www.abercrombiellc.comwww.abercrombiellc.com