Gorfine, Schiller & Gardyn’s Director of Audit and Accounting Services, Alan Stein, discusses what nonprofits need to do to get their post-2020 house in order before a pandemic audit.
The thought of preparing your organization for a post-pandemic audit may be overwhelming, even if you’ve undergone the auditing process in the past. Every organization, including nonprofits, have been impacted by the pandemic, leading to complex accounting discussions surrounding 2020 financial statements.
Gorfine, Schiller & Gardyn’s podcast covers ways for nonprofit organizations to prepare their organization for a post-pandemic audit. Topics include:
- PPP loans – choosing a debt model or grant approach
- Allowance for doubtful accounts
- Implementing revenue recognition standard ASC 606
These challenging times have left an unexpected impact on 2020 nonprofit financial statements, but with the correct preparation measures in place, organizations will find themselves experiencing a successful post-pandemic audit.
While we try to keep you informed and provide you with important tools to navigate the unknown, it’s important to stay current on all tax policy matters and requirements that could impact you or your business. Subscribe to our email list to get emerging alerts in your inbox, or subscribe to our podcast for a more analytical take on the issues. For more information, contact us here.Categories: Podcast, Not-for-Profit, Audit & Accounting, COVID-19 Resources