As nonprofit boards come under greater financial scrutiny from grantors, federal agencies, and individual contributors, they are beginning to recognize the value of their audit reports. More than ever, compliance with federal and state regulations and new accounting pronouncements are increasing the costs of audit reports. This session will assist nonprofit leaders in reducing their audit costs by understanding new accounting and audit standards and the crucial role that preparation plays in the overall efficiency of the audit process. Audit experts from Mercadien will provide attendees with strategies and techniques to reduce their audit fees.

Topics to be addressed include fair value concepts (the new measurement standards for your investment and in-kind contributions), accounting for mergers and acquisitions, and accounting for uncertainty in income taxes (yes, this accounting standard applies to your tax exempt entity). We will provide an update of the endowment accounting post NJ’s adoption of UPMIFA and other new standards, and for those entities spending government dollars, we will help you understand the new HIPPA and ARRA requirements, sampling requirements, and common errors.

This program is designed for CFOs, CEOs, and audit and finance committee members responsible for the audited financial statements.