Internal controls: Is it time for a checkup?

Description

Abstract: Many nonprofits might have cut staff during the recent recession — and that means fewer people to “mind the store.” As the economy continues to mend, now is a good time to inspect the condition of the internal controls that safeguard an organization’s finances. This article looks at how to ensure strong internal controls, while a sidebar emphasizes that an annual audit shouldn’t be relied on, in and of itself, to detect fraud.