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The term, “audit” usually sparks apprehension or anxiety, but it shouldn’t! An audit simply refers to an independent review of an organization’s financial books.
An independent audit is an examination of the financial records, accounts, business transactions, accounting practices, and internal controls of a charitable nonprofit by an “independent” auditor. “Independent” refers to the fact that the auditor/CPA is not an employee of the nonprofit but instead is retained through a contract for services, and hence is “independent.” For the last three years we have contracted with Schenk SC to conduct the audit.
The auditors will examine bank reconciliations, selected restricted donations and grant letters. He or she will also review physical assets, journals, ledgers and board minutes. After the review, the auditor will then issue a formal opinion about the accuracy of all financial reports.
At Lions Pride know an annual audit is an important part of a check-and-balance system to guarantee all finances are in order and allows the LPEF Board of Directors to be certain LPEF staff are following good accounting practices. The audit also demonstrates our commitment to financial transparency which donors have come to expect from Lions Pride.