The term “material weakness” will still be used, but its definition has changed. An audit is not required for small nonprofits but it is highly recommended because it provides a third-party assessment of the organization’s financial records and practices. In the nonprofit sector, financial audits are not just regulatory obligations—they’re strategic opportunities. A clean audit can validate your internal controls,…
Today, no U.S. government entity can freely invest in a strategic project in a high-income country, handcuffing the United States in competition abroad with China in the fields of economics and technology. It’s the brainchild of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). All publicly traded companies and any entity that releases its financial…