Sound Advice Protects Not-for-Profit to Minimize RiskOur Services: Accounting & Auditing
Our client was a not-for-profit community radio station delivering programing that reflects the rich diversity of the great city of Toronto. The organization faced the challenge, as many not-for-profit organizations do, of establishing strong internal controls to safeguard the assets of the organization— without placing unnecessary burdens on the operations or financial resources.
In the first year that Williams & Partners was engaged as auditors, we identified a number of control deficiencies that were exposing the assets of the organization to undue risk of misappropriation. Through our experience in working with not-for-profit organizations, we were able to present the Board with a number of recommendations and best practices to improve the efficiency and effectiveness of their internal controls. The organization had a strong board of directors and acted quickly to make the recommended changes to their internal processes and systems.
The organization now has controls that require direct approval and review of certain transactions by the Board. There are also improved segregation of duties and review within the accounting group to minimize the risk to the organization and improve the accuracy of the financial reporting.