At this year’s InsideNGO conference, Deby MacLeod, Audit and Assurance Principal at Clark Nuber PS recently shared her perspective on how a document management system can simplify the audit process for both parties. She discussed 4 key areas of audit focus along with controls you can put in place that will help you pass with flying colors.
Here are the four main compliance categories where MacLeod says you need to be perfect:
Primary Concern:
Proper approval and authorization of contracts, agreements, payment reports, and other similar documents.
What should you do about it?
Primary Concern:
Availability and access to complete and accurate records.
What should you do about it?
Primary Concern:
Protection of your documents from intentional or accidental modification or deletion, while knowing that you can access them when you need to.
What should you do about it?
Primary Concern:
Compliance with Federal regulations and organizational policies to ensure documents are readily available when necessary and destroyed in a timely manner.
What should you do about it?
Adequate audit evidence revolves around having consistent control over the conversion and maintenance of original documents, and auditors need this to move forward on the items listed above. The auditors will test these internal controls. Make sure they’re tight.
Want to learn more about why going paperless is a key strategy for increasing operational efficiency and reducing risk? Download the full InsideNGO presentation now.