文档介绍：本科毕业论文(设计)
外文翻译
外文出处 Nonprofit Word
外文作者 Turpen Rochard A
原文:
New Internal Control Guidance: What You Need to Know Now
New audit rules that took effect at the end of 2009 mean that auditors will be taking a closer look at their clients’ internal controls. The rules require auditors municate in writing any serious control problems they note during an audit. The regulations also establish more stringent thresholds for classifying these problems. As a result, organizations without extensive controls or oversight by a strong governing board can expect to receive a formal letter from their auditors.
The consequences of these letters can be severe. A nonprofit that’s been informed of control issues risks losing credibility and funding. Therefore, it’s essential that executives and directors understand key provisions in the new guidance and develop strategies to correct control problems in anizations.
Understand the rules
Under the new standard, your auditors must evaluate any “deficiency in internal control” they observe while auditing your financial They’ll write you a formal letter if they judge these deficiencies to be “material weaknesses” or “significant deficiencies.”
They’ll consider a problem to be a “material weakness” if there’s at least a reasonable possibility it could have led to a material misstatement in your financials. If they conclude oth