Financial Systems ReviewIn addition to our project-based and on-going consulting services, we also offer a financial systems review. A Financial Systems Review (FSR) is a unique consulting service designed as an operational review of a nonprofit organization’s financial operations and internal controls. An FSR also addresses process efficiencies and cost controls comparing your organization’s practices with those of others in the nonprofit industry. We meet with the organization’s finance or accounting staff to “walk through” how transactions are managed through your system. We look at how the organization’s internal controls are designed and functioning; how receipts, disbursements and payroll transactions are managed; how restricted donations are tracked; how cost allocations are applied; and review various other critical areas. After the review, we prepare a report highlighting areas of concern so that the organization’s management can set priorities on any necessary correction. This service usually takes 6 to 8 hours to complete. Frequently organizations will undergo an FSR prior to having their first audit. However, this service is not an attest function (i.e. an audit), as defined by the American Institute of Certified Public Accountants and the final report cannot be given to others outside of the organization. If you have a grantor or bank requirement for an audit, an FSR is not a substitute for a full audit.“Working with Jones & Associates was great. They were organized, quick, professional and careful. We were very pleased with their suggestion to do a financial systems review and a financial statement review before a full-scale audit. Their services were affordable and they made it as painless as a financial statement review can be. We will certainly use them again. ” Alex Allred, 826 SeattleSpecialized Consulting Services |
