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Skip to main content Dont miss tomorrows CFO industry news Let CFO Dives free newsletter keep you informed, straight from your inbox. financialreporting leaders indicated in a KPMG study that ethical concerns, such as bias or misinformation, are a barrier to AI adoption — down from 48% in 2023. In 2024, 31% of U.S.
When it comes to Federal Single Audits , nonprofits often make costly mistakes that lead to compliance issues, financial weaknesses, and material deficiencies. Below, we break down the top audit findings and what nonprofits need to know to stay compliant. Make sure your documentation is complete.
The CFO Confessional: Bless Me, Market, For I Have Sinned When a corporate scandal breaks, it sends shockwaves far beyond the headlines. In these moments, the role of the Chief Financial Officer becomes especially critical. The CFO must lead a comprehensive clean-up of financialreporting processes.
At The Charity CFO , weve worked with hundreds of nonprofits (if not thousands)and reviewed thousands of financial systemsover the past decade. Its not just about clean books or audit prep. The organizations that thrive have a shared commitment to financial discipline, strong internal controls, and strategic leadership.
FinancialReports That Dont Age Like Milk: The Power of Real-Time Data Imagine running a business where financial decisions feel like guessworkwaiting weeks for reports, struggling with outdated data, and constantly fearing human error. Now, real-time dashboards allow them to monitor financial health instantly.
The National FinancialReporting Authority (NFRA) has published its 2023 audit inspection report on Price Waterhouse Chartered Accountants LLP (PWCA) and Price Waterhouse & Co Chartered Accountants LLP (PW & Co CA), highlighting issues related to the verification of related party transactions and adherence to independence standards.
Predictive Finance, Ethical Leadership, and Public Sector Innovation: Lessons from SAQA CFO Innocent Gumbochuma In the latest episode of CFO Club Conversations , we had the privilege of speaking with Innocent Gumbochuma, Chief Financial Officer of the South African Qualifications Authority (SAQA) and the 2024 Public Sector CFO of the Year.
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Its the trusted employees padding expense reports, the volunteer quietly redirecting donations, the longtime bookkeeper creating fake vendors. And heres the real kicker: audits dont catch most of it. Why Audits Wont Save You “The easiest way to steal? Surprise financial reviews are another essential safeguard.
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The National FinancialReporting Authority (NFRA) has imposed fines totalling Rs 30 lakh on an audit firm and its partner for lapses in the audit of Burnpur Cement Ltd. The regulator has slapped a fine of Rs 25 lakh on the audit firm K Pandeya & Co and Rs 5 lakh on Manjeet Kumar Verma, a partner with the audit firm.
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Thats why one of the foundational principles of The Charity CFOFinancial Blueprint is Accounting Team : Every organization needs a skilled accounting team , minimally consisting of an accounting associate or bookkeeper and a CFO or finance director. If you want to download this blueprint, click here. Get the free guide!
When building your back office, you may consider whether you need a financial controller or a CFO. The skills and responsibilities of these roles overlap, and to make matters more confusing, an underqualified CFO (yes, there are plenty out there) will perform similar to or worse than an excellent controller.
A CFO who mentors intentionally protects the business, the function, and their own professional standing. Most finance teams can deliver reports. They can reconcile accounts, update forecasts, and manage audit schedules. First, the CFO mentors the wrong people. A good CFO mentor teaches decision-making under pressure.
"I don’t think there is a grave delivery gap in the audit. If there is no great financialreporting happening, do you think it would have been possible for India to be projected as the bright spot in terms of the economic growth you are seeing? The whole world is looking up to India.
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Members Profile: Julius Katanaka In this edition of our CFO Spotlight series, we feature Julius Katanaka, Head of Finance at Wazalendo SACCO Ltd, a seasoned finance professional with a strong accounting and strategic financial management background. I aim to transition from CFO to CEO or become a consultant.
Theresa Guest is joining The Charity CFO team in the role of Accounting Manager. Theresa is an experienced leader in accounting and financialreporting, budgeting, and analysis, with an extensive finance career in the healthcare supply chain industry. We couldn’t be happier to welcome Theresa to our team!
Member Profile: Rajesh Bux In this edition of our CFO Spotlight series, we feature Rajesh Bux, a seasoned finance executive and strategic leader with deep roots in Africa’s telecommunications sector. Serving as Group Head of Reporting (UK) at Liquid Telecom, where I helped standardise reporting across regions.
This ensures accountability and makes audits or donor inquiries easier to manage. Maintain Detailed FinancialReporting Your nonprofits accounting system should allow you to generate detailed reports on every dollar spent. Need help getting your nonprofits financials in order? Get the free guide!
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