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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.
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.
Identifying and Overcoming Ethical Dilemmas in Business In the corporate world, numbers might drive decisions, but values define leadership. As a CFO your influence extends beyond financialreports and budgets. Escalate concerns to the audit committee or external advisors if internal discussions don’t resolve the issue.
Adequate financialleadership has never been more critical to today’s market. Whether navigating a leadership gap, managing complex financial transactions, or steering through a period of growth or crisis, a transitional Chief Financial Officer provides the necessary insights and support to ensure financial stability.
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. FINANCIAL GOAL SETTING Without clear goals, even the most passionate nonprofits can struggle financially. If so, whenand how?
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.
Principle #9: Monthly Reconciliations & Reports The accounting team should close the books monthly, ensuring that all statement of financial position accounts are reconciled. Monthly financialreports should be shared with leadership on a consistent timeline. Youre playing with fire. Get the free guide!
Members’ Profile: Rofhiwa Irene Singo In this edition of our CFO Spotlight series, we are featuring Rofhiwa Irene Singo, an accomplished finance leader whose journey is a testament to resilience, adaptability, and impactful leadership. A pivotal moment came when I joined the Auditor-General’s office in Pretoria.
Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. For any public company, the goal of successfully complying with periodic financial reviews by external auditors cannot be overstated.
Members’ Profile: Ronel Jooste In this edition of our CFO Spotlight series, we are featuring Ronel Jooste, a dynamic force in the worlds of finance, wellness, and leadership development. I am currently busy with my John Maxwell Leadership Trainer & Coach certifications and might pursue my Masters degree next year.
Theyre the people who spot errors in a sea of numbers and ensure the books are airtight and audit-ready. Trying to combine this role with the CFO function often fails because bookkeeping is structured and rule-bound , while financialleadership requires a more strategic, creative, and big-picture thinker.
Recognizing the need to enhance my managerial capabilities, I pursued a Postgraduate Diploma in Management, which equipped me with essential leadership skills. First and foremost is financial acumen—understanding financialreporting, budgeting, forecasting, and compliance is foundational.
The CFO must lead the effort to close it, both through financial rigour and ethical leadership. Establishing Financial Credibility as a Foundation The first step in rebuilding market confidence is to restore the reliability of financial information. A scandal creates a credibility gap.
Contrary to what many people envision, a nonprofit audit doesn’t usually start with a letter from the IRS. Instead, an independent nonprofit audit is something you choose to build trust in your nonprofit organization. An audit can be a critical step for a growing nonprofit that needs to raise increasing amounts of funds.
Implement a Strict Conflict of Interest Policy Every nonprofit should require board members and key leadership to disclose conflicts of interest annually. This ensures accountability and makes audits or donor inquiries easier to manage. Do You Struggle to Make Sense of Your Financial Statements? Download it for later.
With over 15 years of experience spanning finance, risk, procurement, and executive leadership, Rajesh brings a unique blend of technical acumen and business foresight to the CFO role. His leadership journey includes senior roles at Liquid Telecom, Neotel, Peresys, and Sheridans in London. How do you handle professional challenges?
Reporting Rules That Make or Break Your Reputation Financialreporting is often thought of as the final step in the business process, the box to tick at the end of the quarter or financial year. They understand that reporting, when done right, is not just a reflection of past performance. Its not flashy work.
Holding an MSc, BSc, and FCCA qualification, Julius has made a remarkable impact in the finance sector, earning multiple prestigious awards, including the Chief Finance Officer of the Year Sustainability Award (2023) and the FinancialReporting Award (2023). Yes, I worked in Rwanda as an audit assistant, auditor, and later accountant.
Most finance teams can deliver reports. They can reconcile accounts, update forecasts, and manage audit schedules. When reporting season, audits, or board meetings come up, mentoring is the first thing to fall away. If you want mentoring to work, it must be treated as a structured, trackable leadership activity.
Aligning financialreporting systems, tracking and realizing efficiencies, and continuously monitoring financial performance are essential to support patient care and ensure the merged entity's success. Steps for Standardization: Conduct an audit of existing financialreporting and ERP systems in both organizations.
The Importance of Integrity in Leadership In the ever-evolving landscape of corporate governance, CFOs in South Africa play a pivotal role in shaping the ethical framework of their organisations. Integrity, at its core, is non-negotiable in leadership—it builds trust, fosters accountability, and drives sustainable success.
If those systems remain siloed post-close, leadership may lack accurate data for key decisions, and finance teams could be stuck reconciling figures manually. A structured communication and change management plan, anchored by leadership alignment and transparent messaging, can reduce attrition and protect institutional knowledge.
Editor’s note: Audit is much more than a compliance requirement and is definitely not a declining industry, said Narissa Chen (pictured), Partner, Head of Audit & Assurance, Forvis Mazars in Singapore. She shared with FutureCFO what a career in audit offers and how female professionals can become audit leaders.
Organizations that expend over $750,000 in federal funds (increasing to $1 million in 2025) are subject to a single audit. This audit goes beyond typical financialaudits and examines programmatic compliance as well. Get the free guide!
Some 41% of finance teams have issues Identifying and correcting errors, 31% have problems finding and gathering necessary data, 24% have challenging questions on sources of data, 23% face challenges tracking multiple Excel versions, 20% have a bugbear of broken formulas, 19% are far from confident presenting this data to non-finance leadership.
Adequate financialleadership has never been more critical to today’s market. Whether navigating a leadership gap, managing complex financial transactions, or steering through a period of growth or crisis, a transitional Chief Financial Officer provides the necessary insights and support to ensure financial stability.
Adequate financialleadership has never been more critical to today’s market. Whether navigating a leadership gap, managing complex financial transactions, or steering through a period of growth or crisis, a transitional Chief Financial Officer provides the necessary insights and support to ensure financial stability.
Teams that are accountable tend to deliver faster closes, more accurate forecasts, and fewer audit findings. Reports are produced. Without accountability, financialreporting becomes a tick-box exercise. Automated workflows, audit trails, and shared dashboards all create transparency. Packs are circulated.
Financialreports, investor calls, public updates, and even interviews all feed into the broader narrative about a business. On the other hand, when they are practical, calm, and confident in their explanations, they signal leadership, not just competence. The best CFOs do not just focus on clean audits.
When financial decisions are grounded in integrity, they tend to be more robust, less reactive, and ultimately more sustainable. Ethical leadership is no longer a moral footnote; it is central to long-term value creation. Similarly, financial systems should support transparency, not obscure it. It is a cultural mirror.
AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise.
Clean audits in the public sector are rare. Only 41 municipalities in South Africa achieved a clean audit for 2020-21. Khan has previously worked for the Auditor General and has achieved numerous clean audits with the DTI. . ” “Once these basic principles were in place, a clean audit was inevitable.”
Do More With What You Have Leverage CFO Leadership Build A Strong Financial Foundation Update Your Technology Track The Right KPIs Position Your Business Effectively for Investment Companies that achieve their objectives and outperform their competitors – know how to seamlessly blend strategy and execution in the pursuit of their goals.
Starting as an engineering graduate with a curiosity about business finance, Morgan transitioned into the world of accounting and finance, where he has built an impressive career spanning leadership roles at renowned organizations like KPMG, United Bank for Africa, and Africa Finance Corporation. Be responsible and accountable.
Companies are sharing leading practices and voluntarily working with regulators to help deter and detect financialreporting fraud,” said City Fornelli, executive director of the Center for Audit Quality, on behalf of the Anti-Fraud Collaboration. Institute of Internal Auditors President and CEO Richard F.
Get in Touch with Tiffany Slater and HRTailormade: Website LinkedIn: Instagram : Facebook : YouTube : TikTok : Do You Struggle to Make Sense of Your Financial Statements? Get the free guide! The post Nonprofit HR Risks and Best Practices with Dr.
Welcome to this SAIBA CFO podcast, SAIBA is the South African Institute of Business Accountants, it has more than 12 000 members and specialises in a wide range of disciplines such as accountancy and tax, training and development, career enhancement, legislation and financialreporting.
Finance leaders can and should take a leadership role cultivating their company’s ethical competencies and addressing its unique challenges. Quality FinancialReporting: Given their utmost criticality, financial closings have to be completed accurately and efficiently. Tackling the Issue of Ethics.
These days, at least in Asia, sustainability responsibilities appear to be more closely associated with a Chief Financial Officer (CFO). Lim opined that with the level of scrutiny over ‘non-financial’ and ‘financial’ reporting on the rise, corporates need buy-in and support from the Board to push the sustainability agenda.
As the person responsible for preparing an organisation’s financialreports, which include balance sheets and income statements, the role of a finance controller is anything but ordinary. Succeeding amid challenges “Success as a controller relies on an entrepreneurial mindset, analytical rigour, and adept leadership,” says Leonardo.
Instead, the watchdog is suggesting that major audits of top companies be conducted by at least two firms, one of which must not be one of the Big Four. Earlier this year, the FinancialReporting Council (FRC) called for a probe into whether a breakup for the four giants could promote competition.
That question is at the heart of a recent feature in MoldMaking Technology , where Michigan CFO Associates and Consulting CFO Dennis Weist were recognized for the transformational impact of fractional financialleadership at TK Mold & Engineering. But this story isnt about recognition. Its about results.
He is particularly skilled in oil and gas accounting, financialreporting, structuring finance and accounting functions and processes, financial modeling of capital investments, divestitures, acquisitions, cash flows and working capital management, and debt and equity financing.
Future-forward finance and accounting organizations were quick to embrace robotic process automation (RPA) years ago to manage mundane, repetitive back-office tasks like data entry and routine financialreporting. The post Preparing Your Finance Organization for the New Era of AI first appeared on CFO Leadership.
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