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Qualified opinions may be broadly classified into two categories qualifications that relate to a limitation of the examination, and qualifications with respect to the exceptions in presentation in accordance with GAAP The limitation or exception must be significant, but not so much material as to overshadow an overall opinion of the financial statements The qualified reports include a separate explanatory paragraph before the opinion paragraph disclosing the reasons for the qualification The qualified opinion should be viewed as a warning or alert to individuals using the financial statements An adverse opinion is the opposite of an unqualified opinion; it is an opinion that the financial statements do not present fairly the financial position, results of operations, and cash flow of the company in conformity with GAAP An auditor should express an adverse opinion if the statements are so lacking in fairness that a qualified opinion would not be enough warning A disclaimer of opinion is basically the same as no opinion This type of report results from very significant limitations in the scope of the auditor s examination or limitations that are imposed by the client If the auditor cannot evaluate the fairness of the statements, he or she should issue a disclaimer of opinion Reviewing the Results of the Audit with the Auditor The audit committee has several post-audit duties and responsibilities One of those duties is to meet with the external auditor to review the financial statements and the audit results In reviewing the audit results with the external auditor, the committee s primary concern is the level of fairness in the financial statements Do the statements present fairly the nonprofit s status in conformity with GAAP Assuming that the statements are fair and in conformity with GAAP, the committee should next try to ascertain the auditor s opinion about the effectiveness of the nonprofit s internal control processes and the overall accounting system Some questions the committee might want to ask the auditor include: Do you have any suggestions for improvements in accounting, reporting, or operating procedures Was the management team cooperative and forthcoming with requested information and documentation Were there any significant disagreements between you and management regarding accounting principles, financial reporting practices and policies, or other auditing matters How do our accounting policies and procedures compare with those of other comparable nonprofits What adjustments or additional disclosures, if any, did you propose Are there any items that might be disputed by the IRS If yes, what documentation should be on hand to bolster the item
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Assuming that the auditor performed the last year s audit, did the management team follow the auditor s suggestions in correcting weaknesses in the internal accounting system Did you encounter anything that would jeopardize our tax-exempt status Is there anything regarding the financial statements or the internal control system that you believe should be brought to the board s attention Prepare a Report of the Audit Findings After meeting with the auditor and reviewing the final auditor report, the audit committee should prepare a report to the full board on the status of the financial statements, the results of the audit, and any policy recommendations the board should consider
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Having IRS tax-exempt status under Section 501(c)(3) of the Internal Revenue Code is among the most valuable resources a nonprofit has However, as a result of perceived abuse of tax-exempt organizations, both the federal and state governments have increased their monitoring of the nonprofit sector Recently, the IRS revoked the taxexempt status for four credit-counseling agencies after a number of consumer complaints about deceptive and fraudulent marketing practices (Mayer, 2005) In addition, the Dirty Dozen, the IRS 2005 list of notorious tax scams, include scams that either manipulate laws governing charitable groups or abuse nonprofit credit counseling services A number of new IRS rules, regulations, and enforcement efforts that attempt to limit abuse of tax-exempt status have recently been instituted Section 4958 In 1996, in part responding to the UWA and William Aramony scandal, Congress adopted Section 4958 of the Internal Revenue Code These provisions, known as the intermediate sanctions legislation, were intended to give the IRS an additional weapon to fight corruption in the charitable sector Previously, the IRS could only revoke tax-exempt status, which was deemed draconian The new rules impose intermediate sanction, that do not punish the organization itself, but rather the individuals in the organization who used their influence to obtain excess benefits Section 4958 allows for the imposition of an excise tax as a penalty on those who receive an excess benefit from transactions with a tax-exempt organization Excess benefit occurs whenever the value of the economic benefit provided exceeds the value of the consideration received for providing the benefit, without regard to motive or intent Excess benefit can occur only when the transaction involves what is termed a disqualified person A disqualified person is anyone in the organization who
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