Financial Review vs. Audit: What Private Schools Need to Know

Preparing for a financial review or audit can highlight more than whether an organization’s financial statements are ready. It can also uncover challenges related to accounting processes, staffing capacity, documentation, internal controls and financial systems.

This session will explain the differences between a financial statement review and audit, what nonprofit leaders should expect from each and practical steps organizations can take to prepare throughout the year.

We’ll also discuss common challenges that can make the process more difficult, when additional accounting or financial management support may be beneficial, and how stronger systems, workflows, and documentation can make financial reporting and preparation more efficient.

Learning objectives

At the end of the session, participants will be able to:

• Explain the key differences between a financial statement audit and review 
• Identify factors that may influence which level of assurance a private school needs 
• Recognize common accounting, staffing and process challenges that can make an audit or review more difficult 
• Identify circumstances where a school may benefit from additional accounting, controller or financial management support 
• Discuss the distinction between school management’s responsibilities and the independent auditor’s role 
• Recognize how financial systems, automated workflows, reporting and centralized documentation can improve audit and review readiness 
• Identify practical steps private schools can take throughout the year to strengthen financial reporting and prepare for an audit or review 

Who should attend

This session is designed for Independent and private school leaders involved in financial management, reporting and governance, including CFOs and finance directors, controllers and business officers, accounting and finance leaders, heads of school and executive leadership, and board and finance committee members.

Questions?

Contact CLA’s meetings, events, and experience team at CLAevents@CLAconnect.com.