2. Data Security
Objective: Protect sensitive financial information by assigning appropriate access levels within QBO.
Steps:
1. Set User Permissions: o View Only: Grant board members or oversight committees view-only access to financial reports. o Standard User: Provide staff responsible for daily data entry with standard user access, limited to necessary functions. o Admin: Reserve administrative privileges for the CFO or Executive Director to manage high-level settings and user permissions. 2. Regularly Review Access: o Conduct periodic reviews of user access levels to ensure they align with current roles and responsibilities.
3. Periodic Audits or External Reviews
Objective: Regularly assess financial practices to ensure accuracy and compliance with regulations.
Steps:
1. Annual External Audit: o Engage an independent Certified Public Accountant (CPA) to perform an annual audit of financial statements. 2. Compliance with Louisiana Regulations: o Adhere to Louisiana’s audit requirements for nonprofits, which may mandate audits based on revenue thresholds. o For detailed state-specific audit requirements, refer to the Louisiana Legislative Auditor’s guidelines. 3. Internal Financial Reviews: o Implement quarterly internal reviews of financial records by the board’s finance committee or an external CPA to identify discrepancies and areas for improvement.
Made with FlippingBook - professional solution for displaying marketing and sales documents online