Each Type Of Audit Has Its Own Merits

Each type of audit has its own merits. The pre-audit is important because it confirms that a nonprofit organization is maintaining its books correctly and abiding by generally accepted accounting principles. The “audit trail” is particularly important because it ensures that an organization has the necessary backup material for its various transactions. At my organization, for example, I am responsible for keeping electronic and hard copies of all grant checks greater than $5,000. That way our auditors confirm that we actually received the check and accounted for it appropriately. What are some other examples of audit trails?Cite the Resources

Manual accounting leaves a clear audit trial as accounting entries follow a set sequence. However, in a computerized environment where connected accounts are simultaneously updated this sequence…