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Board Responsibility for Internal Controls

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Robert Seestadt
Robert Seestadt

Presentation given by Robert Seestadt and Jerry Lindman Oct 27, 2009 for Michigan Association of CPAs.

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Board Responsibility for Internal Controls Developing the Tone at the Top Presented by: Robert Seestadt , CPA, Detroit Science Center Design & Exhibits CFOShare LLC Services for Nonprofit Organizations Gerald Lindman J.D., Senior Lecturer, Center for Nonprofit Management, Lawrence Tech University MACPA Accounting Conference October 27, 2009 -- Troy, MI
Agenda ,[object Object],[object Object],[object Object],[object Object]
Effective Internal Controls Help With Calls for Improved Accountability ,[object Object],[object Object],[object Object],[object Object],[object Object]
The Nonprofit Sector ,[object Object],[object Object],[object Object],[object Object],[object Object]
Fraud Prevention Requires Team Approach ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
How to develop the Tone at the Top ,[object Object]
COSO Framework ,[object Object],[object Object],[object Object],[object Object],[object Object]
COSO Framework ,[object Object],[object Object],[object Object],[object Object],[object Object]
Twenty Ways to Mess Up Internal Controls: A field guide for board members © 2009 Robert Seestadt All Rights Reserved
20. Avoid auditor communication at all costs © 2009 Robert Seestadt All Rights Reserved
19. Keep employee policies “strategically vague” © 2009 Robert Seestadt All Rights Reserved
18. Skip out of board training © 2009 Robert Seestadt All Rights Reserved
17. Have a weak, unsupported whistleblower policy © 2009 Robert Seestadt All Rights Reserved
16. Leave the president/director alone, they’re busy after-all © 2009 Robert Seestadt All Rights Reserved
15. Rely on “unwritten” code of conduct © 2009 Robert Seestadt All Rights Reserved
14. Minutes and meetings are best discussed, not documented © 2009 Robert Seestadt All Rights Reserved
13. Encourage hiring only “yes” men/women at finance seat © 2009 Robert Seestadt All Rights Reserved
12. Encourage adoption of new accounting methods every quarter © 2009 Robert Seestadt All Rights Reserved
11. Audit committees are only for the big guys © 2009 Robert Seestadt All Rights Reserved
10. Fraud brainstorming is for the weak © 2009 Robert Seestadt All Rights Reserved
9. Leave expectations undefined for top brass © 2009 Robert Seestadt All Rights Reserved
8. Avoid using analytical tools for performance measurement © 2009 Robert Seestadt All Rights Reserved
7. Ignore management / SAS 112 letter © 2009 Robert Seestadt All Rights Reserved
6. I joined the board to build my resume and have cookies at meetings © 2009 Robert Seestadt All Rights Reserved
5. Delegate review of performance to the finance committee © 2009 Robert Seestadt All Rights Reserved
4. Of course we’re understaffed, we’re a nonprofit © 2009 Robert Seestadt All Rights Reserved
3. Benchmarking is for consultants © 2009 Robert Seestadt All Rights Reserved
2. Internal auditing is overhead…and we hate overhead © 2009 Robert Seestadt All Rights Reserved
1. Don’t let a difficult question get in the way of a happy meeting © 2009 Robert Seestadt All Rights Reserved
Nonprofit Services ,[object Object],[object Object],[object Object],[object Object],[object Object],cfoshare.com 248.714.9400
About the Center for Nonprofit Management ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Board Responsibility for Internal Controls

  • 1. Board Responsibility for Internal Controls Developing the Tone at the Top Presented by: Robert Seestadt , CPA, Detroit Science Center Design & Exhibits CFOShare LLC Services for Nonprofit Organizations Gerald Lindman J.D., Senior Lecturer, Center for Nonprofit Management, Lawrence Tech University MACPA Accounting Conference October 27, 2009 -- Troy, MI
  • 2.
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  • 9. Twenty Ways to Mess Up Internal Controls: A field guide for board members © 2009 Robert Seestadt All Rights Reserved
  • 10. 20. Avoid auditor communication at all costs © 2009 Robert Seestadt All Rights Reserved
  • 11. 19. Keep employee policies “strategically vague” © 2009 Robert Seestadt All Rights Reserved
  • 12. 18. Skip out of board training © 2009 Robert Seestadt All Rights Reserved
  • 13. 17. Have a weak, unsupported whistleblower policy © 2009 Robert Seestadt All Rights Reserved
  • 14. 16. Leave the president/director alone, they’re busy after-all © 2009 Robert Seestadt All Rights Reserved
  • 15. 15. Rely on “unwritten” code of conduct © 2009 Robert Seestadt All Rights Reserved
  • 16. 14. Minutes and meetings are best discussed, not documented © 2009 Robert Seestadt All Rights Reserved
  • 17. 13. Encourage hiring only “yes” men/women at finance seat © 2009 Robert Seestadt All Rights Reserved
  • 18. 12. Encourage adoption of new accounting methods every quarter © 2009 Robert Seestadt All Rights Reserved
  • 19. 11. Audit committees are only for the big guys © 2009 Robert Seestadt All Rights Reserved
  • 20. 10. Fraud brainstorming is for the weak © 2009 Robert Seestadt All Rights Reserved
  • 21. 9. Leave expectations undefined for top brass © 2009 Robert Seestadt All Rights Reserved
  • 22. 8. Avoid using analytical tools for performance measurement © 2009 Robert Seestadt All Rights Reserved
  • 23. 7. Ignore management / SAS 112 letter © 2009 Robert Seestadt All Rights Reserved
  • 24. 6. I joined the board to build my resume and have cookies at meetings © 2009 Robert Seestadt All Rights Reserved
  • 25. 5. Delegate review of performance to the finance committee © 2009 Robert Seestadt All Rights Reserved
  • 26. 4. Of course we’re understaffed, we’re a nonprofit © 2009 Robert Seestadt All Rights Reserved
  • 27. 3. Benchmarking is for consultants © 2009 Robert Seestadt All Rights Reserved
  • 28. 2. Internal auditing is overhead…and we hate overhead © 2009 Robert Seestadt All Rights Reserved
  • 29. 1. Don’t let a difficult question get in the way of a happy meeting © 2009 Robert Seestadt All Rights Reserved
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Editor's Notes

  1. Fraud Awareness Symposium 2006 November 30, 2006 Jerry Lindman J.D. - lindman@ltu.edu - 248-204-3095 Charitable nonprofits are as susceptible to fraud as business organizations Charities should follow business practices related to fraud prevention The charitable nonprofit sector is growing dramatically Effective fraud prevention at charities requires an understanding of unique management structure
  2. Fraud Awareness Symposium 2006 November 30, 2006 Jerry Lindman J.D. - lindman@ltu.edu - 248-204-3095 This SNFC Project was guided by: