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The Top Ten Financial Mistakes Cooperatives Make

The Top Ten Financial Mistakes Cooperatives Make. Presented for the Florida Electric Cooperatives Association May 20, 2010 David Johns, CPA Manager, Jackson Thornton & Co., P.C. 10. Audit Top Ten List. Number 10: Not knowing enough about your cooperative or industry. 9.

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The Top Ten Financial Mistakes Cooperatives Make

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  1. The Top Ten Financial Mistakes Cooperatives Make Presented for the Florida Electric Cooperatives Association May 20, 2010 David Johns, CPA Manager, Jackson Thornton & Co., P.C.

  2. 10

  3. Audit Top Ten List Number 10: Not knowing enough about your cooperative or industry.

  4. 9

  5. Audit Top Ten List Number 9: Assuming your auditor knows a lot about your company or industry.

  6. 8

  7. Audit Top Ten List Number 8: Spending too much preparation time in the wrong areas.

  8. 7

  9. Audit Top Ten List Number 7: Poor communication between the accounting department and the rest of the cooperative.

  10. 6

  11. Audit Top Ten List Number 6: Not preparing your own financial statements for internal use and not performing analytical procedures.

  12. 5

  13. Audit Top Ten List Number 5: Not questioning the auditor on why they need that certain report.

  14. 4

  15. Audit Top Ten List Number 4: Blowing off internal controls.

  16. 3

  17. Audit Top Ten List Number 3: Not having support for the reconciliations you give the auditor.

  18. 2

  19. Audit Top Ten List Number 2: Not having a well-formed, documented, and communicated fraud policy.

  20. 1

  21. Audit Top Ten List Number 1: Not having an active, informed audit committee.

  22. Thank You! David Johns 615-869-2035 David.Johns@jacksonthornton.com www.jacksonthornton.com

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