How To Keep Your Day Job, With The Morning Star Consultants

Season 4 / Episode #2 - Audit-Ready or Not: Here They Come!

Lisa Goss & the MORNING STAR CONSULTANTS Season 4 Episode 2

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Join Lisa Goss from Morning Star Consultants as she takes you behind the scenes of audit preparation in this episode of How to Keep Your Day Job. Whether you're managing a non-profit or running a business, getting ready for an audit can feel overwhelming. But don't worry—Lisa's got you covered with practical tips, real-world examples, and a touch of humor. From organizing your financials to preparing answers for your auditor’s toughest questions, this episode is packed with strategies to make sure you're audit-ready and stress-free. Tune in and learn how to keep your financial house in order like a pro!

Helpful hint:

Audit vs. Financial Review under the Canada Not-for-Profit Corporations Act:

The required level of financial review depends on whether an organization is soliciting or non-soliciting and its gross annual revenues:

  • Revenue $50,000 or less: A review engagement is required, unless waived by unanimous resolution. An audit can be required by resolution.
  • Revenue between $50,000 and $250,000: An audit is required unless a special resolution allows for a review engagement instead.
  • Revenue over $250,000: A full audit is mandatory. 

For more information: 

Financial statements and review (canada.ca)

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