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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

Presented for the Florida Electric Cooperatives Association

May 20, 2010

David Johns, CPA

Manager, Jackson Thornton & Co., P.C.



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Audit Top Ten List

Number 10:

Not knowing enough about your cooperative or industry.


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9


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Audit Top Ten List

Number 9:

Assuming your auditor knows a lot about your company or industry.


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8


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Audit Top Ten List

Number 8:

Spending too much preparation time in the wrong areas.


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7


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Audit Top Ten List

Number 7:

Poor communication between the accounting department and the rest of the cooperative.


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6


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Audit Top Ten List

Number 6:

Not preparing your own financial statements for internal use and not performing analytical procedures.


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5


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Audit Top Ten List

Number 5:

Not questioning the auditor on why they need that certain report.


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4


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Audit Top Ten List

Number 4:

Blowing off internal controls.


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3


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Audit Top Ten List

Number 3:

Not having support for the reconciliations you give the auditor.


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2


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Audit Top Ten List

Number 2:

Not having a well-formed, documented, and communicated fraud policy.


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1


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Audit Top Ten List

Number 1:

Not having an active, informed audit committee.


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Thank You!

David Johns 615-869-2035

[email protected]

www.jacksonthornton.com


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