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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Presented for the Florida Electric Cooperatives Association
May 20, 2010
David Johns, CPA
Manager, Jackson Thornton & Co., P.C.
Not knowing enough about your cooperative or industry.
Assuming your auditor knows a lot about your company or industry.
Spending too much preparation time in the wrong areas.
Poor communication between the accounting department and the rest of the cooperative.
Not preparing your own financial statements for internal use and not performing analytical procedures.
Not questioning the auditor on why they need that certain report.
Blowing off internal controls.
Not having support for the reconciliations you give the auditor.
Not having a well-formed, documented, and communicated fraud policy.
Not having an active, informed audit committee.