The Top Ten Financial Mistakes Cooperatives Make Presented for the Florida Electric Cooperatives Association May 20, 2010 David Johns, CPA Manager, Jackson.

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Presentation transcript:

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.

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

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

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

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

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

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

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

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

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

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

David Johns Thank You!