Goodman School of Business - Service Learning - Review/Audit

November 17, 2015 17:02PM

FREE Accounting support by Goodman Masters of Accounting Students available to area non-profits and small or medium size for-profits this Winter (Jan-March). Teams of students (4-5) will be given the option to participate in a service-learning consulting project with Community Partners to help reduce the costs associated with a Financial Audit or Financial Review.

Example: A non-profit may have increased revenues and need to have a full audit of their financials to meet funder requirements.

Example: A business might be decide that it has grown to the point where it makes sense to invest in an audit and want to save as much money as possible by being prepared for the audit.

Example: An organization/business may not be ready for a full audit but wants to start moving in that direction by having a Financial Review done instead of a simple Compilation engagement.

In all of these scenarios, a team of Goodman MAcc students will work with the community partner to help them be organized and ready for their auditor. Part of the expense of auditing is because the client doesn’t know what information the Auditor needs and this project will help close that gap thus saving the audit team’s time and the community partner’s money.

How This Works
The student team will select their project and then will meet with the community partner and interview staff to understand the business/organization’s work flow and how the money moves, where it comes from, where it goes and what the processes are around that so they have a clear understanding of how the community partner does business.

An plan of action by the team is presented to the professor and then the community partner. Then the team will work with their community partner to prepare for either an Audit or a Review.  The client will come to campus for a final project presentation of final recommendations and suggested next steps in March.

Your Commitment
Projects are tied to a student’s overall course mark and must be completed within a 2-month time period, and must be managed around varying student schedules.  We ask our partners to ensure timely transfer of information and flexibility in coordinating meetings to support project success.

This will be a time-intensive partnership involving managers and bookkeeping staff. Please do not apply if you don’t have time to work with the team. Audits cost $1000’s of dollars because of the time they take time. The object is to do the work upfront so you’re not paying the auditing firm’s rates for prep work you and the student team can do. Expect 10-20 hours of direct student contact with you or your bookkeeper.

Required: Recommendations Presentation. Your team will need to book a final presentation to you and their professor at the end of March. That date and location will be set in your first meeting with the team. You will receive an e-report from your team after the final presentation.

Organizations/businesses interested in participating can follow this link (or cut and paste it into your browser):

…and register your request on-line. There are a very limited number of spaces available.

Gillian Kemp
Relationship Manager, Service-Learning
Goodman School of Business, Brock University 
905 688 5550 X5023