Audit in not-for-profit organizations

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  • #1556862
    BunnyCPA16
    Participant

    Hi everyone,

    I just received an offer from a CPA firm as an audit associate, but that firm is specialized in auditing GOV & NFP organization. I was exciting about the new offer until I talked to one of my friends from big 4. She told me it was not a good opportunity for me if I do not want to work in GOV & NFP in the future. The technical knowledge & skills i will be learned in auditing those organizations are not transferable to other for profit companies. Once I start in Gov/NFP audit, it will be hard for me the get out from that industry. What do you guys think about this? Do you guys think the exiting opportunities for this position will only be limited to GOV/NFP organizations?

Viewing 7 replies - 1 through 7 (of 7 total)
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  • #1556880
    bhunt815
    Participant

    I can't answer from an auditing perspective, but from an industry perspective your friend is correct. I spent the last 12 years in GOV/NFP and started looking for a new job a few months ago. For profit organizations wouldn't give me the time of day. I will say though that being a GOV/NFP specialist does have its advantages. I leave most days at 4:00 and have a healthy PTO plan, great retirement and the pay ain't bad once you get the CPA.

    AUD - 79
    BEC - 81
    FAR - 84
    REG - 78
    Becker Self Study supplemented with Ninja MCQ's for BEC and REG.

    Licensed CPA in Louisiana.

    FAR 04/11/2016 - 84
    AUD 05/12/2016 - 79
    BEC 07/06/2016 - 81
    REG 08/29/2016

    #1556904
    Anonymous
    Inactive

    I've worked for a firm doing many nonprofit audits. The experience you get your first 2-3 years at most firms will all be general experience for the most part anyway. You don't really need industry specific experience until Senior level and up. I've had offers and opportunities at Big 4 and other large private firms.

    It may slightly narrow your marketability, but you have to consider the tradeoff as well. Job + experience vs no job + no experience. A career in nonprofit isn't a bad one to pursue either. Lots of opportunities, life “fulfilling” experiences, and directors tend to get paid well too.

    #1556992
    Anonymous
    Inactive

    I guess I somewhat agree with your friend that yes, learning the differences between restrictions in net assets probably will not be transferable if you go work for Microsoft or something. But is it completely useless experience? Heck no.

    I audit both not-for-profit and for-profit. Both use GAAP. Both use GAAS. There are differences, equity and approaches to different testing procedures is the big one. Statements have a different title. But accounting is accounting and its not like I look at for-profit after a season of non-profits and lose it. Like someone said, experience is experience and it's better than none at all. If you don't like it after a few years, you can easily find a job in assurance with experience and move on to for-profits. If anything, they might see your work experience as a benefit.

    I cannot speak for governmental. That is a whole different beast with GASB and one that I'm not familiar with.

    #1557372
    BunnyCPA16
    Participant

    @BrickellCPA I do have a few years of experience from private companies. I want to switch to public accounting because I passed the exam and I want to try to see if public accounting is going to work out for me. If it does not work out for me, I will go back to private.

    #1557376
    BunnyCPA16
    Participant

    @bhunt815 How do you like working in NFP organization beside the great work schedule and PTO? I am not saying working in GOV or NFP is a bad idea, but this is just not something I look forward to do in the near future. That's why I am not quiet sure about the opportunity that they offered will fit in the career path I want.

    #1557387
    BunnyCPA16
    Participant

    @CPA_M3OW Thank you so much for you advice! Can you tell me a little bit about your audit experience in NFP organizations? How is it different than auditing the for profit organizations?

    #1558632
    ChicagoJess
    Participant

    I agree with your friend – if you don't want to be in NP/GOV long-term, don't do it. Or take it while you keep looking for a better opportunity. I am in a NP organization – it was meant to be a 6-12 month ‘step' for me, but now I have been here 2.5 years. While there are aspects of this job I love – the money isn't great and the growth potential isn't there.

    Ultimately – I want to have my own small firm doing full-charge bookkeeping, tax returns, and financial/business planning with a focus on small businesses (I already have a potential offer to buy out a colleague's business when she retires in 2/3 years) – so I need to get out of NP soon. Every month I stay here, I feel like I am becoming more irrelevant to public firms/companies.

    As soon as I get the CPA I am job hunting, or finding the funding to get my business going. (Though I am already feeling badly for leaving my Executive Director! She is dreading the day I get my passing scores. LOL)

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 50
    REG - NINJA in Training
    Using RogerCPA Review - procrastinated until March 2017, so now my access to materials expires in July.
    Got to get this done!

    REG - (05/07/2016)
    BEC - (05/21/2016)
    AUD - 49
    FAR - 50, retaking 04/02/16

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