Your organization is already in charge of its financial story using MIP Accounting®. Regarding fraud, audit, and compliance, we’ve also got you covered. MIP helps combat fraud, expedite the audit process, and ensure your organization remains compliant. We want to ensure that your nonprofit organization makes informed financial decisions and is adequately equipped for an audit.
Mitigating Fraud
The Association of Certified Fraud Examiners, in its 2024 Report to the Nations, said that anti-fraud controls were associated with lower fraud losses and quicker fraud detection.
MIP Accounting has several robust internal controls and features a complete audit trail. These internal controls allow you to limit user access and permissions on a granular level. Our audit trail produces a complete log of who has accessed your financials, what changes they’ve made, and provides the workstation address at which they’ve made the changes.
- System Audit Trail: Track user activity, right down to module access.
- Summary and Advance Organization Audit Trail: Show what changed and when.
- General Reporting: Easily create reports that tell your organization’s story and leverage the built-in audit reports or create custom ones depending on what your auditors want to see. Create a reporting cadence to provide fiscal visibility into your entire organization. A strong cadence demonstrates to potential fraudsters that every metric is measured and reported on accurately.
Plus, our Advanced Security Module further enhances our fraud-fighting capabilities. The Advanced Security module allows organizations to restrict access to data entry and reporting based on the Chart of Accounts elements. Your organization can control user access within the system from the module level down to the transaction level. The module also provides advanced auditing options, featuring a more detailed audit trail that tracks both before and after values on master records. It limits the accounts to which users have access and applies to every module, including reports and dashboards.
Maximize MIP for Audits
The partnership between your organization and your auditor is made simple with Momentive. Our fund accounting software is fully equipped with features that increase efficiency and ensure you’re accurately portraying your organization as a strong fiscal steward. This Customer Resource Library entry shows how to use our software for audits.
Additionally, with our Executive View module, your organization can grant temporary access to your auditor to review necessary documents electronically, without allowing them to edit any figures within your system.
Stay Compliant with MIP Accounting
Between keeping up with Financial Accounting Standards Board (FASB) changes, filing Form 990, meeting nonprofit requirements in your state, registering for and maintaining a license enabling you to fundraise, and maintaining tax-exempt status, compliance is a full-time job. At Momentive, we regularly update MIP Accounting to stay compliant with both national and state regulations. We want to ensure our customers are taken care of, so your organization doesn’t have to do the heavy lifting.
As the software provider of your accounting journey, Momentive partners with your organization to ensure it’s supported as you grow. In addition to our robust knowledge base, we have several resources dedicated to helping you prepare for your next audit and some general tips on how to prevent fraud.
