Internal audit for nonprofits & research organizations Monthly & quarterly support
Pennies CountFinancial oversight. In plain English.

Outsourced internal audit

A clearer view.
Stronger oversight.

Independent insight into your financial controls, so your board can ask better questions—and act with better information.

For nonprofits, research organizations & research foundations.

Find your service path Explore monthly & quarterly
PC / OVERSIGHTIllustrative format

Internal audit · committee brief

From findings
to focused action.

01
What we evaluated

Agreed risks, controls & evidence

02
What needs attention

Findings with a clear risk priority

03
What happens next

Action owners, dates & follow-up

Evidence. Clarity. Accountability.
Practical reporting. Meaningful oversight.
Financial controlsRisk-based evaluationCommittee reportingCorrective-action follow-up

Your mission evolves.
Your oversight should, too.

“The question isn't whether your organization has financial controls. It's whether those controls still match the risks you're managing.”

More programs. More grants. More research activity. Pennies Count helps you see where existing controls need closer examination—and what deserves your attention next.

One function. Two rhythms.

Oversight that fits
your organization.

Choose a cadence for your risks and decision cycle. Both options start with a defined scope, access to evidence, and an agreed reporting relationship.

Monthly01 /

Keep a closer pulse.

Ongoing internal audit support for changing risks, complex funding, or corrective actions that need regular attention.

THE RHYTHM

A defined monthly review cycle, with agreed areas evaluated over time.

  • Initial risk and scope planning
  • Focused control testing within the agreed plan
  • Monthly findings and action-status memo
  • Committee summary at the agreed frequency
  • Follow-up on selected corrective actions
Often a fit for

Rapid growth, multiple grants or research programs, and active remediation.

Quarterly02 /

Make each review count.

Scheduled internal audit reviews for organizations seeking a consistent view of financial risk and committee-ready findings.

THE RHYTHM

A defined review each quarter, aligned with selected risks and committee priorities.

  • Initial risk and scope planning
  • Focused testing of agreed review areas
  • Quarterly findings report with risk priorities
  • Committee briefing and management responses
  • Follow-up at the next agreed review
Often a fit for

A more stable operating environment and a board that wants structured checkpoints.

Engagements are tailored. Review areas, testing, reporting dates, time commitments, and fees are agreed in writing. Cadence does not mean every transaction or every process is reviewed.

A useful place to start

What does your
organization need?

Select the concerns that matter most. We’ll suggest a service path and a starting point for your consultation.

1
2 Where do you need more clarity?

Choose one or more areas. This is a service guide, not a risk assessment.

3 How often would you like support?

For the people charged with oversight

Beyond management’s
assurances.

An outsourced internal audit function gives committee members evidence to support their oversight beyond management’s assurances.

That evidence supports the board’s fiduciary oversight: understanding financial risks, questioning gaps, and monitoring management’s response. The board retains its oversight responsibilities; management remains responsible for operating controls.

See what your committee receives
01

A direct reporting relationship

Findings are shared with the board, audit committee, or finance committee designated in the engagement.

02

Evidence before assurances

Documented testing and clear findings help the committee distinguish what is working from what needs action.

03

Findings that retain their integrity

Management can clarify facts and respond. It cannot suppress or soften supported findings. Interference and access limitations are escalated to the authorized oversight body.

04

Accountability after the report

Agreed actions have owners and target dates. Follow-up evaluates evidence of progress within the engagement scope.

Useful work. Usable reporting.

What you receive.

Plain-English deliverables that connect a financial risk to an action your leadership and committee can understand.

A risk-based review plan

Priorities, objectives, review areas, evidence needed, and testing boundaries.

Documented findings

What was tested, what the evidence shows, why it matters, and the recommended action.

A committee-ready summary

Key risks, supported conclusions, management responses, and decisions needing attention.

A corrective-action tracker

Action owners, target dates, status, and the evidence needed for agreed follow-up.

Preview an illustrative finding

Illustrative only · not a client finding

Restricted-fund reconciliations lack documented review.

Evidence
In this example, selected reconciliations are prepared, but reviewer sign-off is missing.
Why it matters
Errors in restricted-fund balances may go undetected before leadership relies on the reports.
Recommended action
Assign a reviewer and retain dated evidence of review for each monthly reconciliation.
Follow-up
Evaluate evidence of review in the next agreed cycle. Management owns implementation.

Who this is for

Mission-driven.
Increasingly complex.

Designed with medium to large nonprofits, research organizations, and research foundations in mind—especially when financial complexity has outgrown existing oversight.

Smaller organizations can explore a focused scope through consultation. Fit depends on the risks, budget, access, and reporting arrangements.

You have grown.

Your programs, funding, staffing, or research portfolio have changed.

You have findings to address.

Your committee wants evidence that corrective actions are moving forward.

You want stronger oversight.

Your board needs a clearer view of financial controls and emerging risks.

You can support independent evaluation.

You can provide access to relevant people and records, and an authorized committee reporting path.

Clear expectations from the start

A defined role.
A protected engagement.

Scope and reporting arrangements are settled before work starts, so everyone understands the purpose of the engagement.

Within the agreed scope

  • Evaluate selected financial risks and controls.
  • Review records, interview relevant personnel, and perform planned testing.
  • Report supported findings and recommendations.
  • Follow up on agreed management actions.

Important boundaries

  • Internal use by authorized leadership and oversight bodies.
  • No external financial statement audit opinion, certification, or guarantee that all errors or fraud will be detected.
  • No bookkeeping, management decision-making, or operation of client controls within the internal audit role.
  • Separate agreement and independence review for implementation support, expanded testing, or a fraud investigation.

The written engagement defines access, confidentiality, authorized recipients, independence safeguards, treatment of scope limitations, and escalation of interference. This guide does not establish an engagement.

How is this different from an external audit?

This service focuses on selected financial risks, how controls work, and actions leadership can take. It is an internal oversight service. It does not replace an external financial statement audit or other required assurance engagement.

Who owns the corrective actions?

Management designs, implements, and operates controls. Pennies Count evaluates evidence and reports findings. The board or designated committee oversees management’s response.

Can management review the report before the committee?

Management can provide factual corrections and a response through the agreed review process. It does not control the conclusions or prevent supported findings from reaching authorized oversight recipients.

How are fees and testing determined?

Consultation helps identify your priorities. A proposal then defines review areas, testing approach, cadence, deliverables, reporting arrangements, and fees. Monthly and quarterly options describe the rhythm of support, not unlimited coverage.

Meet your financial oversight partner

Experience. Curiosity. Plain English.

Upenda Danridge, M.S., brings more than 20 years of nonprofit accounting experience, a master’s degree in forensic accounting, and a background auditing nonprofits in public accounting.

Pennies Count brings that forensic-minded approach to the financial risks facing nonprofits and research organizations.

Let’s start with your priorities

Better questions.
A practical next step.

Bring your concerns, your committee’s priorities, and a sense of your financial complexity. We’ll discuss fit, scope, reporting, and the right cadence.

Open consultation page

Opens Pennies Count’s existing consultation page in a new tab. Book your consultation here. Emailing your brief is a separate step and does not book a meeting.

01 / Your concerns02 / Scope & access03 / Reporting & next steps

Your priorities. In writing.

A useful brief.
A clear destination.

Review your service path, then have your professionally formatted brief emailed to you, with a copy to Pennies Count.

No guide selections yet. You can still prepare a general consultation brief.

Your brief goes to the email you enter. Pennies Count receives a BCC copy. Your contact details, selections, and notes are retained in a private request log for consultation follow-up. Sending a brief does not book a meeting or establish an engagement.

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