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MIP Customer Resource Library: How to Maximize MIP to Prevent Fraud, Audit, and Compliance 

22_Q3_Maximize MIP to Prevent Fraud_Blog

Your organization is already in charge of its financial story using MIP Fund Accounting®. Regarding fraud, audit, and compliance, we’ve also got you covered. MIP helps fight fraud, speeds up the audit process, and ensures your organization is always compliant. We want to ensure your nonprofit organization makes informed financial decisions and that your organization is properly equipped for an audit.    

Mitigating Fraud   

The Association of Certified Fraud Examiners, in its 2022 Report to the Nations, said that anti-fraud controls were associated with lower fraud losses and quicker fraud detection. 

MIP has several robust internal controls and features a complete audit trail. MIP’s internal controls allow you to limit user access and permissions on a granular level. Our audit trail produces a full 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. Learn more about how to use the system audit trail.   
  • Summary and Advance Organization Audit Trail: Show what changed and when. Learn more about how to use the summary organization audit trail.  
  • 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 shows potential fraudsters that every metric is measured and reported on. Learn how to create reports.  

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 further allows for advanced auditing options, has a more detailed audit trail that tracks before and after values on mater records, limits the accounts users have access to, and applies to every MIP module, including reports and dashboards. 

Maximize MIP for Audits  

The partnership between your organization and your auditor is made simple with MIP. 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 MIP Customer Resource Library entry shows how to use MIP for audits.  

Plus, with our Executive View module, your organization can grant temporary access to your auditor to review necessary documents electronically without having the ability to edit any figures within your system. Learn more about the Executive View module.  

Stay Compliant with MIP  

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 Community Brands, we regularly update MIP to stay compliant with both national and state regulations. We want to ensure our customers are taken care of to ensure your organization doesn’t have to do the heavy lifting.  

As the software provider of your accounting journey, MIP partners with your organization to ensure its 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.  

If you’re looking for help to prevent fraud in your organization or want to learn more about the add-on modules available to assist, schedule a demo to learn more today.  

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Eric Oliver

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