Non-Profit Financial Audits
Due to evolving and more stringent regulations, audits and financial reporting have become more complex.
At KRD, we are committed to inspiring confidence, transparency and trust, with a strong understanding of the non-profit organizations we audit. KRD tailors our audit approach based on the unique operations and risk profile of your organization.
We recognized that stakeholders, like government agencies, require greater assurance and value from financial audits. These stakeholders rely on our professional and rigorous insights to make informed decisions.
Is A Non-Profit Required to Have an Independent Audit?
An independent audit is not the same as an IRS audit. Independent audits are an examination of your accounting records and financial statements by an independent auditor – normally a CPA or audit firm. The non-profit hires the auditor to do an independent investigation to test the accuracy of your accounting and financial records.
Some non-profits require independent audits, like when organizations receive funding from state and federal agencies. Many states require non-profits of a certain annual revenue size to be audited when they register with the state for charitable solicitation and/or fundraising purposes. It’s important to note these revenue thresholds vary state by state. Some foundations won’t provide funding to a non-profit unless they receive audited financial statements.
How to Choose a CPA Firm for Your Charitable Non-Profit
When choosing a firm to conduct your independent audit, there are some important factors to consider:
- It’s imperative that the CPA firm you select is licensed in your state
- Ask the CPA firm for references and ask for a copy of their Peer Review
- Schedule a consultation which can be a great opportunity to meet with your potential CPA firm
- Ask for references and/or resumes of individuals at the firm who would potentially perform your non-profit’s financial audit
KRD provides all of the above, and more.
Discovering Financial Insights
KRD leverages high-quality audit tools and technology to uncover financial insights and potential issues. KRD ensures all of our audit clients have the best information available to make critical financial decisions. As reporting guidelines and standards change, we will help navigate them with you.
Contact KRD Today for Your Complimentary Initial Consultation
If your non-profit requires an independent audit, contact KRD today at 847-240-1040 or fill out our online contact form.