4 Different Forms of Assurance for Nonprofit Organizations

The financial statements of nonprofit organizations need to be examined by a qualified, independent and objective professional. The purpose of doing so is to determine their accuracy and whether they fairly reflect the NPO’s financial situation. These statements must comply with the standard accounting principles. If there are any concerns regarding the financial state of…

How to Prepare for the Auditor

Nonprofit Organizations are likely to be required to present more audits in comparison to profit making businesses. The reason is that they depend solely on donations and government help. Since they are held accountable to donors and the government, it is important to show transparency. These entities must ensure that the money is spent accordingly.…

3 Reasons Nonprofits Might Have an Audit

An audit is an examination of your accounting records and financial statements. Not all nonprofits are required to have an audit. Generally speaking, the federal Office of Management and Budget (OMB) requires an audit if the nonprofit spends more than $500,000 in federal funds (either directly or by passing through to other nonprofits). Some states require an audit…