A Not-for-profit audit is a critical appraisal of the financial health of your organization and requires a final verdict from the auditor. On the other hand, a not-for-profit conducts a review to ascertain the credibility of your financial statement. Grantors, stakeholders, and government agencies use both documents to determine your organization’s credibility.
Cost of Not-for-profit Audit vs. Review
- Not-for-profit Audit – $10,000 to $20,000
- Not-for-profit Review – $5000 to $10,000
Gross revenue for Not-for-profit Audit vs. Review
- Not-for-profit Audit – Greater than $500,000
- Not-for-profit reviews – Less than $500,000
Benefits of Not-for-profit Audit vs. Review
A review demonstrates accountability and transparency by the organization. It also shows that you take your fiduciary duty seriously. On the other hand, financial statement audits help boost the confidence of the grantor and other stakeholders in the credibility of your organization’s finances.
Need help?
Contact MetwallyCPA to get an independent financial statement audit for a Not-for-profit that’s compliant with accounting standards.
