Not-For-Profit

The Auditing Standards (SAS) 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, aims to establish a more transparent audit process.   The SAS 134 was issued by the American Institute of Certified Public Accountants (AICPA) as a replacement for Section AU-C 700, forming an Opinion and Reporting on […]

The growth of a not-for-profit organization requires a commitment to fulfilling certain obligations. One of those obligations is conducting a regular not-for-profit audit. There are different audit requirements based on annual revenue, state, and methods of incorporation. Constitution Requirements Sometimes, the Not-for-profit bylaws might require you to conduct annual or regular financial statement audits for

What you need to know A not-for-profit relies on maintaining good financial standing and transparency to continue receiving donations. A financial statement and annual return is a scorecard to show your organization’s credibility and financial integrity. Therefore, it’s essential to understand what document to file to avoid sanctions. What is a Not-for-profit Financial Statement? A

Is your Not-for-profit preparing for a financial audit? Here’s a list of frequently asked questions. What is an independent audit of a not-for-profit? An independent audit for a Not-for-profit occurs when an external auditor – mostly a CPA firm – conducts a financial audit of your accounting practices and records. What are the four financial

A successful financial statement audit is vital for not-for-profit organizations to continue receiving donations. Proper preparation will guarantee a seamless process for the independent auditor and staff involved.   How to prepare for not-for-profit Audits Preparing for an audit will save you the cost of extending the audit past the agreed duration. Prepare for your

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

Contributions Classification To account for contributions, the NFP entity first need to determine if the contribution or promise to give is conditional or unconditional. A promise to give is a written or oral agreement to contribute cash or other assets to other entity. The promise to give can be: Unconditional; recognize as revenue in the