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 Financial […]

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

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

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

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

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

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