Not-For-Profit

Need An Audit Done for grants or state requirement?

We can help!

Every non-profit organization sets out to save the world. However, it is an uphill task to accomplish anything without the essential knowledge required to ensure operational efficiency. You will need your financials audited in order to increase the entity’s funding and be able to accomplish the entity’s mission. Many of grantors/contributors required audited financial statements to ensure accuracy and completeness of the entity’s financial statements. Besides, you need annual audits to ensure your books are accurate and free of any material misstatement.

How we can help.

We are CPA auditors who specialized in Not-For-Profit organizations’ financial statements audits. Like yourself, our NGO clients serve the public in many ways; from providing food and medicine to families in need, to promote since and technology. we have experience with wide array of entities under the Not-For-Profit umbrella. We can help you accomplish the following:

Audit financial statements as required by the Board, grantors, or state and local agencies.
Review of the financial statements
Financial statements compilation
Suggest best practice to improve your internal controls environment

How it works

Our audit approach is designed specifically to small to mid-size Not-For-Profit entities like yourself to ensure effectiveness and efficiency in the audit process. we tailored our service methodologies to your specific needs and develop real outcomes to your organization’s challenges. Therefore, our audit turnaround time is significantly less than any of our peers. We start by understanding your entity and gathering planning documents, such as, grants and contributions letter, legal documents, tax exemption status, org chart, etc. We then move to testing your transactions and balances. We ensure then all required disclosures are met before issuing the report to be in compliance with the applicable standards.

If you are a small-mid size Not-For-Profit entity who need a financial statements audit, please contact us.

Not for Profit Financial Statements Audit

Why does my non-profit organization need a financial audit?

Financial audits are essential to ensure accuracy, completeness, and transparency in your organization’s financial statements. They are often required by grantors and contributors to validate the integrity of your financial records.

What services does your CPA firm offer for Not-for-Profit organizations?

We specialize in a range of services tailored to Not-for-Profit entities, including:

Audit of financial statements as per board, grantor, or state and local agency requirements.
Review of financial statements.
Financial statements compilation.
Recommendations for enhancing internal controls.

How does your audit approach benefit small to mid-size Not-for-Profit entities?

Our Not for Profit Financial statements audit approach is custom-designed to suit the specific needs of organizations like yours. It ensures an efficient and effective audit process. We focus on gathering planning documents, testing transactions and balances, and verifying required disclosures. This streamlined approach leads to a significantly shorter turnaround time compared to our peers.

What documents are needed for the audit process?

We require various planning documents such as grant and contribution letters, legal documents, tax exemption status, and organizational charts. These documents help us understand your entity and ensure compliance with applicable standards.

How can an audit benefit my non-profit organization?

An Affordable Not for Profit audit can lead to increased funding opportunities by demonstrating the accuracy and completeness of your financial statements. It also helps in identifying and rectifying any material misstatements in your books.

What sets your CPA firm apart in providing Not-for-Profit audits?

We specialize exclusively in Not-for-Profit financial statement audits, allowing us to offer highly focused expertise. Our tailored service methodologies and commitment to real outcomes ensure an efficient and effective audit process. Due to this, we have been pioneering as the Affordable CPA Auditor Service in USA.

As a business owner and a mortgage broker/lender, you are reunited to have financial statements audit every year to be in compliance with state and NMLS rules and regulations and to be able to renew your license. Therefore, below are the most common questions about the mortgage brokers/lenders financials statements audits that we get asked from new brokers:

Q1: What are financial statements?

Financial statements are formal documents that provide a summary of a company’s financial activities and status. They typically include the balance sheet, income statement, cash flow statement, and statement of changes in equity. Check out our Financial statements services Financial statement requirements for mortgage brokers

Q2: What is a mortgage broker financial statement audit?

A mortgage broker financial statement audit is a comprehensive examination of the financial statements and records of a mortgage broker by an independent auditor. It ensures that the financial statements accurately reflect the financial position and performance of the mortgage broker. See Financial Statements Audit and Review Requirements for Mortgage Brokers for NMLS Licensing

Q3: Why is a financial statement audit important for mortgage brokers?

A financial statement audit is important for mortgage brokers as it enhances transparency and credibility in their financial reporting. It provides assurance to lenders, investors, and other stakeholders that the financial statements are reliable and comply with accounting standards and regulations.

Q4: Who conducts a mortgage broker financial statement audit?

A mortgage broker financial statement audit is conducted by an independent auditing firm or certified public accountants specialized in auditing financial statements. The auditor must be objective and impartial in their assessment.

Q5: What does a mortgage broker financial statement audit involve?

During a mortgage broker financial statement audit, the auditor examines the mortgage broker’s financial records, transactions, internal controls, and accounting policies. The auditor verifies the accuracy and completeness of financial statements, identifies any irregularities or material misstatements, and provides an opinion on the fairness of the statements.

Q6: How long does a mortgage broker financial statement audit take?

The duration of a mortgage broker financial statement audit varies depending on the size and complexity of the business and the scope of the audit. Generally, it can take several weeks to a few months to complete, including planning, fieldwork, testing, and the issuance of the audit report.

Q7: What are the benefits of a mortgage broker financial statement audit?

A mortgage broker financial statement audit offers several benefits. It enhances the credibility and reliability of financial information, improves trust among lenders and investors, identifies weaknesses in internal controls, and helps prevent fraudulent activities. It also ensures compliance with accounting standards and regulatory requirements.

Q8: Can lenders access the audited financial statements of a mortgage broker?

Lenders often request audited financial statements from mortgage brokers as part of their due diligence process. Audited financial statements provide lenders with a reliable and independent assessment of the mortgage broker’s financial condition and stability.

Q9: Are there any consequences for mortgage brokers who do not conduct a financial statement audit?

While a financial statement audit may not always be legally required for mortgage brokers, not conducting one can have negative consequences. It may erode trust among lenders and investors, hinder access to financing, and raise questions about the accuracy and reliability of financial information.

Q10: How often should a mortgage broker undertake a financial statement audit?

The frequency of financial statement audits for mortgage brokers depends on various factors, such as regulatory requirements, industry best practices, and the size and complexity of the business. In general, auditors recommend conducting an audit annually to ensure accurate and up-to-date financial reporting.

Please note that while this information provides a general understanding of mortgage broker financial statement audits, it is recommended to consult with a financial professional or auditor for specific guidance related to individual situations. If you have any questions, please contact us.