Audit and Review
An audit is the highest level of reasonable assurance we can provide churches and not-for-profit organizations regarding their financial statements. As an independent party we perform the audits to ensure that the organization’s financial statements adhere to generally accepted accounting principles and are not materially misstated. The audit process evaluates the status of an organization’s financial management and procedures using industry standards, assesses internal controls, and provides feedback regarding any needed improvements to accounting functions and financial reporting.
The review engagement provides limited assurance to churches and not-for-profit organizations that no material modifications are needed to their financial statements. During the review we will make inquiries of management and conduct analytical procedures to the organization’s financial statements. We will also ensure that the financial statements are consistent with generally accepted accounting principles. The scope of a review is substantially less than an audit and does not require the detailed verification or testing of transactions, study the organization’s financial controls, or assess the risk of fraud.
Compilations and Forms 990
Compilations are our most basic report for churches and not-for-profit organizations and require the fewest number of procedures on our part. We perform compilations by presenting in the form of financial statements the information provided to us by the organization. We ensure that the information is in the appropriate form and free from obvious material misstatements. In a compilation no opinion or assurances are provided on the information presented in the financial statements; however, our recommendations can provide helpful feedback to management’s procedures. Compilations are a helpful complimentary service to the preparation of an organization’s Form 990.
Form 990 is a public document in which not-for-profits report their activities to the government and to the public. When completed correctly and carefully, the 990 form can be a powerful publicity tool for not-for-profit organizations. It is an organization’s opportunity to provide valuable information to the IRS and the public about the work the organization has accomplished. Some of this information includes a charity’s mission, accomplishments, sources of revenue and sustainability. This information allows donors and the public to evaluate the charities they wish to support. We recognize the importance of the 990 form for not-for-profits; therefore, we are committed to dedicating the appropriate time and energy for an organization’s 990 preparation.
Consultation
We provide consulting services to churches and not-for-profit organizations in order to help them establish and maintain correct internal controls, implement acceptable accounting procedures, and provide valuable financial reporting.
“Never be afraid to trust an unknown future to a known God”