Do I need an Audit?
Federal requirements for not-for-profit entities which receiving $750,000 or more in federal funding in a single year require an independent professional audit. Certain states and lenders require additional regulatory compliance. NFP's without such requirement they still decide in favor of the financial audit. Companies, corporations and businesses, both for-profit and nonprofit, may wish to reconcile doubts or affirm practices and controls to board members and shareholders. In such a case a third-party licensed CPA firm can perform agreed-upon procedures. Based on the evaluation, a report of findings will be issued on specific procedures performed on specified financial areas.

When is an Audit needed?
Whether or not your organization requires an audit to comply with federal or state regulatory requirements, as an entity the periodic examination of controls and practices can greatly benefit and safeguard your organization. Whether an audit is out of necessity or an elective process, an audit may be required or needed annually. Additionally, an audit may be highly recommended during periods of transition. Transition of ownership or management transitions are prudent examples. Other examples would depend more heavily on the organizations goals and structure.

• Investor, Creditor or Lender's Information Requirements.
• Foreign Investor/Partner Information Requirements.
• Preparation for Sale or Transfer of Ownership. Regulation Stipulations Due to Contractual Requirements (Such As Government Contracts).

Ultimately, for any organization having good financial reporting is a paramount concern. With accurate information your organization can have the ability to accurately plan ahead while mitigating the risks associated with current operations.

How can Audit benefit my organization?
Audits can benefit owners and management by providing a "second set of eyes" to confirm or absolve by proving the accounting methods whether or not the financial statements present fairly the entities financial position. In addition to analyzing accounting procedures and practices, evaluation is taken as to the key risks facing the business and how effectively management is dealing with those risks.