Nonprofit Reviewed Financial Statements

The purpose of conducting a financial review is to determine if the financial statements of your nonprofit organization are consistent with Generally Accepted Auditing Standards. A review is similar to an audit except for the fact that it is not conducted with the same level of detail or standards. In other words, during a review, we examine your financial statements as we do when conducting an audit, however, we do not conduct an examination of your organization’s internal controls to verify any potential material misstatements on your financial statements.

At the end of a review, we do note if there are any material modifications that must be made to your financial statements. A review, by and large, is a report of your financial statements without ‘proof’ or confirmation of their veracity. A review includes primarily applying analytical procedures to your nonprofit's financial statements and making inquiries of your management.
 

What You Can Expect

 
 
  • We start by establishing a written understanding with your nonprofit management regarding the services to be performed.
  • Your nonprofit management is responsible for the preparation and presentation of initial financial statements in accordance with the applicable financial reporting framework.
  • We will review and examine your financial statements and work with you to make sure that they are accurate.
  • We will inform you in case there are any material misstatements or errors.
  • Based on our 30 years of experience working in the Nonprofit sector, when deemed necessary, we will perform additional procedures to obtain limited assurances that your financial statements are free of material misstatements.
 
 

Nonprofit Review Engagement

 
 
We perform analytical procedures and inquiries to obtain a ‘limited assurance’ on your nonprofit’s financial statements. The purpose is to provide stakeholders with a certain degree of comfort on the accuracy of your financial statements.
The review does not obtain an understanding of your nonprofit’s internal control, assess fraud risk, test accounting records, examine source files, nor any type of observation that is generally performed in an audit.
There are instances when lenders, creditors, and other stakeholders might deem a financial statement review sufficient in determining whether to lend or donate to a nonprofit organization.
 

Helping Nonprofit Organizations Maintain the Highest Accounting Standards.

Every day, we help drive nonprofits like yours forward.
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