Non-Profit Auditing
An audit is defined as the process for testing the accuracy and completeness of information presented in an organization’s financial statements. This testing process enables an independent certified public accountant (CPA) to issue what is referred to as an opinion on how fairly the agency’s financial statements represent its financial position and whether they comply with generally accepted accounting principles (GAAP).
This procedure is highly important if you’re a non-profit. And it’s Maletta & Company’s specialty – non-profits, housing and labor.
The Process
Audits in non-profit ogranizations provide information that these pillars of every community need to efficiently and effectively dtermine that the benefits and services they provide do not exceed revenues. An audit performed by the experts at Maletta & Company can also help not-for-profit organizations solve troubling, and often intimidating, tax problems, set up an internal control system, budget resources and prepare financial data that can go along way toward maximizing fund-raising.
The reality in today’s society is that prospetive donors have grown skeptical about making donations to non-profits and churches as they fear that their money will not be used properly. A non-profit audit provides that assurance that good stewardship is being used in handling and accounting for those funds, as well as all other assets for the non-profit organization.
The benefits of obtaining an audit does not stop there, as there are many.
Audits help protect the organization as they uncover unnecessary charges and discover financial carelessness or misappropriation in handling funds, and can guide the organization back on track before it’s too late. Audits also encourage good habits of fiscal responsibility that ensure all employees follow accountability principals that are put into place.
Verification
*Audits Independently verify the reports of the treasurer(s);
*Follow the funds and see if proper steps are being taken in handling them;
*Document that donated funds have been used as stipulated by the donors.
Controls & Segregation
*Accounting controls (systems that reduce the possibility of loss or errors);
*Segregation of duties and that more than one person is involved in critical steps in handling money so that there can be checks and balances;
Testing & Support
*We thoroughly look through your records and performing testing to ensure accuracy in your finances.
* We also provide the support needed to correct any mistakes and implement proper measures to keep them from happening again.
Who We Serve
An audit, like it is for all non-profit organizations, is crucial for labor organizations. More than ever, they are faced with budget constraints, and are under the watchful eye of the government.
During our audits of housing properties we not only look at all financial statements, but examine and test the financial figures to obtain the necessary knowledge and understanding of each property before making an opinion as the whether or not the financial statements are free of material misstatements.
There are many nonprofit organizations out there and we work with all, especially those who look to make a lasting impact on the communities in which they call home.
Donations are a major funding source for religious organizations. Our audits and reviews can keep your focus on your mission.