What type of engagement do I need?
This is always the first decision that you, as the client, must make. You can choose from the following.
An audit involves examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Audited financial statements provide the most assurance of all of the financial statement engagements performed by a CPA.
A review consists principally of inquiries of the non-profit's personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit, but still provides limited assurance that the financial statements are free from material misstatements. Since it is less expensive than an audit, it can be a better place to start if the organization has never had an outside CPA review their books.
Compiled statements involve taking the client’s data and information and put it in the form of a GAAP based financial statements. The accountant is not required to test the balances in the financial statements or verify the information unless she knows that the information is incorrect or incomplete. With compiled financial statements, we do not issue an opinion.
Review of Internal Controls
A review of internal controls includes discussions about the current accounting procedures with the non-profit’s personnel, analyzing the effectiveness of these procedures, and making verbal and written recommendations for improvements to the overall accounting system and internal control policies. This helps the non-profit organization develop better accounting processes.
A 990 is an informational return required to be filed by all non-profit organizations except for churches. It must be filed with the IRS four and a half months after the close of your year end.
Do I have to do an audit every year?
It depends on the reason for the audit in the first place. Some non-profits are large enough that they need to have an annual audit. Other organizations can do an audit every other year and then have a review or a compilation the years in between.
What will it cost?
Cost is determined by the scope of the work and expertise needed to complete that work. We would be glad to give you a proposal of the cost after you speak with one of our CPAs about the needs of your organization. Each situation and non-profit is different. We are prepared to give you an estimate of the cost based on the information you provide, hours we estimate to complete the engagement, and our average hourly rate. We believe our rates are more affordable than most for the level of service you receive from Cox & Associates CPAs LLC.
Will I get experienced staff for my engagement?
At our firm, you will have at least one CPA working on the fieldwork that has years of experience working with non-profit organizations. This is what makes us different than our competitors.
Can I get references?
Yes, you can always get references. We are ready to provide you with the name and contact information for recent clients that have similar missions to yours. You can call and talk directly with someone who has used our services.