Not-For-Profit Audits are performed on entities financed by various public monies (taxes, grants, or loans), private donations or grants, or the sale of goods and services to support their mission statements allowable by the U.S. Government’s Internal Revenue Code in Section 501.
At Schultz, Wood & Rapp, our accountants limit our auditing practice to small not-for-profit entities within the local communities which we practice, such as United Way chapters, Chambers of Commerce, sheltered employee workshops, and various other charitable organizations.
The majority of our audits express opinions upon the fairness of a not-for-profit’s financial statements and related supplementary schedules, and its compliance with various state and/or federal rules and regulations pertaining to expenditures using public monies.
Our financial statement audits are conducted in accordance with auditing standards generally accepted in the United States of America, and may also require our conducting our audits in accordance with standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, commonly referred to as Yellow Book Standards. In addition, certain audits may require us to perform federal Single Audits, in accordance with the Single Audit Act Amendments of 1996 and the provisions of U.S. Office of Management and Budget (OMB) Circular A-133, as them may apply.
Our auditing services involve more than issuing a report on financial statements. We view each audit engagement as an opportunity to evaluate the overall efficiency of an organization’s internal accounting controls. All audits performed by our firm include discussions with management and written recommendations on how to improve significant deficiencies and material weaknesses that may come to our attention during the course of our work. We will also discuss best practice recommendations to enhance internal controls already established.
Our audit professionals are trained and experienced with auditing tax-exempt entities and, more importantly, with the structure and unique operations of 501(c)(3) entities. As highly trained auditors, we work to implement solutions that maximize client resources and support fiscal success.