A financial statement audit is an in-depth examination of a nonprofit organization’s financial records and internal controls conducted by an independent CPA. The goal is to provide a high level of assurance that the financial statements are free from material misstatement, whether due to fraud or error. This results in audited financial statements for nonprofit organizations, enhancing credibility with donors, grantors, and regulatory agencies.

Whether your nonprofit needs an audit depends on factors like regulatory requirements, grant conditions, and donor expectations. Some states or funding agencies mandate financial audits for nonprofits exceeding certain revenue thresholds. Telos CPAs can help assess your situation to determine if an audit, review, or compilation is necessary to meet compliance obligations and stakeholder needs.

We offer a free consultation to understand your nonprofit’s financial reporting requirements. We’ll evaluate your organization’s size, funding sources, and regulatory environment. Based on this assessment, we’ll recommend whether a nonprofit financial statement audit, a review, or a compilation is the most appropriate service to ensure compliance and satisfy stakeholder expectations.

Our audit process begins with thorough planning and understanding your organization’s operations and internal controls. We perform detailed procedures such as verifying account balances, testing transactions, and assessing risk areas. Throughout the audit, we maintain open communication with your team. The result is a set of audited financial statements that provide high assurance of accuracy and compliance with accounting standards.

The cost of a financial audit for nonprofits varies based on factors like the size and complexity of your organization, the condition of your financial records, and the scope of the audit. Since each nonprofit is unique, we offer customized pricing tailored to your specific needs. Contact Telos CPAs for a personalized quote that reflects the scope of your project.

The duration of an audit depends on the complexity of your finances and the availability of necessary documentation. Typically, the process can take several weeks to a few months. We strive to conduct audits efficiently while maintaining high-quality standards, keeping you informed throughout each step.

Having your financial statements audited by Telos CPAs enhances credibility and transparency, which strengthens trust with donors and stakeholders. It demonstrates your commitment to proper financial management and compliance with accounting standards and regulations. Our expertise in audited financial statements for nonprofit organizations helps you meet regulatory requirements, secure funding, and support your mission by showcasing robust financial management.