Non-Profit Audit and Assurance Services
Audits, Reviews, and Compilations for Faith-Based Organizations
Churches, private schools and other religious organizations periodically have to meet certain financial reporting requirements requested by lenders, donors or board members. Our experience can help your organization meet your financial reporting needs. Audit and assurance services for faith-based non-profits include:
In examining financial statements, we observe certain assets, verify certain transactions and balances with third parties, sample transactions, test support and revenues, expenses, assets and liabilities, and other procedures as necessary. An audit provides the highest degree of assurance that we can provide, that the financial statements are fairly presented in accordance with generally accepted accounting principles.
Audited financial statements are generally required for bond issues, large real estate mortgage needs and credit challenged credit applications. Church and other religious organization boards may also require an audit in order to provide information to help the entity govern and operate effectively and efficiently.
In a review engagement, we make inquiries and perform analytical procedures designed to identify unusual items or trends that may require explanation by your Organization’s management. Essentially, the review is designed to determine whether the financial statements make sense without applying audit-like procedures. A review provides limited assurance that no material changes should be made to the financial statements.
Reviewed financial statements normally satisfy lenders for long-term banking/lending relationships and for smaller mortgage requirements. Because a review cost substantially less then an audit to perform, you should ask your lender if a review would satisfy their requirements.
In a compilation, we present, in the form of financial statements, the financial information provided by your management, in appropriate form and free from obvious material errors. A compilation provides no opinion or any assurance on the financial statements.
Compilation reports are appropriate for interim (monthly, quarterly) reporting and for annual reporting for organizations that do not require an audit or review.
Evaluation of Internal Controls
We assess your organizations financial processes and procedures to determine their effectiveness whether you have the appropriate safeguards in place to protect your assets, prevent fraudulent activity or erroneous financial reporting. We report on our observations and provide our recommendations for improvement.
Deily & Company PC maintains the highest professional standards, recognizing our responsibility to the public, our clients and our staff. We work hard to earn their confidence in our professional services and personal integrity. We complete rigorous, ongoing training and continually monitor our work for high compliance with professional standards and best practices. In addition, we obtain an independent peer review of our systems and certain engagements tri-annually.