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.
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.
*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.
Our audits also evaluate:
- *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;
- *Records that show donors' stipulations for the use of contributions made to your organization.
We realize that every non-profit has unique needs. Non-profits not only play a vital role in the community but are also faced with operating as a successful business, and having to deal with all the complexities that go with it, often times with tight financial resources.
Our audits help to assure that non-profits are able to not only continue to do what they've done for years, but do it even better in the future by managing themselves more efficiently and effectively.
For more than 25 years we've provided our auditing and accounting services to the likes of:
*State single audits
*Grant compliance audits (USDA, HUD, HHS, DOL)
*Agreed-upon procedure engangments.