PLC Rouse Norton PLLC’s financial statement services comprise all three levels of assurance depending on your company’s needs: Audits, Reviews and Compilation.
An audit is a methodical and objective examination of an organization’s finances which lends credibility to the financial statements for use with government agencies, lending institutions, vendors and donors. Governing institutions often require a certified, annual audit to ensure accurate financial accounting and to protect the entity from litigation. Additionally, an audit provides management with a sound financial picture to be used for making specific decisions.
PLC Rouse Norton PLLC has a dedicated auditing department with over 30 years of experience serving Raleigh nonprofits and businesses. Some of the services we provide are:
Financial Statement Audits
This is the highest level of assurance that an entity’s statements are presented fairly and in accordance with generally accepted accounting procedures. This is achieved through inspection and verification of accounting records and bookkeeping practices.
Our audit and attest practice is particularly focused in not-for-profits, including trade associations, health and welfare groups, foundations, political groups, civic organizations and churches. More than half of our clients to whom we provide audit or review services are not-for-profit. The majority of them are 501(c)(3) organizations, but they also include 501(c)(4), 501(c)(5) and 501(c)(6) entities. Our partners have volunteered their time and expertise as board members to various not-for-profit organizations in the Triangle area. We are currently sustainers for the NC Center for Nonprofits. Please contact us for a list of references.
Government Audits (Yellow Book)/A-133 Single Audit
Nonprofits receiving grant money will often need an audit, as well as all North Carolina nonprofits receiving $500,000 or more annually in state funds. Nonprofits receiving $750,000 or more in federal funds are required to perform an A-133 audit annually. Additionally, certain lenders may require an annual audit to comply with loan covenants. PLC’s team of Certified Public Accountants has extensive experience with both Yellow Book and Single Audits.
To determine whether or not your non-profit requires an audit, read the Nonprofit Audit Guide.
A review consists of examining supporting documentation, making inquiries and applying analytical procedures to ensure that there are no material modifications that need to be made to the financial statements. A review provides the accountant with a reasonable basis for expressing limited assurance to outside interests that the financial statements are in conformity with generally accepted accounting principles.
A compilation presents information provided by management in the form of financial statements.
Compilations offer no expressed opinion from the CPA about the validity of the statements. Banks and lending institutions often require that an independent CPA provide compilations for an entity to comply with their lending agreements. PLC Rouse Norton PLLC adheres to the SSARS No. 21 guidelines when engaged to prepare financial statements.
Our financial statement services comprise all three levels of assurance depending on your company’s needs. Give us a call to schedule a consultation at 919-841-1000 or request more information below.