Audits in Marlton, NJ
Conducting an audit is a detailed process, one that could benefit from the assistance of a dedicated third-party accountant. Non-profits and unions are held to an even higher level of accountability, which makes remaining compliant a crucial part for the entire organization.
Baratz & Associates, P.A. has a team of experienced accountants well versed in performing audits for NPOs, so they can stay compliant and continue promoting their worthy cause. If you have questions about your organization’s audit requirements, call us in Marlton today!
Important Steps in a Non-profit Audit
A non-profit organization is more heavily scrutinized due to its donation-based income and tax-exempt status. Once charitable groups reach a certain size or an amount of revenue, the IRS requires an audit be conducted for verification purposes.
Our financial professionals analyze your nonprofit’s books and controls, verifying that there are policies in place that safeguard the entity from mismanagement or unethical practices. We organize your records and accounts to ensure statements are accurate, and that the company is appropriately utilizing the funds.
During the audit, we apply our practical experience to help you complete the various required forms. As part of the audit, we’ll compare your records to similar enterprises in your field. Our firm confirms that your organization is properly managing the contributions it receives. Investments and salaries are included in our analysis, as these are two crucial elements reviewed by interested parties.
Conducting Audits for Unions
The Office of Labor-Management Standards often selects a union to be audited when they fail to file, don’t meet the filing deadline, and when there are inaccuracies in past reports. Additionally, the OLMS will randomly select unions to undergo a compliance audit.
A member of our team examines bank statements, all accounts payable and accounts receivable records, while also accounting for any investments and outstanding loans on the books. At Baratz & Associates, P.A., we help unions organize that paperwork to help the OLMS audit be completed smoothly and efficiently.
Additional Help Provided
Our team of CPAs are qualified to perform other verification services such as compilations and reviews. During a compilation, we prepare your organization’s financial statements, but this write-up work does not include a comprehensive audit nor statement of assurance when conducting this verification process.
Another smaller scale way we can verify your nonprofit’s finances is by performing a review. The review is a less in-depth version of an audit, where limited assurance is provided for the examined material.
Schedule a Consultation in Marlton Today!
At Baratz & Associates, P.A., our team of attentive Marlton CPAs provide all levels of verification a nonprofit group or union might need. If you have an upcoming audit for your organization and you want expert guidance throughout the process, call our office today to set up an initial consultation.