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Posted by Miller & Company LLP NYC on 05/24/2020

CERTIFIED AUDIT


Description

If you own or operate a nonprofit company or church, your state may require you to have a certified audit of your institution. Certified audits are a way to protect public trust in many nonprofit organizations. The IRS doesn’t require certified audits, but they are mandated by Attorney Generals of many states. But even if you aren’t a nonprofit or a church, a certified audit gives you a snapshot of your organization’s financial health. 

Some states require a certified audit for specific conditions, such as when your organization has received:

  • Gross contributions over a threshold amount, typically in the range of $200,000
  • An excessive amount of funds from a professional fundraiser
  • Contributions from the sale of merchandise, services provided and cash donations

Your institution can incur penalties from these states if you do not comply with these rules. You must send the results of a certified audit if your state requires it. Penalties include losing your right to solicit funds in your state. Certified audits are generally kept on file at your state’s Attorney General’s office.

WHAT IS A CERTIFIED AUDIT?

A certified audit is a procedure for reviewing your organization’s state tax return, including the income and expenses. The experienced certified public accountants at Miller & Company with office locations in NYC and Queens provide their professional opinion on whether your financial statements match up with the financial position of your institution. Your financial statement includes the statement of activities, statement of financial position, cash flow statement, and any notes that pertain to those statements.

Accounting firms like Miller & Company are qualified to assess your company’s finances. They follow auditing standards to test and analyze your financial records and accounts. The best rated CPAs in NYC at Miller & Company perform your certified audit according to these strict standards.

If your organization has voluminous transactions, it may not be possible for a qualified accountant to test them all or to be completely knowledgeable of all your company’s activities. If this is the case, your CPA checks a random sampling of your transactions and then presents a statement attesting that they are reasonably assured that your financial statements are accurate. While no CPA could say definitively that your financial statements are perfect in this instance, it’s safe to say that your financial position seems to be fairly represented by your financial statements.

Read more at https://www.cpafirmnyc.com/certified-audit

Working Hours: 

Monday - Friday: 9:00 am - 7:00 pm; 

Saturday: 9:00 am - 4:00 pm, 

Sunday: Closed

Payment: cash, check, credit cards.

CONTACT US

Miller & Company LLP

Manhattan, NYC

18 East 48th Street, #1001

New York, NY 10017

 (646) 367-3726


Miller & Company LLP

Queens, NYC

141-07 20th Ave, Suite 101,

Whitestone, NY 11357

718-767-0737


Miller & Company LLP: CPA of NYC

Midtown Manhattan, NY

274 Madison Ave, Suite 402,

New York, NY 10016

(646)-865-1444

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