Audits, Reviews, & Compilations
Assurance services are helpful to not-for-profit organizations because they evaluate both the past and present and help you look to the future. The insights gleaned from performing an audit, review, or compilation paint a picture of the health of your organization and can be used both internally and externally. At De Boer, Baumann & Company we offer a team of professionals who are well versed in the unique area of not-for-profit audits. You can depend on us to develop an accurate picture of the state of your not-for-profit and use it to guide you in making key organizational decisions.
The American Institute of Certified Public Accountants (AICPA) has standards that allow CPAs to offer three traditional levels of assurance on financial statements. These levels include audits, reviews, and compilations. Each level of assurance results in final financial statements that includes a balance sheet, a statement of operations, cash flows, and footnotes. The report also states the level of reliance the user can place on it, based on the procedures performed. Read on for details on the specifics of each of these levels of attestation.