Nonprofit Audit Services
CapinCrouse’s six-phase, risk-based nonprofit audit approach tailors the engagement to best meet the audit objectives and your financial reporting needs.
Our audit approach includes interviews with management, the review of processes and internal controls, and other assessments. Our audit approach is developed to concentrate on the organization’s various areas of risk, including but not limited to: financial, regulatory, internal growth, personnel, technology, and fraud.
We design audit procedures to meet the audit and financial reporting objectives and to integrate objectives and concerns of management and the board.
Six-Phase Audit Process
- Preplanning sets the stage for the audit. Our audit team gains a basic understanding of the organization and its operations by reviewing financial statements and inquiring of personnel, determining areas that need further examination.
- Risk assessment includes evaluating operations of all significant functional areas by interviewing management and observing processes and procedures. Procedures in this phase include reviewing documentation of your accounting system, evaluating internal controls, understanding revenue generation, reviewing your website for financial activity, reviewing all executed agreements, reviewing minutes, evaluating fraud risk, and performing a preliminary analysis of financial information for historical trends and comparisons.
- Brainstorming evaluates conditions and findings identified in order to develop a strategic audit plan that is responsive to financial statement risks.
- Execution includes performing final audit procedures and preparing our report on the financial statements and our management comments.
- Quality control is the review of all working papers for quality assurance. In addition, the financial statements and other reports are proofed and reviewed to make sure they meet the professional and firm standards.
- Reporting completes the audit. Our audit team presents the financial statements, management comments, and information about the audit to the board and/or its audit committee, and obtains feedback to continually improve the audit process.
If your organization does not need a financial statement audit at this time, we can help you select the best audit and assurance or consulting service for your specific engagement requirements. These engagements can also serve to assist internal audit functions of an organization. Please contact us for details.
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