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:
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.
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
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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
https://www.cpafirmnyc.com
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