Independent External Audit
A nonprofit audit helps organizations comply with significant grantors’ compliance requirements, board of directors’ requirements or lenders’ debt covenants. A nonprofit audit provides these audiences with the highest level of assurance through methodical review of the financial statements.
Our nonprofit audit approach is based on gaining an in-depth understanding of your organization so we can understand the information used to operate and manage your not for profit business in support of your mission. We focus on the circumstances, conditions and activities that relate to your business plans. Our knowledge of the internal and external risks that affect your organization’s strategic plan, provides us with a broad foundation on which to audit the financial statements of your not for profit business.
Brown Smith Wallace has provided auditing services to a wide variety of not for profit organizations with varying organizational structures and reporting requirements, including multiple affiliates with separately issued reports and financial statements, subsidiaries requiring consolidation, related entities required to issue combining financial statements, financial representations with either combined or separated A-133 audit packages, etc.
Our nonprofit audit team has implemented a paperless audit approach and utilizes the latest technology in nearly every aspect of an audit engagement. Our auditors are trained to use data extraction and analysis software programs to assist in testing transaction-oriented account balances. This cutting-edge approach often provides efficiencies that allow us to be more effective. Our ability to leverage technology, coupled with our use of a risk-based audit approach, provides not for profit businesses with industry-leading analysis and feedback to supplement our use of standard auditing procedures.
Employee Benefit Plan Audits
Employee benefit plans are subject to specialized financial, operational and regulatory requirements. An employee benefit plan audit can help you uncover discrepancies that might otherwise surprise you months and years in the future.
Other Assurance Services
Brown Smith Wallace has the additional expertise to provide complete nonprofit accounting services including reviews, compilations and agreed upon procedure engagements as well as internal audits for the nonprofit sector.