Independent Financial Audits for Nonprofits

Not all nonprofits require an audit. Virginia law requires nonprofits with gross annual revenue of $750,000 or more to provide a financial review by an independent CPA. Those with $1 million or more typically need a full audit. Additionally, many federal grants require independent audits. A review is less comprehensive and less expensive than an audit. We can assess your specific situation and recommend the right option.

An audit provides the highest level of assurance. We test internal controls, verify transactions, and confirm financial statement accuracy. A review involves limited procedures and provides moderate assurance. A compilation organizes financial information without providing assurance. Each serves different purposes and costs vary accordingly. We help you understand which is appropriate for your nonprofit's needs and stakeholder requirements.

A typical nonprofit audit takes 2-4 weeks depending on your organization's size, complexity, and record-keeping quality. Larger organizations with multiple programs and grant funding take longer. We plan the audit timeline carefully to minimize disruption to your operations. We communicate regularly so you know what to expect. Most audits are completed well before your filing deadline.

Many organizations have incomplete records when they first engage an audit firm. Don't worry. We can help you organize and reconstruct records during the audit process. This takes longer and costs more, but we work with you to get everything in order. We also provide recommendations for better record-keeping going forward. Getting organized now prevents problems later.

Many federal grants trigger audit requirements. Nonprofits receiving $750,000 or more in federal awards in a single year must undergo a Single Audit. This specialized audit tests compliance with federal grant requirements. Even grants below this threshold often include audit provisions. If your nonprofit receives federal funding, we assess whether an audit is required and ensure full compliance.

We're proud to be LOCAL! Our office is right here in Ashburn, VA, serving businesses and individuals throughout Northern Virginia and Washington DC since 2011. You can meet with us in person if you prefer. We also offer remote/virtual consultations and secure file transfers for convenience. Whether you want face-to-face meetings or prefer working remotely, we're flexible. Many clients appreciate having a local CPA they can call and meet with when they need in-person advice.