Audit Services, including federal Single Audits, and Yellow Book Audits

We have over 30 years’ experience in performing various audits, reviews and compilations for non-profit organizations. While working hard to maintain our independence and objectivity during an audit, we can offer suggestions on ways strengthen internal controls over your financial accounting procedures, to help prevent misstatements in your organization’s financial statements and also help prevent fraudulent misappropriation of the organization’s valuable resources. 

Audit of Non-profit Organization’s Financial Statements

An audit provides the highest level of assurance, and requires us to perform extensive testing and calls for access to documentation in support of your financial and other information about your organization.  After gaining an understanding of your organization’s accounting policies and procedures, we may offer suggestions to bring about efficiencies in your accounting procedures.

• A Single Audit is required by the federal Single Audit Act of 1996 if your organization expends more than $750,000 during its fiscal year in annual federal grants your organization has received from one or several federal agencies.   Such audits must be performed in accordance with Governmental Auditing Standards.  Our audit reports are submitted the Office of Management and Budget (OMB), and express our opinion on whether your financial statements are properly presented; whether your internal controls are adequate to prevent financial misstatements; and whether your organization has complied with your federal grant agreements and with federal laws and regulations. We have extensive experience performing Single Audits for non-profit organizations.
• A Yellow Book Audit is required when your organization expends less than the $750,000 in federal grants.  Such audits are smaller in scope than Single Audits but still require an audit of financial statements in accordance with Governmental Auditing Standards.
• The Public Charities Division of the Massachusetts Attorney General’s Office requires your organization’s financial statements to be audited if your non-profit organization operates in Massachusetts and has annual revenues that exceed $500,000 regardless of the source. The procedures we perform are aimed at gaining assurance that your financial statements are prepared in accordance with generally acceptable accounting principles.
• A Uniform Financial Report (UFR) is required by the Operational Services Division (OSD) if your organization receives grants from certain state agencies.  We can assist you in preparing the annual UFR, in conjunction with an audit (or review) we perform.

At the end of a successful audit (or review or compilation service), we issue a report addressed to your board of directors, which you can provide to interested third parties, such as: the federal and/or state government, lenders, or vendors.