While financial statement audits are mandatory for many organizations, a review or compilation may meet the needs of some. Understanding the differences between an audit, review, and compilation can help your organization select the best engagement to meet your financial reporting goals.
Audit, Review, and Compilation – Key Differences
Audit
Audits are a vital tool for maintaining the integrity, accountability, and sustainability of nonprofit organizations. They help ensure that resources are used effectively to achieve the organization’s mission and goals. Preparing for an audit involves several key steps to ensure that your records, processes, and systems are in order. Here’s a comprehensive guide to help you get ready:
1. Understand the Scope and Type of Audit
More about the GWSCPA Nonprofit Financial Accountability Task Force.
