Q: Does my organization need to get an audit?
A: Not all not-for-profit organizations are required to have an independent audit. Various circumstances may determine if your organization needs to have an audit including if a federal, state, or local requests a copy of an audited financial statement. Some foundations ask organizations to submit audited financial statements when applying for a grant from them.
The National Council of Nonprofits has a Nonprofit Audit Guide that helps not-for-profit organizations make informed decisions about audits.
Q: What should I look for in an auditor?
A: Finding the right auditor that fits your needs may take some time but it is worth it when you establish a good relationship with the right one. One of the basics that you should check for is if they specialize in the industry that you are in. You want an auditor that keeps up to date with any new IRS regulations that may affect you so finding one that concentrates in your field is key.
Look for an auditor that has passed a peer review and
Q: What is the difference between an audit and a review?