Financial statement audits, reviews, compilations, outsourced accounting, Form 990 alignment, and readiness support for Catholic churches, parishes, ministries, charities, religious orders, and Catholic nonprofit organizations.
Catholic organizations often know they need a CPA report, but may not know whether the requirement calls for an audit, review, or compilation. The right engagement depends on the user of the financial statements, the level of assurance requested, and the requirements from a diocese, lender, grantor, state agency, board, or finance council.
Engagement
What it provides
Common Catholic institution use case
Audit
Highest level of assurance; audit opinion on financial statements.
Review
Compilation
Outsourced Accounting
A financial statement audit for a Catholic organization typically includes planning, risk assessment, walkthroughs, internal control understanding, substantive testing, analytical procedures, financial statement preparation or review, note disclosures, and issuance of the independent auditor’s report.
Common audit areas include cash receipts, offertory and donations, restricted contributions, grants, program service revenue, payroll, accounts payable, credit cards, ministry funds, investments, debt, property and equipment, related parties, commitments, and subsequent events.
