How to Write a Successful Fundraising Plan by Joe Garecht Many non-profits, particularly smaller charities and start-ups, operate without a fundraising plan.
Printer-friendly version What is a review? The objective of a financial "review" conducted by an independent auditor is to examine the nonprofit's financial statements and determine whether the financial statements are consistent with generally accepted accounting principles.
A review shares the goals of an audit, however, a review is not conducted with the same level of investigation or analysis as an independent audit. Instead the review provides a limited level of assurance that the financial statements are free of misrepresentations.
They review for material issues and obvious deviations from GAAP.
But they won't go in and test unique individual transactions in the same way as in an audit. A review provides some assurance, but does not independently validate transactions. What is a compilation?
A compilation is literally a compilation of financial records into a format required by accounting standards. Here are the major differences between a compilation and a financial review or an audit: During a compilation the auditor does not examine the internal controls that are used to manage the risks of embezzlement or fraud which is part of an independent audit ; During a compilation the auditor will not collect and examine source documents e.
In the report after conducting a compilation, the auditor will not provide any opinion or assurance that the financial statements accurately reflect the financial position of the organization - which is a normal outcome of an independent audit.
Why conduct a compilation? A compilation offers the advantage of engaging a set of trained eyes to review the financial records of the nonprofit. The scope of a compilation can be a month, a quarter, or an entire year's financial records.
Also, the CPA conducting the compilation may raise questions about certain records that can be helpful to spot irregularities. And last but not least, a compilation can be conducted by a CPA at a substantially lower cost than either a review or an independent audit.Orr says ASIC too cosy with banks.
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