Audits, Reviews, and Internal Controls

Alex Pappas, CPA has extensive experience in performing audits of nonprofit organizations. An Audit is the highest level of assurance service that a CPA performs and is intended to provide comfort on the accuracy of the financial statements. The CPA seeks to obtain "reasonable assurance" about whether the financial statements are free from material misstatement. In an audit, the CPA performs dozens of procedures to understanding the organization's internal systems, assess fraud risk factors, examine documents, confirm certain balances and representations, perform analytical procedures, and other tasks.

A Review is substantially narrower in scope than an audit, because it does include procedures for internal controls, assessing fraud risk factors, examining accounting source documents, and many other procedures ordinarily performed in an audit. In a review, the CPA still performs several procedures to obtain "limited assurance" on the completeness and accuracy of the financial statements. Reviewed financial statements are often the minimum reporting requirement of agencies and foundations who issue grants.

Internal Controls
Executive Directors and nonprofit members boards often ask themselves "Are we doing things the right way?" and "Are we doing things the best way?" Our firm can help answer those questions by providing a thorough analysis of your organization's system of internal controls. Internal controls are policies and procedures established by an organization to properly manage and minimize areas of financial and organizational risk.

Alex is uniquely qualified to provide this type of service based on his years of experience in performing nonprofit audits, and familiarity of nonprofit functions following his 10-year career working for a nonprofit organization.
We can study your internal functions and provide a detailed analysis regarding the strengths and weaknesses of your internal controls. Then we take it a step further... we will make recommendations and assist you in the implementation of the accepted changes.

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Alex Pappas CPA, 502-C Red Banks Road, Greenville, NC 27858
Phone: (252) 227-4111 | Fax: | Email:
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