Mallory Vincent, CPA •
With the possibilities of compiled, reviewed, and audited financial statements, it can be difficult to determine the level of CPA audit and assurance services that are the best fit for your Organization and your role in the process. External financial statements could be mandatory due to a state, bank, and/or funding source requirement. For example, the state of New Hampshire sets audit requirements for Non-Profit Organizations (NPOs) – the audit threshold for NH Charitable Organizations (effective August 6, 2022) is gross annual revenues of $2 million or higher. Just over the border in Massachusetts, NPOs with gross revenues of $500,000 or more are required to have an audit. Additional requirements may be applicable depending on the type of industry in which your Organization operates, its location, and its specific activities.
With the possibilities of compiled, reviewed, and audited financial statements, it can be difficult to determine the level of CPA audit and assurance services that are the best fit for your Organization and your role in the process. External financial statements could be mandatory due to a state, bank, and/or funding source requirement. For example, the state of New Hampshire sets audit requirements for Non-Profit Organizations (NPOs) – the audit threshold for NH Charitable Organizations (effective August 6, 2022) is gross annual revenues of $2 million or higher. Just over the border in Massachusetts, NPOs with gross revenues of $500,000 or more are required to have an audit. Additional requirements may be applicable depending on the type of industry in which your Organization operates, its location, and its specific activities.