Audited Financial Statement/Balance Sheet

by Cynthia M. Adams, CEO, GrantStation.com

You should consider having a financial audit done at least once every two years by a Certified Public Accountant (CPA) or Independent Public Accountant (IPA).

The accountant will review your financial policies and procedures, as well as your financial statements. Your organization will then be issued a statement from the auditor either indicating that there are no problems, or identifying potential problems and perhaps making suggestions on ways to clean up these problems.

Most organizations will establish an audit committee to work with the auditor and staff throughout the audit process. The audit committee usually reports directly to the Board of Directors once the audit is completed.

However, the staff is responsible for providing all the needed documents, reports and other information that will help the auditor and the audit committee complete that task.

The objectives of an audit are to:

• Demonstrate that ethical standards and accountability are concerns taken seriously in your organization.
   
• Ensure that proper financial policies...