Do You Really Need An Audit?

Potential *cost saving tip* Instead of a full blown audit (unless required by certain state laws, federal agencies, funding sources and/or for certain revenue thresholds), many clients in specific revenue ranges will opt for a financial review ahead of growing into a full financial audit.

This process is still completed by a CPA and utilizes records and financial statements from your organization, but isn't as thorough or intensive as an audit, and therefore the cost of the process is significantly reduced as well (typically between 40% and 60% of a financial audit). It provides insight and awareness, however, and therefore serves a purpose.

Both have a place, but one tends to be lesser known than the (also valuable for its purpose) full audit. We have clients who partner with their auditor to complete both, based on respective need/revenue size.