As 2019 continues, the auditing profession has been working alongside of other professionals to ensure that the IRS’s Revenue from Contracts with Customers is implemented correctly. Savvy auditors know already the considerations needed for revenue recognition, and the Professional Company Accounting Oversight Board (PCAOB) has helped to provide information along the way.
Archive: March 2019
Certified Audits for Churches in Preparation for Loan
Is your church considering a new building or in the need of additional funds for church renovations? If your church or nonprofit religious organization (501(c)(3)) is preparing to obtain financing through a bank loan, odds are that the bank you are working with will require a certified audit of your finances to ensure compliance with generally accepted accounting principles (GAAP). Furthermore, a certified audit will further assert that your financial statements are accurately presented. Even when a bank doesn’t explicitly require an audit before a loan, having an external, certified audit for your church, conducted by a certified professional accountant, will increase the validity of your loan application and increase your organization’s chances of approval for the loan.