Metz Professional Phoenix AZ Accountants: Nonprofit Audits | GAQC Compliant Not for Profit Services
Our Not-for-Profit Accountants Provide Economical Grant and Contract Compliance Nonprofit & Professional Audits
Governmental Audit Quality Center - Our firm is a member of the Governmental Audit Quality Center (GAQC), sponsored by the American Institute of Certified Public Accountants. The Center is a voluntary membership Center for nonprofit capable CPA firms that perform nonprofit audit and nonprofit attestation engagements under Government Auditing Standards and OMB Circular A-133. As a member of the GAQC, our nonprofit accountants are committed to performing the highest quality nonprofit & professional audits. We demonstrate our commitment by voluntarily agreeing to adhere to the Center's significant membership requirement. Our years of experience with nonprofit audit services means you can trust our nonprofit accounting team to get it done right. We are very proud that our nonprofit services allow us to help our community.
Independent External Audit - A nonprofit audit helps organizations comply with significant grantors’ compliance requirements, board of directors' requirements or lenders' debt covenants. A nonprofit audit provides these audiences with the highest level of assurance through methodical nonprofit review of the financial statements.
Federal awards come with many compliance requirements, many of which are included by reference to Circulars published by the Office of Management and Budget (OMB). Some of the most important of these publications are the following:
- OMB Circular A-133 Audits of States, Local Governments, and Nonprofit Organizations (also the A-133 Compliance Supplement)
- OMB Circular A-122 Cost Principles for Nonprofit Organizations
- OMB Circular A-110 Uniform Administrative Requirements for Grants and Agreements with Nonprofit Organizations
Recipients of federal awards must be aware of their responsibilities in the following areas:
- Separate identification of the award expenditures in the organization's accounting system
- Detailed time reports for employee costs charged to federal awards
- Internal controls over the program for which the federal award was received
- Compliance with laws, regulations, and provisions of the award agreement
- Reporting and audit requirements
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