The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: Financial Statements

How Your Not-for-Profit’s Internal and Year-End Financial Statements Can Differ

Sonia Freeman
By Sonia Freeman on Posted in Tax and Accounting Desk

Do you prepare internal financial statements for your board of directors on a monthly, quarterly or other periodic basis? Later, at year end, do your auditors always propose adjustments? What’s going on? Most likely, the differences are due to cash basis vs. accrual basis financial statements, as well as reasonable estimates proposed by your auditors… Continue Reading

Three Audit Issues to Understand When Preparing Your Nonprofit’s Financial Statements

Chip Schweiger
By Chip Schweiger on Posted in Tax and Accounting Desk

Annual financial statements that have been audited by a professional auditor can help assure funders and lenders that your not-for-profit is financially sound. Here are three critical audit issues to understand when preparing financial statements: 1. The auditor’s role Auditors are responsible for expressing an opinion on financial statements. Beyond that, they’re responsible for obtaining… Continue Reading