Somebody has asked you for audited financial statements and put a date on it. Tell us who is asking, which periods the report covers and when it is due. We will tell you which engagement that is before you sign.
The requester determines which engagement you need.
Your CHAR500 attachment depends on gross revenue and support: an audit, a review or an unaudited report.
Your financing agreement names the report, the framework and the date. Send us the clause.
If you spend federal awards, you may also need a Single Audit in addition to what New York requires.
Co-op boards, condo boards and nonprofit boards commission an audit to answer the people who elected them.
Under Regulation Crowdfunding, the statements you need depend on the offering amount and your issuer history. An investor may ask separately.
A licensing regulator, or the agency behind a City or State contract, can set its own reporting level.
A charity registered under Article 7-A files Form CHAR500 every year, and what it attaches depends on gross revenue and support. These thresholds apply to annual reports with an original or extended due date on or after July 1, 2021 (Executive Law §172-b).
| Gross revenue and support | What you attach to the CHAR500 |
|---|---|
| More than $1,000,000 | An independent CPA audit |
| More than $250,000, up to $1,000,000 | A CPA review |
| $250,000 or less | An unaudited financial report |
An organization that spends $1 million or more in federal awards during its fiscal year must have a Single Audit or program-specific audit, for fiscal years beginning on or after October 1, 2024 (2 CFR 200.501). The New York thresholds still apply.
A lender, an investor, a funding portal or your own bylaws can each require a different report, on a different date, under a different framework, whether or not you meet the Charities Bureau thresholds. Send us every requirement you are working to and we will scope our audit services around all of them.
For anyone asked for an audit, review or compilation of financial statements.
Reporting for boards, donors, funders and the Charities Bureau.
Boards and agents who owe their members an annual report.
Work tied to an investor, a portal or an offering.
Plan and trust audits are separate engagements from the employer's own audit.
Preparing your records for audit, testing grant or contract compliance, or investigating suspected loss.
The accounting services index lists every service the firm offers.
Send us the letter, loan covenant or bylaw that sets out the audit requirement, and we will scope the engagement.
A qualified opinion. New York requires statements filed with the CHAR500 to be prepared in conformity with GAAP (Executive Law §172-b). A qualified opinion means the auditor identified a material exception, which may require follow-up before you file.
An independence problem. A CPA may provide bookkeeping and perform an audit only when those services do not impair independence. The auditor cannot independently evaluate work its own firm prepared (Charities Bureau guidance). We assess that at acceptance.
The wrong engagement level. A review does not satisfy a requirement for audited financial statements. The audit has to be scoped and performed separately.
Build the timetable backwards from the deadline.
The date the engagement has to be agreed. We run independence checks before fieldwork starts.
The date your records will be ready. Ready means reconciled accounts and draft statements.
The date open questions have to close. Banks, lawyers and other third parties answer confirmations on their own schedule.
The date the recipient needs the report. The CHAR500 date or the covenant date. Tell us this one first.
An urgent deadline does not reduce the evidence we need before we sign the opinion.
We scope audit services against your file rather than from a price list. These details help set the quote:
We had a hard time finding an accountant to do our annual nonprofit audit for the State of New York but Dimov took us on and did the work quickly and accurately.
Non-profit financial audit went wonderfully. Eve was amazing to work with and so efficient.
We engaged George Dimov for an inception audit on our tech startup in preparation for equity crowdfunding. George and his team were excellent at communications and extremely efficient.
Whoever asked named a reporting period and a date. Send us those two things and the request itself, and we will tell you which audit services you need before you sign anything.