Or, do you need the confidence that a CPA looked at your church’s books?
The term “audit” has been used in church circles to refer to having an CPA look at the books, exercise their professional judgment, and give accounting support. In the world of CPAs, a traditional audit requires many regulations and procedures that we have found many churches and nonprofits do not benefit from. We at Wisdom have found another option: Financial Statement Preparation.
A Financial Statement Preparation, or FSP, allows CPAs to prepare financial statements for their clients, using professional judgement that the financial statement reports are adequate for third party users such as bankers, donors, members, etc.
A FSP is an alternative for many churches who traditionally have been financially burdened by a CPA style report. Audits are regulated by the AICPA and impose procedures and regulations many churches do not need. Audit pricing can be inflated to reflect those inflated standards and procedures. A Financial Statement Preparation cuts this price tag, making CPA reports available to churches at a fraction of the cost.
As your partner in ministry, Wisdom wants your church to be able to have what you need in an accounting engagement and not be burdened by additional standards, procedures, and fees required for engagements such as audits, reviews, and compilations.
We would love to talk with you to see if a Financial Statement Preparation from Wisdom is what you have been looking for. Contact us here.
Reposted from original January 18, 2021
