Financial Audit
Independent financial statement audits conducted under U.S. GAAS: built for private companies, nonprofits and community associations.
What Is a Financial Audit?
And who is required to have one.
A financial audit is an independent examination of your organization's financial statements, conducted by a licensed CPA under U.S. Generally Accepted Auditing Standards (GAAS).
The auditor issues a formal opinion on whether your financials are presented fairly and free of material misstatement.
It is the highest level of assurance available — above a review or compilation — and is required by funders, regulators, lenders, and state law depending on your organization type and size.
Per AICPA Professional Standards, AU-C Section 200 — Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards.
The auditor issues a formal opinion on whether your financials are presented fairly and free of material misstatement.
It is the highest level of assurance available — above a review or compilation — and is required by funders, regulators, lenders, and state law depending on your organization type and size.
Per AICPA Professional Standards, AU-C Section 200 — Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards.
Who needs one:
Private Companies — required by lenders, investors, or bonding companies as a condition of financing or contract awards.
Any organization expending $750K+ in federal funds — triggers a Single Audit requirement under Uniform Guidance.
Nonprofits — required by most state charity regulators when annual revenues exceed $500K–$750K depending on the state. Also required by many foundations and federal grantors.
HOAs & Condo Associations — required by state law in many states (Florida, California, etc.) when annual revenues exceed $500K. Often required by governing documents regardless of size.
Sources: 2 CFR §200.501 (Single Audit threshold); National Council of Nonprofits, State Nonprofit Audit Requirements; Florida Statute §718.111, California Civil Code §5305 (HOA audit thresholds).
How the Audit Process Works
From engagement to final report — here's what to expect.
From engagement to final report — here's what to expect.
Planning & Scoping
We review your organization's structure, accounting policies, and risk areas. We send you a prepared-by-client (PBC) list — a clear checklist of documents we need from you.
Fieldwork
Our team examines your financial records, tests transactions, verifies balances, and reviews internal controls. This can be done on-site or remotely.
Draft Financial Statements
We prepare a draft of your audited financial statements and share them with management for review. We deliver this within two weeks of completing fieldwork.
Management Review & Responses
You review the draft, ask questions, and provide any final clarifications. We address any findings or recommendations.
Final Report Issuance
We issue the signed auditor's report along with the complete financial statement package — ready for your board, funders, or regulators.
Total engagement typically runs 4–8 weeks from signed engagement letter to final report issuance, depending on organizational readiness.
Why Organizations Choose GreyWood
- Drafts in 2 WeeksMost firms take months. We deliver draft financial statements within two weeks of fieldwork completion — so you can close your books, satisfy your funders, and move on.
- Built for Your IndustryWe don't audit everyone. We specialize in nonprofits, HOAs, and private companies — meaning your team already understands your industry, compliance obligations, and stakeholder expectations before day one.
- Nationwide, No CompromisesHeadquartered in Richmond, VA — serving organizations across the country. Remote-first fieldwork with on-site availability when you need it. Same rigor, same standards, wherever you are.
Frequently Asked Questions
An audit provides the highest level of assurance — the auditor independently tests and verifies your financial statements. A review provides limited assurance through analytical procedures but no testing. A compilation simply presents financial information in the proper format with no assurance. Which one you need depends on your organization type, revenue, and what your funders or governing documents require.
Most engagements run 4–8 weeks from signed engagement letter to final report. The biggest factor is how quickly your organization can provide the documents on our PBC list. Well-prepared clients often finish faster.
Fees depend on the size and complexity of your organization. We provide a fixed-fee engagement letter upfront — no surprises. Contact us for a complimentary consultation and we'll give you a clear estimate within 15 minutes.
We provide a detailed Prepared-By-Client (PBC) checklist at the start of every engagement. Typically this includes bank statements, general ledger, trial balance, board minutes, contracts, and prior year financials.
Yes — we are a nationwide firm. We conduct fieldwork remotely or on-site across the U.S.
Absolutely. First-year audits require opening balance procedures but we handle that process and walk you through every step.
Get a Clean Opinion. On Time.
We'll assess your requirements and give you a clear recommendation within 15 minutes — at no cost.