We understand nonprofit reporting.
From grant revenue and donor restrictions to net asset classifications, we know nonprofit financial statements aren't the same as business financials.
Nonprofit Financial Statement Audits.Clear Fees. Less Stress.
Meet your board, funder, and reporting requirements with experienced CPAs and a clear audit plan.
FREE
Nonprofit Audit Readiness Review
Nonprofit Audit Readiness Review
A $500 value. Discuss your requirements, timeline, and next steps before committing.
Your information is private and will never be shared.
GreyWood CPA PLLC is a member of the American Institute of Certified Public Accountants — the national professional organization setting the standards for the accounting profession.
Licensed by the Virginia Board of Accountancy as a certified public accounting firm — Firm License #134961 — authorized to practice public accounting nationwide.
WHY GREYWOOD
Your mission is complicated enough. Your audit process shouldn't be.
Nonprofit teams already juggle programs, funding, board responsibilities, and reporting deadlines. We make the audit process easier to navigate, with experienced professionals, defined expectations, and less guesswork.
Get My Free Audit Review →Experienced CPAs, directly involved.
Work with senior professionals who understand your requirements and can answer questions throughout the engagement.
Fixed fees you can budget for.
Get a defined scope and fee upfront, so you can plan for the engagement without unnecessary financial uncertainty.
Less disruption to your team.
One organized document request list helps your staff prepare records and spend less time figuring out what's needed next.
Guidance on what you actually need.
Not sure whether your board or funder requires an audit, review, or compilation? We'll help you understand the distinction.
Built around your reporting deadline.
We discuss timing and document readiness upfront, so your team can plan around important reporting and funding dates.
YOUR AUDIT TEAM
Meet the Team Behind Your Audit
Work with experienced professionals who understand nonprofit financial reporting, funding requirements, and the importance of meeting board and grant deadlines.
Manbir Sidhu, CPA
Founder & Audit Partner
Leads audit and assurance engagements and works directly with clients on complex reporting and compliance requirements.
EXPERTISE
Audit & Assurance · GAAP Reporting · Nonprofit ·
HOA · Internal Controls
David Collins
Head of Nonprofit & HOA Assurance
Leads audit and assurance engagements for nonprofits and HOAs, with a focus on efficient fieldwork and reliable reporting.
EXPERTISE
Nonprofit Audits · HOA Audits · Fund Accounting ·
Reserve & Budget Analysis
Michael Reed
Head of Private Assurance
Works with private companies that need audited financial statements for lenders, investors, transactions, and other reporting requirements.
EXPERTISE
Private Company Audits · GAAP Reporting ·
Compliance Reporting
Laura Mitchell
Head of Bookkeeping & Tax
Supports clients with accurate, well-organized financial records to help keep reporting and audit preparation on track.
EXPERTISE
Accounting · Bookkeeping · Financial Reporting ·
Reconciliations
OUR PROCESS
From reporting requirements
to a signed audit report.
A structured process that helps your team prepare, keeps requests organized, and gives your organization visibility into the work ahead.
01
Understand Your Requirements
We discuss why you need the audit, who's requesting it, your reporting deadline, and the financial records available.
02
Plan & Prepare
We establish the scope, fee, and timeline, then provide a document checklist covering the records needed for fieldwork.
03
Complete Audit Fieldwork
We assess risks, test relevant transactions and balances, and evaluate financial reporting controls, coordinating questions with your team.
04
Finalize Your Report
We discuss findings and draft financial statements, resolve outstanding items, and issue the signed report when the audit is complete.
WHAT'S INCLUDED
What does a nonprofit financial statement audit examine?
Nonprofit financial statements come with distinct accounting and reporting considerations. Our audit procedures are tailored to your organization's activities, risks, and applicable financial reporting framework.
Contributions & Grant Revenue
Testing relevant contributions, grants, and revenue recognition, including applicable conditions and restrictions.
Restricted & Unrestricted Net Assets
Examining how net assets are classified and how donor restrictions are tracked and released, where applicable.
Program & Functional Expenses
Reviewing expense classifications and allocation methods across programs, management, and fundraising activities.
Internal Financial Controls
Understanding controls over cash, disbursements, payroll, approvals, and financial oversight to plan audit procedures.
Balances & Financial Activity
Testing selected transactions, balances, estimates, and supporting records based on assessed audit risks.
Financial Statements & Disclosures
Evaluating financial statement presentation and disclosures under the applicable accounting framework, including nonprofit-specific requirements.
CLIENT STORIES
What our clients say.
“We needed an audit to meet our nonprofit reporting requirements, and GreyWood understood nonprofit compliance in a way our previous auditors didn't. They were meticulous with our financials and made the process straightforward, and we finished with everything in order for our filings. It felt like they actually cared about the work, not just the invoice.”
“We needed a CPA review of our financial statements, and GreyWood understood how a small education nonprofit like ours operates. They made the process clear and manageable for our team, and delivered a review we could confidently share with our board and supporters. We're glad to have found a firm that treats nonprofits like a priority.”
“We had a hard 4-week deadline for a full audit, and I wasn't sure any firm could turn it around that fast. Greywood delivered in 3 weeks, kept me updated at every step, and there was no back-and-forth nonsense. We met our deadline with time to spare, which is exactly what a founder needs.”
“We needed a CPA review of our financial statements for our surety bonding. I've worked with CPAs who overcomplicate everything, but Greywood was straightforward and professional, and they delivered a review our surety could work with. I'd use them again without hesitation.”
CHOOSING THE RIGHT SERVICE
Does your nonprofit need an audit, review, or compilation?
Not every nonprofit needs a full financial statement audit. The right service depends on your board, funder, lender, regulatory, and other reporting requirements.
| Audit | Review | Compilation | |
|---|---|---|---|
| Level of assurance | Reasonable assurance | Limited assurance | No assurance |
| Work performed | Risk assessment, substantive testing, and other audit procedures | Primarily inquiries and analytical procedures | Assistance presenting financial information |
| CPA report | Independent auditor's opinion | Independent accountant's review report | Accountant's compilation report |
| Independence | Required | Required | Not required; lack of independence disclosed |
| When it may be requested | Regulatory, grant, lender, or board requirements | Certain funder, lender, or board requirements | Internal or specified third-party reporting |
Not sure what your organization requires?
Ask About My Requirements → Share the request from your funder, lender, or board. We'll help you understand which service fits.
FAQ
Common Nonprofit Audit Questions
Answers to help your organization plan its next steps.
Is our nonprofit required to have an audit?
Not every nonprofit is required to have an annual audit. Requirements depend on factors such as state regulations, federal award expenditures, funding agreements, and board policies. We can help you review what's being requested and determine the appropriate engagement.
How much does a nonprofit financial statement audit cost?
Audit fees depend on your organization's size, revenue sources, financial complexity, record readiness, and reporting requirements. We provide a defined scope and fixed-fee proposal before the engagement begins.
How long does a nonprofit audit take?
Many engagements take approximately 4–8 weeks, depending on complexity, document readiness, and the availability of your team and third parties. If you have a grant, board, or filing deadline, tell us during the initial call so we can discuss a realistic timeline.
What if this is our nonprofit's first audit?
First-time audits are common. We explain the process, provide a document checklist, and identify any additional procedures needed for opening balances or prior-period information. You don't need to know every audit requirement before contacting us.
What documents should we prepare?
Typical requests include your trial balance, general ledger, bank reconciliations, grant agreements, contribution records, payroll reports, board minutes, financial statements, and supporting schedules. Your specific checklist will depend on the engagement.
Is a financial statement audit the same as a Single Audit?
No. A financial statement audit focuses on the financial statements. A Single Audit includes additional requirements related to federal awards under Uniform Guidance. If your organization receives federal funding, we can discuss your requirements and whether a separate Single Audit engagement is necessary.
Will an audit help us demonstrate accountability to donors and our board?
An independent audit provides reasonable assurance about whether the financial statements are fairly presented under the applicable reporting framework. It can support transparency and accountability, although it does not guarantee the detection of every error or fraud.
Can the audit be completed remotely?
Many audit procedures can be performed remotely using secure document sharing and virtual meetings. Whether any on-site work is needed depends on your organization and the scope of the engagement.
READY WHEN YOU ARE
Let's get your nonprofit audit moving.
Have a reporting deadline, grant requirement, or board request coming up? Tell us what your organization needs. We'll help you understand the scope, timing, and next steps before you commit.
Get My Free Audit Review →