Our lender or bank asked
Your financing agreement names the report, the framework and the deadline. Send us the clause before you commission the work.
Audit services in New Jersey
Your lender, your buyer, your funder or your state registration can each ask for a different report. Send us the one you received and we confirm the level.
Who is asking for your audited statements?
The recipient sets the level. Start with the situation that matches yours.
We are selling, raising money or bringing in a partner
A buyer, an investor or a partnership agreement can each require audited statements, and a due diligence review is a different engagement again.
A funder or grantmaker asked
A grantmaker sets its own reporting conditions in the agreement. Spend $1,000,000 or more in federal awards in a fiscal year and you also need a single audit or a program-specific audit, for fiscal years beginning on or after October 1, 2024 (2 CFR 200.501). Send us the agreement and we read its audit clause.
Our state charity registration requires it
New Jersey requires a certified audit with the CRI-300R renewal once a charity’s gross revenue passes $1,000,000, excluding non-monetary in-kind gifts, and accepts a report certified by an authorized officer below that (NJ Charities Registration). Pennsylvania requires audited statements at $750,000 in gross annual contributions, counted from every state (BCO-10 instructions). Send us last year’s figures and we work out where each state puts you.
Our bylaws or governing documents require it
Your own documents can require more than either state does, so read them before you book anything.
It is our first audit, or we are changing auditors
Opening balances, prior-year records and predecessor information all affect the timetable. Start the conversation early.
Send us the request and we confirm which report answers it.
Audit vs review vs compilation: which report will the recipient accept?
The recipient decides, and different recipients accept different levels for the same organization in the same year.
High assurance
Audit.
We examine the statements and give an opinion, at a high level of assurance.
Limited assurance
Review.
We ask questions and run analytical procedures, then give a conclusion, at a limited level of assurance.
No assurance
Compilation.
We put your statements into proper form with our report, and give no assurance.
Get each recipient’s requirement in writing. If they differ, one engagement at the highest level can serve them all.
Registered in New Jersey and Pennsylvania?
The two states measure different things, so the same charity can owe an audit in one and an officer's certification in the other. Take a charity with $800,000 in ordinary cash gifts: no government grants, no event or gaming revenue, no in-kind gifts and no program income.
| Charity with $800,000 in ordinary cash gifts | What the state requires |
|---|---|
| Pennsylvania, Form BCO-10 | Audited statements |
| New Jersey, CRI-300R renewal | A report certified by an authorized officer |
One audit can serve both filings. If a one-time bequest or a capital campaign is what takes you over the New Jersey threshold, you can apply to the Division for a one-time exemption from the audit requirement. Send us last year’s totals for each state and we plan the engagement around the stricter rule and the earlier deadline.
Can the firm that keeps your books also audit them?
Sometimes.
Bookkeeping, payroll and tax preparation for the same client each need an independence assessment before we take on the audit. We run that assessment at acceptance and tell you the answer before you commit, and if our other work for you rules us out, we say so.
Which audit services do South Jersey organizations request?
Match the request you received to one of these engagements.
Levels of assurance
Choose the level your recipient names.
- Financial statement audit
- Financial statement review
- Compilation
- Agreed-upon procedures
Charities and nonprofits
Filings in New Jersey and Pennsylvania, plus donor and funder requests.
- CRI-300R charity audit
- BCO-10 audit and review
- Nonprofit audit
- Private foundation audit
- Church audit
Privately held businesses
Requests tied to a lender, a buyer or a partner.
- Lender covenant audit
- Audit before a sale
- Partnership agreement audit
- Franchise audit
Records and reporting
Getting the books ready, and the work we do alongside an audit.
You will find every other service on the full services list.
Raising money in both states?
Send us last year’s contribution totals for New Jersey and Pennsylvania, and we map each filing to the report it needs.
What drives the fee for an audit?
We price audit services on the work the evidence needs:
- 01The number of funds, grants and bank accounts
- 02How clean the books are at year end
- 03Whether a prior audit exists to build on
- 04How many filings the report has to serve, and their deadlines
Send the request and your latest statements, and we scope it in writing.
Ask a South Jersey CPA which report you owe
Send us what you were asked for, your latest figures and your fiscal year end. We confirm which of our financial statement audit services answers it before you commit.