Author Articles
Audit, tax, and advisory resources from our team.
Nonprofits are often required to undergo financial evaluations, but not all evaluations are the same. The two most common types are audits and reviews—and while they may seem similar, they differ significantly in terms of scope, cost, and the level of assurance they provide.
For most 501(c)(3) nonprofit organizations, the IRS can audit up to three years into the past. This standard audit window—known as the statute of limitations—typically starts from the date the nonprofit filed its Form 990 or the due date of the return, whichever is later. However, this three-year rule comes with important exceptions that nonprofits should be aware of.
Nonprofit audits may seem intimidating at first glance, but they serve as powerful tools for financial transparency and accountability. Whether required by funders or pursued voluntarily, an audit conducted by an independent Certified Public Accountant (CPA) can significantly strengthen a nonprofit’s credibility and financial health.
You've probably felt that sinking feeling when someone mentions "financial statement requirements" for your Maryland business. The immediate assumption? You need an expensive, time-consuming audit that will drain your resources and delay your plans. I encounter this misconception weekly in my practice - business owners convinced they need comprehensive audits when compiled financial statements Maryland compliance requirements would serve them perfectly.
During a compilation, a CPA assists management in presenting financial information in the form of financial statements without providing any assurance on that information. The accountant reads the compiled financial statements to look for any inaccuracies or material errors based on the information supplied.
Managing an HOA requires ensuring financial accuracy and compliance to protect the community and build trust. At Dimov Audit, we guide board members and managers through this often complex process. This guide covers everything you need to know about HOA audit requirements, including triggers, preparation, and the value of expert CPA support.
Cryptocurrency use is widespread, but so is IRS scrutiny. Navigating 2025 crypto tax rules is complex and crucial for investors, traders, and businesses. Dimov Audit specializes in crypto tax compliance, helping you stay compliant and avoid IRS issues.
Tax-exempt bonds are vital for affordable housing, but securing 4% LIHTCs requires passing the '50% test.' This strict benchmark mandates that at least 50% of the development's eligible basis (land and assets) be financed by tax-exempt bond proceeds. Failing this test results in a total loss of credits.
In group audits, where multiple components such as subsidiaries or divisions are audited, the group auditor may involve other auditors to assist with the work. One common question is whether a component auditor is considered part of the engagement team. The answer depends on several factors, including the level of involvement, oversight, and integration into the group audit process.
In accordance with the FCIAA, each state agency in Illinois must develop internal controls and submit an annual certification form. Internal auditing transforms this from a theoretical exercise into practical oversight. By evaluating risk, conducting control assessments, and tracking issues, auditors provide the necessary evidence to submit a credible FCIAA certification.
The FCIAA is a statutory mandate for Illinois agencies, requiring strict asset protection and annual certification. Noncompliance is more than a paperwork oversight; it signals accountability failures and exposes agencies to reputational harm, audit flags, and potential legal scrutiny.
Annual fiscal audits may not arrive with a dramatic entrance. But their impact lingers. Audit readiness concept reflects a disciplined financial culture, whether it's a nonprofit under a government fiscal audit or a business reviewed by a third-party CPA firm. The objective is simply to demonstrate accuracy, not scramble to find missing records.
