HR Shaikh Non Profit Auditors
HR Shaikh has required skill set and expertise in the area of non profit audit. Non profit audit is basically audit of non profit organizations. These organizations do not function with a profit motive. Their motto is service. They usually have funds that are used for various activities and they are accounted for in the books of accounts. These accounts are audited periodically. Non profit firms must consistently demonstrate where it receives its funds from, what happens with the funds, where do they go and what percentage of it is used in charitable work. According to the regulations there is no official requirement for nonprofit audit. But it is a practice amongst most non profit organizations to use audit in their bylaws. The annual audit is usually a statutory component for closing the fiscal year and showing that the organization spent the money that was donated by its donors according to the mission or guidelines of the organization.
HR Shaikh specializes on non profit accounting audits. All the information can be sought from this link http://www.hrshaikh.com/Services-Audit-a.html. There is a designate treasurer who maintains the books of a non profit organization. There are other members of the board who are co signors of a check. Some non profit organizations require financial secretaries to categorize all the deposits received according to how donations are designated then to deposit the funds. The auditor is usually an external consultant. The auditor is familiar with nonprofit accounting but usually does not take part in the money management. The auditor performs the actual audit and he requires input from the person in charge of the books, the treasurer and the financial secretary.
For income, the audit essentially reviews procedures so as to ensure that there is a two person system is used to count out cash correctly and deposit it into the exact sub-accounts. The money in a non profit organization is usually accrued through donations or granted for specific purposes hence these funds must be categorized upon receipt. It is the job of the auditor such as HR Shaikh to confirm that the expenditure that is incurred is legitimate. The auditor uses all available information such as minutes of the meetings and approved budgets to determine of all the money spent received proper authorization. The auditor also reviews expense receipts provided by the member of the non profit or anyone who is using his own funds in order to purchase something for a specified budget. All receipts should be equal to the money reimbursed as approved by the organization’s board. Non profit organizations need to have an open book policy which makes it easier for scrutiny and examination. The job of an auditor such as HR Shaikh is to validate the money trail.
HR Shaikh is equipped with the personnel who have the experience and expertise to carry out the non profit audit in a smooth and cost effective way. They are accurate and timely. All the required details about HR Shaikh’s audits can be found at http://www.hrshaikh.com/Services-Audit-a.html