Everything You Need to Know About Broker Dealer Audits
When you receive a medical diagnosis, as well as a recommendation on how to proceed with the diagnosis, you should seek a second opinion from a trusted healthcare source before you move forward. As a nonprofit organization, you should receive a second opinion on your organization’s finances in the form of receiving broker dealer audit services. At Ernest Winnter & Associates (EWA), our team of Certified Public Accountants (CPAs) deliver several different types of broker dealer audit services to help your business or nonprofit remain financially healthy, as well as comply with the regulations established by the Securities Exchange Commission (SEC).
Here are a few of the audit services provided by Ernst Winnter & Associates:
Verify Revenue Sources
The SEC wants to know where nonprofit organizations receive their donations for two important reasons. First, the confirmation of revenue sources ensures your nonprofit remains a financially viable organization. Second, the federal government wants to match every donation with every tax donation taken by businesses and individuals. We perform a comprehensive audit of your books to verify every source of revenue as part of our broker dealer audit services. You can expect our team of CPAs to examine bank-deposited checks, as well as monthly bank statements.
Review Accounts Payable
Nonprofit organizations share one major financial mistake: They do not account for every bill. EWA offers broker dealer audit services that reveal every bill to prevent your organization from falling into the red. We ask questions to determine who your regular creditors are in addition to accounting for one-time bills such as the fee paid to form a nonprofit organization. Since most nonprofit organizations operate on razor-thin budgets, just forgetting to pay one bill on the accounts payable ledger can lead to financial losses.
Examine Financial Statements
Nonprofit organizations are required by law to submit accurate financial disclosure statements for state and federal government agencies to conduct reviews. If your nonprofit submits inaccurate financial disclosure statements or you fail to meet the deadline for filing various financial disclosure statements, your nonprofit organization runs the risk of losing its non-exempt status. EWA examines your financial disclosure statements by following Generally Accepted Accounting Principles (GAAP).
Regulation Compliance
Because of their tax-exempt status, nonprofit organizations receive plenty of scrutiny from state and federal regulators. Part of our broker dealer audit services involves ensuring our clients comply with all government regulations. Our CPAs help your nonprofit meet every deadline, as well as strictly follow the requirements established by the appropriate monitoring agencies. Penalties for regulatory noncompliance range from minor fines to the stripping of a nonprofit organization’s charter.
Broker Dealer Audit Services Help Your Organization Stay in Business
Hiring a company that provides broker dealer audit services is much more than a necessary expense. Broker dealer audit services help your organization remain financially healthy and comply with every type of government regulation. However, do not just take our word for it. We encourage businesses and nonprofits to review every financial review document signed by our team of CPAs.