Audits

Reinhart & Company CPA's prepares audits for over 50 nonprofit organizations and municipalities in the Tri-County Area.

This area of our firm is quickly growing due to the quality of our audits and communication with the Board via management suggestion letters and financial statement presentations.

Boards have Fiduciary Responsibility!
Did you know that a Board Member could be held responsible for unpaid payroll taxes, theft and fraud?

A quote from one of our early U.S. Presidents acknowledges this responsibility when he said,

"When a man assumes a public trust,
he should consider himself as public property."

President Thomas Jefferson, 1743-1825


Our firm meets the necessary qualifications to perform "Yellow Book" audits required for some municipalities and non-profit organizations.

Our firm successfully passed eight independent Peer Reviews with the highest score possible.


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Our experience combined with our philosophy that each client is unique requires a fresh new approach to each and every audit.

Clients who have implemented some of our suggestions saved thousands of dollars from reduced costs or increased income.

What is an Audit?

The Auditor is NOT responsible for...

What an Audit does Not do -


Our experience combined with our philosophy that each client is unique requires a fresh new approach to each and every audit.

Reinhart & Company CPA's recognize that most Boards are comprised of volunteers who are neither experts nor are trained in the municipal and non-profit accounting arena. Our audits involve an in-depth understanding of the client's operations and internal controls. We perform walk-throughs of various accounting elements - cash disbursements, cash receipts, and payroll. We look at personnel policies and test health insurance, vacation, sick days and other employee benefits. We review insurance policies including deductibles, coverages and asset listings, as well as worker's compensation. We analyze fundraising income and expenses to determine how fundraising income is being reported and if the fundraising activity is producing the anticipated results.

Clients who have implemented some of our suggestions saved thousands of dollars from reduced costs or increased income.

Each engagement conducted by Reinhart & Company CPA's is concluded with a comment and suggestion letter addressed to the Board highlighting those items discovered during the audit process.
This letter is designed to aid the Board in making decisions to improve the efficiency and effectiveness of their Organization.

What is an Audit?

An Audit include the expression of an opinion about whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. Reinhart & Company CPA's audits are conducted in accordance with auditing standards generally accepted by the United States of America and include tests of your accounting records and other procedures we consider necessary to enable us to express such an opinion. Audit procedures include tests of documentary evidence supporting the transactions recorded in the accounts, tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Audits involve judgment about the number of transactions to be examined and the areas to be tested. Audits obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the Organization or to acts by management or employees acting on behalf of the Organization.

Because audits are designed to provide reasonable, but not absolute, assurance and because audits do not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected.

In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements.

The Auditor is NOT responsible for...

  • Making Management decisions
  • Designating an individual with suitable skill, knowledge, or experience to oversee any
    bookkeeping services, tax services, or other services we provide
  • Evaluating the adequacy and results of the services performed
  • Accepting responsibility for such services
  • Establishing and maintaining internal controls, including monitoring ongoing activities

What an Audit does Not do -

An audit cannot be relied upon to disclose errors, fraud, or illegal acts that may exist. However, Reinhart & Company CPA's will inform the appropriate level of management of any material errors, and of any evidence of information that comes to our attention during the performance of our audit procedures, that fraud may have occurred. In addition, we will report to you any evidence or information that comes to our attention during the performance of our audit procedures regarding illegal acts that may have occurred, unless they are clearly inconsequential. We have no responsibility to identify and communicate deficiencies in your internal control as part of the audit.

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Audits can be a good experience.
Inefficiencies are discovered and problems are uncovered.
So call Reinhart & Company CPA's to discuss having us prepare your next audit.