Financial statements are summaries of financial data reported by the accounting system of an organization. This information reports the financial position of the organization on a certain date and states the results of operations and the sources and uses of cash for a specified period.

Jacobson Jarvis auditors work with non-for-profit organizations to produce financial statements which are consistent within accepted guidelines and include these standard elements:

• They are complete in reporting all rights and obligations and financial transactions
• All reported items should exist, or should have occurred
• Assets and liabilities should all be properly valued
• Certain required disclosures should be made

There are a variety of services that Jacobson Jarvis auditors provide related to financial statements. These range from compiling the statements from the accounting records of an organization to providing various levels of assurance about the accuracy and presentation format of the statements. The highest level of assurance is provided by an audit of financial statements.

An important service our auditors provide to nonprofit organizations is providing the assurance that the accounting information summarized in the financial statements is correct. This is done by developing, evaluating, and upgrading the internal checks and balances, based on the standards listed above.

A sustaining resource for
the not-for-profit community

Elements of an Audit

Financial Statements

Employee Benefit Plans

Cost Certification (Housing)

Grant & Contract Compliance (A-133 & Govt. Auditing Standards)