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Audit and Review Services

NONPROFIT

Financial Audits
At Johnson Block & Company, we devote a substantial portion of our practice to providing audit services to nonprofit organizations around the state of Wisconsin. An audit provides the highest level of assurance and includes a close examination of the financial statements and a review of the internal controls of the organization. Many grant agencies and often times state or federal regulation require audits of non-profits.

Compliance audit of state and local grant programs (single audits)
Depending on the level of funding and grant requirements, some organizations are required to complete compliance audits. These audits deal with the internal control and ensure that grantees are in compliance with all requirements of their funding agreements.

Program audits
Some organizations may not require a full financial audit, but a funding source may still require a program audit. This is an audit of a specific program of your organization and does not look at the financial information of the entire organization.  These types of audits ensure that the organization is in compliance with the funding source’s requirements for the year.

Reviews
JBC also provides a large amount of review services to non-profits in Wisconsin. A review is geared towards an organization that does not need an audit, but would still like some assurance that the financial statements are free of errors. Reviews consist primarily of analytical procedures and inquiries of management to ensure there are no known material misstatements in the financial statements.

Compilations
Compilations are less in scope than both audits and reviews. JBC can assist in the preparation of the notes and financial statements based on the information given to us by the management of the organization.

Agreed Upon Procedures
Agreed upon procedures are similar to program audits. Some organizations are small enough that they do not require a full audit but a funding source requires testing to be performed for certain accounts and transactions.

Federal and State tax returns
To maintain tax exempt status, non-profit organizations are required to file an annual Form 990 tax return. JBC can assist in determining which type of form 990 your organization is required to file and assist in the preparation of the form. In addition, some organizations are required to register with the Wisconsin Department of Regulation and Licensing. JBC can assist in determining if you are required to be registered with DRL, filing the application, and preparing the annual Form 1952 that is required to be filed.

 

GOVERNMENT

Financial Audits
At Johnson Block & Company, we devote a substantial portion of our practice to providing audit services to governments around the state of Wisconsin. An audit provides the highest level of assurance and includes a close examination of the financial statements and a review of the internal controls of the organization. Many grant agencies and often times state or federal regulation require audits of governments.
Single Audits
Depending on the level of funding and grant requirements, some organizations are required to complete compliance audits. These audits deal with the internal control and ensure that grantees are in compliance with all requirements of their funding agreements.

Reviews
JBC also provides a large amount of review services to non-profits in Wisconsin. A review is geared towards an organization that does not need an audit, but would still like some assurance that the financial statements are free of errors. Reviews consist primarily of analytical procedures and inquiries of management to ensure there are no known material misstatements in the financial statements.

Compilations
Compilations are less in scope than both audits and reviews. JBC can assist in the preparation of the notes and financial statements based on the information given to us by the management of the organization.

Agreed Upon Procedures
Agreed upon procedures are similar to program audits. Some organizations are small enough that they do not require a full audit but a funding source requires testing to be performed for certain accounts and transactions.

PSC Reports
JBC provides audit services to numerous PSC regulated utilities. Along with auditing the financial statements of the utilities, we can provide assistance preparing the annual reports required by the PSC for water and electric utilities.

PSC Rate Cases
When a utility raises its rates, a PSC rate case study is required under certain circumstances. JBC can provide assistance in compiling the information required for the rate case study, as well as providing support and representation when the rate case hearing is heard by the PSC.

DOR Reports
Municipalities are required to file a Form C with the Wisconsin Department of Revenue every year. JBC has extensive experience compiling the information for these forms and can assist in preparing and submitting the form along with other services that are performed.