Audit and Financial Reporting
An independent audit tells your board, funders, lenders, and the public that your financial statements can be relied on. SHA provides financial statement audits, reviews, and compilations, with deep experience in government and nonprofit reporting.
Who this is for: governments that must issue audited financial statements, nonprofits whose funders, grant agreements, or bylaws require an audit, and businesses that need statements for lenders, investors, or owners.
Government audits. We audit cities, towns, counties, and public authorities and districts, with financial statements prepared under Governmental Accounting Standards Board (GASB) standards and audits performed under Government Auditing Standards when required.
Nonprofit audits. We audit charities, foundations, associations, and other not-for-profits, with attention to net asset classifications, donor restrictions, functional expenses, and the grant terms that shape your reporting.
Choosing the right level of service
| Service | Level of assurance | Often used when | What you receive |
|---|---|---|---|
| Audit | Reasonable assurance | Required by law, a funder, a grant, a lender, or your board | An auditor’s opinion on the financial statements, plus communications to management and those charged with governance |
| Review | Limited assurance | A funder or lender wants outside review but not a full audit | An accountant’s review report based mainly on inquiry and analytical procedures |
| Compilation | No assurance | You need statements in proper form for internal or limited outside use | Financial statements prepared by a CPA, with a compilation report |
The right level depends on who will read your statements and what they require. If you are unsure, we can help you review your grant agreements, loan covenants, and bylaws to find out.
What you can expect: a planning conversation, an early document request list, regular updates during fieldwork, and a closing discussion of results and any recommendations with management and your board or audit committee.
Discuss an Audit →
Single Audits
A Single Audit is required when an organization spends $1,000,000 or more in federal awards in a fiscal year beginning on or after October 1, 2024. (For earlier fiscal years, the threshold was $750,000.) SHA performs Single Audits for governments and nonprofits and helps you prepare well before fieldwork begins.
What a Single Audit includes. A Single Audit combines a financial statement audit with a compliance audit of your federal programs under the federal Uniform Guidance (2 CFR Part 200, Subpart F). It includes:
- An audit of your financial statements under Government Auditing Standards.
- An audit of the Schedule of Expenditures of Federal Awards (SEFA).
- Testing of internal controls and compliance for your major federal programs, guided by the OMB Compliance Supplement.
- Reports on internal control and compliance, including any findings and questioned costs.
Federal funds count even when they pass through someone else. Awards received through the State of Alabama, a county, or another nonprofit as a subrecipient generally count toward the threshold.
Deadlines matter. The completed reporting package must be submitted to the Federal Audit Clearinghouse within 30 days of receiving the auditor’s report, or nine months after the end of your fiscal year, whichever comes first. Late or incomplete filings can affect your eligibility for future federal funding.
How we help you prepare:
- Confirm whether a Single Audit applies and which programs are likely to be major programs.
- Review your SEFA for completeness and correct Assistance Listing numbers.
- Identify documentation the auditor will test, such as procurement records, time and effort reports, and subrecipient monitoring files.
- Follow up on prior-year findings and support your corrective action plan.
Grant Compliance and Management
Grant funding comes with rules about how money is spent, documented, and reported. SHA helps governments and nonprofits put the systems in place to meet those rules, so you can protect current awards, pass audit testing, and compete for new funding.
Who this is for: organizations receiving their first federal or state award, organizations growing quickly through grants, and anyone who has received audit findings related to grant compliance.
How we can help:
- Review grant agreements and translate requirements into practical procedures for your team.
- Develop or update the written policies federal awards require, including procurement, financial management, and conflict of interest policies.
- Set up accounting so each grant’s revenue and expenses are tracked separately and accurately.
- Review costs for allowability and support documentation of time and effort.
- Support budget-to-actual monitoring, drawdowns, and financial reports to funders.
- Help establish subrecipient monitoring when you pass funds to other organizations.
- Prepare for monitoring visits, Single Audits, and grant close-out.
Why it matters: strong grant management makes your audit go more smoothly, reduces the risk of disallowed costs, and shows funders you are a reliable steward of their money.
Discuss Grant Compliance →
Fractional CFO Services
A fractional CFO gives your organization experienced financial leadership on a part-time or project basis, for a fraction of the cost of a full-time executive. SHA’s fractional CFO services help nonprofits, public entities, and growing businesses plan ahead, report clearly, and make decisions with better information.
Who this is for: organizations that have outgrown basic bookkeeping, are between finance leaders, are preparing for growth or a major grant, or need a board-ready financial picture each month.
What a fractional CFO can do for you:
- Build and monitor annual operating and grant budgets.
- Forecast cash flow so you can plan for reimbursement-based grants and seasonal gaps.
- Prepare monthly or quarterly financial reports your board and funders can understand.
- Strengthen internal controls and month-end close processes.
- Coordinate audit preparation and serve as a point of contact for your auditors.
- Advise leadership on financial strategy, reserves, and long-term planning.
A note on independence: professional standards limit the nonaudit services a firm can provide to its own audit clients. When you work with SHA for both, we scope the services so your audit remains independent, and we will tell you if a different arrangement is needed.
Discuss Fractional CFO Services →
Board Governance and Training
Board members carry legal and fiduciary responsibility for an organization’s finances, but many have never been taught how to read a set of financial statements. SHA provides practical training that helps boards, finance committees, and audit committees ask the right questions and carry out their oversight with confidence.
Who this is for: nonprofit boards, governing bodies of public entities, new board members, and finance or audit committees.
Topics we can cover:
- How to read your statement of financial position, activities, and cash flows.
- What the audit opinion, management letter, and any findings mean, and how to respond.
- The role of the audit committee and how to work with your auditors.
- Internal controls and the board’s role in preventing fraud and misuse of funds.
- Budgets, reserves, and the financial questions every board meeting should address.
- Financial oversight of grants and restricted funds.
Training can be delivered at a board meeting, a retreat, or an onboarding session, and tailored to your organization’s statements and priorities.
Discuss Board Training →
Internal Audit Support
Internal audit helps leadership and governing bodies confirm that controls are working and resources are protected. SHA provides outsourced and co-sourced internal audit services for defined assignments.
- Outsourced: SHA performs the internal audit work for you.
- Co-sourced: SHA adds expertise or capacity to your existing internal audit function.
These arrangements are useful when you need specialized knowledge, extra hands during a busy period, or an objective look at a specific area such as payroll, procurement, or cash handling. Internal audit support is separate from an independent financial statement audit.
Discuss Internal Audit Support →Tax Planning
The best time to address taxes is before decisions are made, not after the year ends. SHA provides tax planning for individuals and businesses so you understand the implications of changes in income, business activity, or personal circumstances while you still have options.
Our team keeps current with tax law and applies it to your specific situation. Planning during the year complements return preparation by looking at the decisions behind the return.
Discuss Tax Planning →
Tax Preparation
SHA prepares federal and state returns for individuals, businesses, and nonprofit organizations, with fees based on the complexity of the work.
- Individual federal and state returns, including state returns beyond Alabama.
- Corporate income tax returns.
- Partnership returns.
- Nonprofit information returns (Form 990 series).
- Payroll tax filings.
- Sales tax filings.
For nonprofits, Form 990 is a public document that donors, grantmakers, and watchdog sites review. Careful preparation helps your return tell an accurate story about your mission and finances.
Discuss Tax Preparation →
Payroll Services
Payroll mistakes affect your employees, your tax filings, and your records. SHA helps businesses and organizations design and implement controls for a reliable payroll system, and provides payroll-related accounting and tax support.
Our work can include employee and subcontractor payments, payroll journals, tax deposits, and payroll tax preparation. Each engagement defines which payroll responsibilities are included.
Discuss Payroll Services →
General Accounting
Accurate, timely records are the foundation of every good financial decision and every clean audit. SHA provides general accounting services that support your reporting and day-to-day financial management.
- Financial statement preparation.
- General ledger maintenance.
- Payroll journals.
- Bank reconciliations.
These services support organizations that need outside accounting help while managing other responsibilities internally. Financial statement preparation is separate from the audit, review, and compilation services described above.
Discuss Accounting Services →
Bookkeeping
Every financial report starts with daily transactions recorded correctly. SHA provides detailed bookkeeping for owners and small teams who need that work done consistently.
- Check writing and bill paying.
- Receiving and recording deposits.
- Receivables and payables tracking and analysis.
- Bank statement and credit card reconciliations.
- Employee and subcontractor payments.
- Tax deposits.
If you also need financial statements or other accounting services, we can plan that work together.
Discuss Bookkeeping Services →
Management Advisory
Big decisions need a clear view of where you stand and where you are going. SHA provides management consulting, financial support, and strategic business planning for owners and organizational leaders.
We help you weigh the financial and operational sides of your plans, find opportunities to improve efficiency, and set realistic goals. Questions specifically about tax liabilities and filing decisions are handled through Tax Planning.
Discuss Management Advisory →
Annual Construction Booklet
SHA produces an annual construction booklet for construction companies. Contact the firm to learn more about the booklet and request the current edition.
Ask About the Construction Booklet →