Independent Assurance to Support Governance, Compliance, and Financial Transparency
AAFCPAs has extensive expertise in delivering best-value audit, tax, and consulting solutions for sophisticated nonprofits and privately held companies. Our assurance services encompass a full range of engagements, including financial statement audits, reviews, compilations, agreed-upon procedures (AUPs), and other attestation services—allowing organizations to select the level of assurance that best aligns with governance, regulatory, and stakeholder requirements.
We are well known for our proficiency in auditing and serve a broad spectrum of organizations, from complex regional and national nonprofits to privately held companies across industries such as technology, life sciences, manufacturing and distribution, education, healthcare, human services, and real estate.
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Jeffrey Mead
Jeffrey V. Cicolini
What Is a Financial Statement Audit?
A financial statement audit provides the highest level of independent assurance that an organization’s financial statements are fairly presented and prepared in accordance with applicable accounting standards. For nonprofits and privately held organizations, audits support effective governance, regulatory compliance, lender and funder requirements, and long-term financial transparency.
Unlike reviews or compilations, a financial statement audit involves substantive testing of financial information and internal controls and provides the highest level of assurance available.
Who We Typically Serve
We serve complex nonprofits and privately held organizations throughout the United States with sophisticated governance structures, regulatory requirements, or stakeholder reporting needs. Our clients rely on us for expertise, responsiveness, and practical insights that support confident decision-making. Headquartered in Massachusetts, AAFCPAs serves clients locally and nationally, providing audit, assurance, and advisory solutions to nonprofits and privately held companies across industries.
Nationwide Audit Expertise with Flexible, Responsive Service
AAFCPAs’ auditing team brings deep technical knowledge with a national reach. Our agile approach allows us to adapt quickly to each organization’s structure, regulatory environment, and reporting complexity. Whether supporting organizations with multi-location operations, evolving compliance requirements, or growth-driven change, our team delivers audit solutions that are practical, efficient, and forward-thinking.
Fast, Reliable Support with Forward-Thinking Audit Solutions
We prioritize prompt response times because timely communication is critical in today’s fast-moving environment. Our commitment to accessibility and responsiveness ensures you receive clear answers and practical guidance without delay.
By leveraging advanced audit technologies and secure collaboration tools, we streamline the audit process to reduce disruption to your team while maintaining the rigor and quality expected of a financial statement audit.
Exceptional Value Financial Statement Audits
Today’s most sophisticated nonprofits and privately held companies value audit firms that balance technical excellence, responsiveness, and cost discipline. Our best-value financial statement audits combine:
- Active Partner involvement
- Flexible scheduling aligned with your reporting deadlines
- A non-intrusive, efficient audit process
- National and global reach to support organizational growth
Clients consistently view AAFCPAs as an exceptional value because we deliver the right combination of expertise, service, and pricing—without unnecessary complexity or surprises.
Transparent Audit Process Built on Trust and Relationships
Our audit approach is built on transparency, open communication, and trust. From planning through final reporting, we maintain clear expectations and ongoing dialogue, allowing us to develop long-term relationships that extend well beyond the audit itself.
Our goal is not simply to issue an opinion, but to function as a trusted advisor who understands your organization and contributes to its long-term stability and success.
Audit Standards and Regulatory Compliance
Our financial statement audits are performed in accordance with generally accepted auditing standards (GAAS) in the United States.
For nonprofit organizations, audits also comply with:
- Other applicable federal and state regulations, as required
- Government Auditing Standards
- Uniform Guidance / Single Audit requirements
What Sets AAFCPAs’ Audits Apart
Preeminent Audit Expertise – You engage seasoned attestation professionals whose expertise reflects decades of formal education, continuous learning, and hands-on experience across diverse nonprofit and commercial sectors.
Responsiveness & Partner-Level Involvement – Our assurance services are delivered hands-on by accessible, proactive Partners who are actively engaged throughout the audit—not delegated at arm’s length.
Chemistry and Communication – We field audit teams that align with your organization’s culture, leadership style, and expectations. We take the time to understand your operations, goals, and challenges to provide relevant, pragmatic insights.
Education & Governance Support – We help cultivate informed governance by serving as a technical resource to boards and audit committees, providing clarity around financial reporting, risks, and strategic implications..
Speed in Decision Making – Deadlines are proactively met, and conclusions on technical audit and accounting matters are addressed efficiently—without unnecessary bureaucracy.
Proactive Communication and Transparent Billing – Our commitment to “no surprises” includes clear scope definition, regular communication, and transparent billing throughout the engagement.
Meaningful Presentations and Insights – We deliver practical presentations and reports to management, audit committees, and boards, including insights on internal controls, industry best practices, trend analysis, key financial ratios, and benchmarking where appropriate.
Frequently Asked Questions About Financial Statement Audits
A financial statement audit provides the highest level of assurance and includes substantive testing and evaluation of internal controls. Reviews and compilations offer lower levels of assurance and involve more limited procedures. Organizations often select the level of assurance based on regulatory requirements, stakeholder expectations, or governance needs.
Nonprofits may be required to obtain an audit due to funder requirements, state regulations, Uniform Guidance / Single Audit thresholds, lender agreements, or board governance policies.
While not always legally required, many privately held companies obtain audits to satisfy lender requirements, support investors, improve financial discipline, or prepare for growth, transactions, or ownership changes.
Financial statement audits are conducted under generally accepted auditing standards (GAAS). Nonprofit audits may also be subject to Government Auditing Standards, Uniform Guidance, and other regulatory frameworks.
Timing depends on organizational complexity, readiness, and reporting requirements. AAFCPAs works closely with clients to align audit timelines with filing deadlines and operational needs.
Contact Us
We look forward to speaking with you to determine how we may best solve your needs. A firm representative will reach out to you within one business day. Looking for additional ways to reach us? Visit our Contact Page. >>