The Vital Role of Foundation’s Auditors
As an accounting firm and audit nerd ! , we know how crucial it is to understand the legal and accounting requirements for non-profit organizations like foundations. This is especially true when it comes to auditing. This article will help you understand the role of a foundation auditor and the importance of a proper audit.
Foundations are organizations established for the public good, which means their operations and spending must be transparent and legally verifiable. The role is therefore critical in building trust with donors and the public.
A Primary duty is to verify that the foundation’s financial statements are accurate and comply with relevant accounting standards and laws, especially the Civil and Commercial Code and related regulations from the Department of Provincial Administration.
Legal Requirements for Foundation Audits
By law, foundations with an annual income of 3 million Baht or more, or total assets of 5 million Baht or more, must have their financial statements audited by a certified public accountant (CPA) and submit them to the Department of Provincial Administration annually.
Even if a foundation is smaller than these thresholds and not legally required to hire a foundation auditor, an audit is still essential for demonstrating transparency and building donor confidence.
Benefits of Having a Foundation Auditor
- Builds Transparency and Credibility: An audit by an impartial third party confirms that donations are used for the foundation’s stated purpose.
- Ensures Legal Compliance: An auditor helps ensure that the foundation complies with all legal requirements.
- Reduces Fraud Risk: A foundation auditor can identify weaknesses in internal controls and prevent potential fraud.
- Enhances Management Efficiency: An audit can provide valuable insights for the foundation’s management team to make better decisions.
Why US , ONE SIRI ! ? ? for your foundation auditor in Bangkok
5 Reasons to Choose Us as Your Foundation Auditor
Selecting the right accounting firm for your foundation is about more than just legal compliance; it’s about building trust and long-term stability. With our experience and deep understanding of how foundations operate, we are ready to be the partner that helps you run your operations smoothly.
1. We Have a Deep Understanding of Laws and the Specific Needs of Foundations
Auditing a foundation is different from auditing a regular company. We are well-versed in the regulations set by the Department of Provincial Administration, as well as all other relevant rules concerning the operations and use of donations. This ensures your financial statements are accurate and comply with all legal requirements.
2. We Help Build Credibility and Transparency
The cornerstone of any foundation is the trust of its donors. An audit performed by an impartial and experienced certified public accountant (CPA) confirms that donations have been used for their stated purpose. Our audit reports are a powerful tool for building confidence with donors and the general public.
3. We Go Beyond Auditing to Provide Valuable Advice
Our team does more than just check the numbers on your financial statements. We are also here to provide guidance on accounting practices, internal control systems, and managing donations. This helps your foundation operate more efficiently and mitigates future risks.
4. We Work Efficiently and On Time
We understand that submitting financial statements has a strict deadline. Our team prioritizes completing our work on schedule, so you can submit accurate and complete documents to government agencies on time.
5. We Offer Fair and Reasonable Fees
We believe that high-quality auditing services don’t have to be expensive. We offer flexible and reasonable fee packages designed to fit the budget of foundations of all sizes, ensuring you receive top-tier service without financial stress.
Let us be a part of your foundation’s mission. Contact us today for a free consultation.
Conclusion
Choosing a auditor with experience and an understanding of the unique characteristics of non-profit organizations is key. It’s not just about meeting legal obligations—it’s about showing a foundation’s commitment to operating transparently and efficiently. This dedication helps ensure the foundation can fulfill its mission to help society sustainably.
If you are looking for a professional auditor to handle your accounting and auditing needs, we are here to offer our expertise to help ensure your foundation’s financial stability and transparency.
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Email > admin@onesiri-acc.com
