SOC Audit Process Explained: Timeline, Fieldwork & Reporting Phases
13 Feb 2026
NonProfit
Dedicated to supporting your mission
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Nonprofit Financial Statement Audit Services
We have audited and consulted not-for-profit entities of varying size and complexity since our inception in 1975. Our expertise encompasses nearly 40 years of in-depth experience with not-for-profit organizations and has always accounted for a significant portion of our firm’s practice.
In addition to serving not-for-profit clients as external advisors, we have a unique understanding of the operations of not-for-profit entities gained through participation as board members and volunteers with organizations in and around our community.
We use our skills to complete your financial statement audit in both a timely and cost-efficient manner. For more information contact Kyle Robbins.
Nonprofit Tax Services
One of the most important parts of working in a nonprofit organization is dedication to your mission. We understand your mission, and we want to support you in being able to carry it out. One of the ways in which you are able to make a difference is by using your nonprofit status to receive funding from outside sources. Nonprofit tax needs are specific and can be confusing, especially if you are not a financial expert.
Larson & Company’s specialized tax staff knows how to keep you on track with Form 990 and 990T requirements. Federal and Utah nonprofit reporting requirements change often, and our experts are able to help you throughout the year to ensure that your 501(c)3 tax position is safe.
Contact Richard Scoresby for more information on how Larson & Company can help your nonprofit protect its funding status and tax position.
Accounting Services
Let our team of certified public accountants and professionals at Larson & Company ease the burden of time-consuming accounting details so you can focus on your vision. For more information contact Camille Butkovich.
BOOKKEEPING
Your organization's resources may be most efficiently used by outsourcing some or all of your bookkeeping needs. We tailor our services to fit your unique needs, doing only what you need.
QUICKBOOKS SETUP, CONSULTING, TRAINING, AND SUPPORT
We are available to help set up, troubleshoot, answer questions, train your staff on how to use QuickBooks efficiently, and keep you aware of any new updates or changes.
FINANCIAL STATEMENT COMPILATION AND REVIEW
A financial statement is needed both to make well-informed, strategic decisions and to communicate financial health to banks and business-credit institutions. We can compile or review financial statements for you on either a regular or an as-needed basis.
WHAT ACCOUNTING SERVICES DO YOU PROVIDE FOR NONPROFIT ORGANIZATIONS?
We provide accounting, audit, tax, and advisory services tailored to nonprofit organizations, including charitable organizations, private foundations, and associations. Our services support financial reporting, compliance, internal controls, and long-term sustainability. We specialize in nonprofit audits and financial statement preparation in accordance with GAAP and Uniform Guidance. We work with nonprofits that require independent audits for board governance, grant compliance, and regulatory reporting.
WHAT SIZE NONPROFITS DO YOU TYPICALLY WORK WITH?
We work with small to large nonprofits, including growing organizations and established entities with complex reporting needs. Our clients range from local community organizations to larger nonprofits with state or regional impact.
HOW DO YOU SUPPORT NONPROFIT BOARDS AND EXECUTIVE LEADERSHIP?
We support nonprofit boards and executive leadership by providing clear financial insights, audit guidance, and strategic advice. Our goal is to help nonprofit leaders make informed decisions and strengthen governance and accountability.
CAN YOU HELP OUR NONPROFIT IMPROVE INTERNAL CONTROLS AND FINANCIAL TRANSPARENCY?
Yes. We help nonprofits evaluate and improve internal controls, financial processes, and reporting practices to reduce risk, improve transparency, and meet board, donor, and regulatory expectations
HOW DO OUTSOURCED ACCOUNTING OR ADVISORY SERVICES BENEFIT NONPROFITS?
Outsourced accounting and advisory services help nonprofits gain expert financial oversight, improve compliance, and strengthen donor and board confidence without the cost of full-time staff. These services provide clear financial reporting, cash flow insights, and strategic guidance that support better decisions and long-term sustainability. By scaling with the organization’s needs, outsourced support allows nonprofit leaders to focus more time and resources on their mission.
WHAT IS THE DIFFERENCE BETWEEN AN AUDIT, REVIEW, AND COMPILATION FOR A NONPROFIT?
An audit provides the highest level of assurance and includes extensive testing of financial information. A review offers limited assurance through analytical procedures and inquiry, while a compilation simply presents financial information without assurance. Choosing the right service depends on regulatory requirements and stakeholder expectations.
HOW CAN I MANAGE MY NONPROFIT AUDIT COST?
The cost of a nonprofit audit varies based on the organization’s size, complexity, funding sources, and internal controls. While there is no one-size-fits-all price, working with a CPA firm that specializes in nonprofits helps ensure an efficient audit process and accurate pricing.
WHAT IS FORM 990, AND DOES EVERY NONPROFIT HAVE TO FILE IT?
Form 990 is the annual information return most tax-exempt organizations must file with the IRS. The specific version required (990, 990-EZ, or 990-N) depends on the nonprofit’s size and revenue. Accurate preparation is critical, as Form 990 is publicly available and often reviewed by donors and regulators.
CAN A NONPROFIT LOSE ITS TAX-EXEMPT STATUS?
Yes. A nonprofit can lose its tax-exempt status due to failure to file required returns, excessive unrelated business income, or noncompliance with IRS regulations. A CPA firm with nonprofit tax expertise can help organizations stay compliant and protect their tax-exempt status.
WHAT IS UNRELATED BUSINESS INCOME (UBI) FOR NONPROFITS?
Unrelated business income (UBI) is income from activities not substantially related to a nonprofit’s exempt purpose. UBI may be subject to federal and state taxes and requires careful tracking and reporting. A nonprofit CPA can help identify, report, and minimize UBI risks.
HOW DO WE GET STARTED WORKING WITH YOUR NONPROFIT ACCOUNTING TEAM?
Getting started is simple. Fill out the form below to schedule an initial conversation. We’ll learn about your Utah nonprofit’s mission, funding, and reporting needs and recommend services that align with your goals.
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