Ernest L. Tomkiewicz CPA PLLC

Audited Financial Statements for Crowdfunding
Affordable Financial Statement Auditing

Your Crowdfunding campaign is a lot of hard work. There are moments when you just don’t think it will come together. But now it’s time for your financial statement audit as required by the funder. The question is: what is a CPA Crowdfunding financial statement audit?

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Small business owners smile while looking at a tablet after receiving a copy of their reviewed financial statements from a CPA.

Audited financial statements provide an unbiased examination of your company’s financial records. Potential investors or backers can have confidence in the accuracy and reliability of the financial information provided. It can help build trust among stakeholders, ensuring funds are being used appropriately.

They are also valuable for internal control assessment. Audited financial statements provide insights into the effectiveness of your internal controls and highlight areas where improvements can be made to mitigate risks.

Crowdfund audits and reviews of a business are not as complicated and stressful as you may think. Though some would like you to believe it, this is a misconception. Your audit should be quick, affordable, and help you learn more about your business. As well, you shouldn’t feel rushed or put out by the auditors.

Three things make this company different in how we perform a financial statement audit of a crowdfunding business. They are inclusion, cost, and timing. NO one makes this process better, faster, or easier than we do.

We’ve provided audited financial statements for a variety of clients. We understand the importance of providing prompt deliverables and ensuring our clients receive audits in a timely manner. What sets us apart is our commitment to providing quality services without putting a strain on our clients’ wallets or breaking the bank.

Whether you are campaigning through KickstarterIndiegogo, Crowdfunder, Crowd SupplyWefunderSeedInvestFundly, or any of the many platforms, we can help. Here’s why:

We Speak Your Language

Getting your audited financial statements should not be unpleasant, invasive, or disruptive. Many examiners give you this impression so that they can justify their inflated fees. Let me assure you, this is not how things are at Ernest L. Tomkiewicz CPA PLLC.

My job as an auditor is to be inclusive of you and your management throughout the audit process. We explain things and work with you to audit your crowdfunding investments.

Plain English responses to your questions are a priority during an audit. Nothing spells mistrust and confusion more than a financial auditor who doesn’t take the time to listen to your concerns and address them in a way you understand. I am here to help you, not protect my own interests.  This is not “Auditing for Dummies”, it’s giving you what you deserve, a fair shake.

The Price is Right

You should not have to pay the cost of a small house for your audited financial statements. This is a common theme I hear from Crowdfunding clients. “The auditors want too much money for this job”.

If you feel this way, you’ve come to the right place. I do not base my pricing on your ability to pay. Nor do I base it on the price that you have set as your upper limit allowed for the examination. We believe in fair, affordable pricing for crowdfunded businesses.

I will work with you to get the job you need at a cost you can afford. I don’t base pricing on the maximum I feel you can afford. My philosophy is that there is a comfortable, affordable, and fair price that can be achieved for any financial statement audit solution.

Why Choose Us for CPA Services?

The following qualities make up ELT CPA’s company mission and they are how we stay ahead of the competition. Our mission as a CPA firm is “Putting YOUR needs first”.

Auditing on YOUR Schedule

Have you been told, “this audit is very complex and could take four to six months”.? If so, you’re talking to the wrong auditing company. Many auditors will tell you this is a long, complicated process to justify their pricing. As well, they leave this extra time so that they can over-book their schedules and move YOU to the backburner.

Do not allow this to happen. Timing in an audit engagement is a simple task. My system allows me to scale work and stay on time. As well, I’ve personally developed the processes and IT of my company because of my background in data systems. My work process and data integration aid in keeping your audit timely.

My specialized system has enabled me to create a cost-effective solution for my clients and deliver the audits they need promptly. My system is proof that high-quality financial services can be available to anyone without compromising on quality or expertise.

What This Means for You

All of these things lead us to the ultimate ending, providing you with an unmodified opinion on your audited financial statements. Along the way we may encounter areas of the financials that aren’t quite conforming to Generally Accepted Accounting Principles (GAAP). If this is the case, we will work with you to find alternatives that bring you into compliance.

Our goal isn’t to churn out your audited financial statements with a modified opinion. It’s to include you in the process to achieve statements that materially conform to GAAP. This is achieved by providing you with options and ideas designed to help you comply. A clean opinion is a goal that can be achieved with a little hard work and creative thinking.

When running a crowdfunded business, you’ll need someone who is experienced to deliver your audited financial statements. We work with you so you understand the regulations and legal stipulations you need to fulfill to keep your business compliant.


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Ernest L. Tomkiewicz, CPA

Founder & Certified Public Accountant

Education & Licensure

MS in Accounting, Saint Joseph’s College of Maine

CPA Licensure in New Hampshire and Massachusetts, and able to service client around the United States due to CPA reciprocity

Professional Affiliations

The American Institute of Certified Public Accountants

The Association of Certified Fraud Examiners

Massachusetts Board of Public Accountancy

New Hampshire Certified Public Accountants

Some facts:

When Title III, called Regulation CF of the JOBS Act was signed in 2012, it put into effect in 2016 a provision allowing private early-stage companies to raise money from all Americans. This was a major leap forward for crowdfunding investors and start-up companies. Because early-stage businesses can now use equity crowdfunding to turn their customers into investors.

The draw-back, a company is required to have a CPA review for the prior two years when offering securities if the raise is for more than $250,000 and you were incorporated more than 6 months ago. If over $1,000,000 and the company has previously performed an offering, an audit is the requirement.  There are slight differences depending on length of time incorporated, prior fund raising and other factors. Please consult with your funder to determine your requirements based on your crowdfunding investments.

How much does a financial statement audit cost?

An audit of financial statements will generally run between $5,000 to $25,000 depending on the size of the company. Factors that affect the overall cost and fee structure are the number of balance sheet accounts, number of transactions, amount of revenue and whether inventory is a part of the business.

The average small e-commerce company with revenues of $1 million to $5 million per year, is probably going to pay $15,000 for audited financial statements. Multi-year comparative audits can be cheaper than having several years prepared as standalones. In this example, the auditor can perform concurrent procedures lowering the overall rates of preparing separate years.

How are audit fees determined?

Audit fees, when performed on an hourly basis can range from $30 per hour for the clerical staff to $500 per hour for senior auditors. Firms will charge based on the person performing the work and this scale, as you can see, is wide. You should always confirm with the financial statement auditor on how staff are allocated to your job.

Some audits have lower fees if more work is pushed from highly paid seniors to clerical staff. This is especially true with ecommerce audits. The reality is much of the legwork, research and data mining can be done by lower-level staff. However, many firms keep this in the hands of seniors which increases your outlay unnecessarily.

How long does a financial audit take?

An audit of a complete set of financial statements can take from one to three months. Many ecommerce businesses can be completed in under a month depending on the complexity of their accounting information system. The stages of the audit flow faster when information about crowdfunding investments is readily available.

The factors that determine the timetable of an audit are the number of accounts, the measure of transactions, and how you calculate inventory moves through the accounting system. If you have easily verifiable data held with various third-party vendors and customers, your audit period can be reduced substantially.

What can I expect from a financial statement audit?

During a financial statement audit, you will be asked many questions about your governance and corporate structure. You will also have to provide documents relating to your contracts and legal matters. These are needed to verify company liabilities and legal encumbrances with a crowdfunding business. You should be provided with a guide or checklist to help you through the process.

During the audit, you will need to grant access to employees and staff relevant to the process. Accounting staff should be ready to discuss measures and objectives of their jobs. The audit staff will steer the audit of your crowdfunded business in the direction needed to procure all the needed information. The step-by-step instructions of an audit are lengthy and you should ask plenty of question before hiring an accountant.

Elite Services in Auditing

Financial statement audit

A financial statement audit is a complex process. This is why one must be a Certified Public Accountant to provide the highest level of assurance, an audit. Our auditing process is thorough and quick.

We do not dwell on the old ideas of micro-managing every aspect of auditing for crowdfunding businesses. Instead, we focus on the client applications and data relationships to provide superior services in auditing. You won’t be left in the dark during an audit. We believe in open communication so you can have full transparency and accountability during this process.

Audit of select accounts

In some instances, you may not need a full audit. A bank or lender may just require the audit of select accounts for crowdfunding investments. In this limited form of auditing, we can help you save money with our unique applications and programs.

With fewer documents in need of an audit, you can save more and get your financial statement audit even faster. All our processes are designed to help you achieve the best audit for the least cost. Your bottom line is our priority.

Full corporate audit

A full corporate audit is the most complex of all auditing procedures. In a full audit, every aspect of your operations will be looked at. Every process from accounts receivable to inventory storage will be considered. If you need a full corporate audit, we can help your crowdfunding business.