Regulatory or lender requirements might cause your company to have an audit of your financial statements. However, this does not mean that it cannot also be a valuable tool for managing your business. To properly plan and perform an audit, the engagement team is required to have an understanding of your business and industry. That understanding provides an opportunity to have many conversations about your organization, both as part of the regular process as well as in addition to the audit. Those conversations and the audit results can lead to improvements in operations and internal controls.
Our experienced audit team can provide you with not only a report of your financial statements, but also facilitate a discussion for positive changes in your company.
You will work with partners and engagement team members that understand your industry and will share that understanding, during the audit process and throughout the year.
Review and Compilation
Many businesses are required to have an audit performed of their financial statements. Under the right circumstances; the Company may only need a review of their financial statements. While a review engagement does not offer the same level of assurance as an audit, it is often a sufficient and more efficient solution.
Our professionals know the ins and outs of the various levels of financial statements services – whether it be an audit, review, compilation, or preparation engagement. Our experienced accountants dedicate the time to fully understand your business, not only ensuring that your financial statements are properly presented in accordance with generally accepted accounting principles (GAAP), or an other comprehensive basis of accounting (OCBOA), but also resulting in an efficient process and meaningful feedback related to your financial statements and your business.
Employee Benefit Plan Audit
Retirement plans are often the linchpin to providing a competitive benefit package that will attract and retain the best talent for your company. These programs also come with their own unique set of challenges. Despite the best of intentions, fiduciary responsibilities and increased regulations can become burdensome. Administration errors could jeopardize the goals of your plan and the department of labor is increasing their oversight. An experienced audit team can help you not only lessen the sting of these burdens, but also help you feel confident you are working toward your goals. The professionals can assist you with plan types such as 401(k), 403 (b) and profit sharing plans.
A nonprofit or governmental organization with federal expenditures in excess of dollar limitations are required by law to have a single audit performed, which includes an audit of both the financial statements and the federal awards. A professional with experience in single audits can help guide your organization through this task, advising you on various compliance issues and the reporting package for submission. Our professionals have many years of experience performing single audits. We stay up-to-date with all regulation changes, including attendance of continuing education.