Compilation, Review, and Audit Financial Statements

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Audit and Assurance Services

Audit and assurance services include the following:

  • Audits
  • Financial statement reviews
  • Financial statement compilations
  • Agreed-upon procedures.

These services assure you, your board of directors, grantors, donors, bank, investors, partners, and other stakeholders that information is being reported accurately and appropriately.  When interpreted properly, they also act as a valuable tool to help you identify strengths and weaknesses within your operations so that you can quickly make changes where and when they are needed most.  Whatever your audit and assurance needs, we can help.

Audits

We perform many different types of audits, including:

  • Financial statement audits
  • Compliance audits
  • Audits under OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations
  • Internal control audits

Financial Statement Audits

Financial statement audits provide a high level of assurance on the accuracy of your financial statements about which we give an opinion as a whole.  An audit includes:

  • Obtaining evidence regarding the numbers and presentation of the financial statements.
  • Gaining an understanding of your internal controls and assessing how they are designed.  Using this information, our auditors are trained to identify management advisory comments, which help to strengthen internal controls and assist with day-to-day problems of operating an organization and its accounting department.
  • Reporting the results of our audit.

Compliance Audits

Compliance audits are audits performed to ensure that you are in compliance with laws, regulations, or terms of grants or contracts.

Audits under OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations

Some organizations may be required to obtain an audit under OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.  These are required for certain organizations receiving federal grants or other form of financial assistance.  These audits consist of an audit of your financial statements and a compliance audit of your federal grants based on generally accepted government auditing standards.  All of our auditors are qualified to audit using generally accepted government auditing standards.

Internal Control Audits

Internal control audits involve:

  • Understanding the design of internal controls
  • Assessing the design of internal controls
  • Testing the effectiveness of internal controls
  • Providing an opinion on the internal controls

Generally, we use the appropriate integrated framework of internal controls issued by the Committee of Sponsoring Organizations (COSO).  COSO issued a new integrated framework that becomes effective December 15, 2014.  Accordingly, organizations and companies with a fiscal year end of December 31 should be using the new integrated framework for their December 31, 2014 year-end financial statements.  If you would like to ensure you are in compliance, we can help.

Review of Financial Statements

A financial statement review provides limited assurance on the accuracy of your financial statements.  We use primarily analytical procedures and inquiry to determine of any material modifications will need to be made to the financial statements.  Our accountants are trained to identify issues based solely on analytical procedures and inquiries.

Compilation of Financial Statements

A compilation of the financial statements does not provide any assurance as to the accuracy of your financial statements.  In a compilation, we gather the information needed and put it into the requested financial statement format.  This could be based on accounting principles generally accepted in the United States of America, income tax law, cash basis, or any other basis of accounting.

Agreed-Upon Procedures

Agreed-upon procedures are just that—procedures that you would like performed that are not considered a full audit, review, or compilation of the financial statements.  This can be a portion of the financial statements, a portion or your internal controls, or anything else on which you would like assurance.