AUDIT: FULL ASSURANCE
We provide complete range of audit services from financial report preparation, to audits of historical financial statements, examinations of prospective financial presentations and preparation of a variety of special attestation reports. Our audit plan is tailored to client’s particular operation and financial reporting requirements. Because we recognize the value of Client’s time, our audit plans are developed with efficiency as a top priority. The benefits of our approach include economical audit cost, and a high level of comments and recommendations for our client’s consideration pertaining to operating procedures and internal controls.
REVIEW: LIMITED ASSURANCE
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn’t require us to study and evaluate company’s internal controls or verify data with third parties or physically inspect assets. A review engagement can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit. Investors and Banks often require reviewed financial statements from an independent CPA as part of their lending covenants.
Typically, employee benefit plans with 100 or more participants require audits. In certain situations, plans with fewer than 100 participants may also require an audit.
Our knowledgeable and trained professionals work closely with the plan sponsor, trustee and administrator to insure that the auditing engagement is performed in accordance with generally accepted auditing standards. We consult with the plan administrator to insure that the Form 5500 filed with the DOL is in accordance with the Employee Retirement Income Security Act (ERISA) reporting and disclosure requirements.
During the audit process, we do more than fulfill a legal necessity. We look for potential risks that can trigger IRS audits, DOL exams, financial penalties and problems that prevent the plan from operating correctly. We can perform Full and Limited Scope Audits of defined benefit plans, defined contribution plans, and ESOPs; Assist with Plan Accounting and Financial Statement Preparation; and/ or Perform compliance reviews of defined benefit plans, defined contribution plans, and ESOPs
COMPILATION–LOWEST LEVEL OF ASSURANCE
In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.