Our audit and assurance services provide audits and reviews of financial statements for businesses, government entities, and non-profit organizations in accordance with GAAP. Our audits are a risk based approach yielding an unbiased evaluation of the presented financial statements.
We work closely with clients throughout our engagement and the year, while maintaining independence, to ensure proper reporting standards and internal controls are being upheld while clients remain productive. Navigating industry standards can be challenging, so we encourage our clients to communicate their needs and goals periodically so we can effectively achieve their desired outcome.
Each year, the Federal Government provides grants to local governments, schools and non-profit organizations. The Single Audit ensures that these funds are expended properly. All non-Federal entities that expend $500,000 or more of Federal awards in a year are required to obtain an annual audit in accordance with the Single Audit Act Amendments of 1996, OMB Circular A-133, the OMB Circular Compliance Supplement and Government Auditing Standards. A single audit is intended to provide a cost-effective audit for non-Federal entities.
Reviews require that we perform analytical procedures in addition to the procedures described below for a compilation. A report is then issued stating that a review has been performed in accordance with AICPA professional standards. A review is less in scope than an audit, and is mainly concerned with becoming aware of any material modifications that should be made in order for the statements to be in conformity with GAAP. Financial statement reviews are often performed for businesses with bank loans or investor loans but do not require an audit.
In a compilation, we must comply with certain basic requirements of professional standards, such as having knowledge of the client’s industry and applicable accounting principles, and reading the financial statements to determine whether there are any obvious departures from GAAP. A report on the financial statements is issued that states a compilation was performed in accordance with AICPA professional standards, but no assurance is expressed that the statements are in conformity with GAAP. Compilations often prepared for privately held entities that do not need a higher level of assurance.