We view our role in financial reporting as an opportunity to provide assurance to you and to your third-party users of your financial statements, as well as constructive solutions and recommendations for your financial statement presentation. Our reporting services include the following:
Audit – An extensive process whereby we issue an opinion as to the fair presentation of your financial statements, as well as a second report regarding the conduct of the audit and matters for improvement to internal control.
Review – The procedures performed are primarily limited to analytical in nature. Although an opinion is not given, the report provides limited assurance that we are not aware of any changes that should be made to the financial statements.
Compilation – Limited to assisting management in presenting financial information in the form of financial statements without providing assurance on the financial statement presentation.
Other Reporting Services – We assist our clients or other third parties requesting specific professional reporting services.
Internal Audit Services – Our internal audit services include assisting the entity with preparation for your independent auditors when needed by management whether due to limitations of the number or experience of internal personnel, as well as providing governance oversight of management and processes of the entity with respect to internal control.
Proven Process and Methodology
It is important that the internal audit function be tailored to the specific needs of each client so that critical objectives are obtained efficiently and effectively. Our proven process and methodology includes considering the following basic steps and modifying each to meet the specific needs of the company.
- Gain an understanding of the company’s financial condition, design, and compliance with internal controls.
- Assist the company in formalizing the goals and objectives of its internal audit function.
- Perform a detailed review of the design and compliance of the company’s control over financial reporting and identify strengths and weaknesses.
- Summarize Key Controls, Deficiencies in internal control and Major Corporate Risk and report to Management Group or Audit Committee.
- Test internal controls for compliance.
- Assist with annual financial reporting and external audit requirements.
- Performance of other attestation engagements as engaged by third parties such as “field exams” on behalf of lending institutions or bonding agents.
- Performance of internal audit functions on behalf of management provided independence is not required.
Individual steps are often added or deleted to meet the specific risk profile of each business. The goal is to assist the company in mitigating risks in an affordable, targeted and consistent manner each year.