Audit and Assurance Services
Audit and assurance services are critical components of the financial reporting and corporate governance framework. These services aim to provide confidence to management regarding the accuracy, reliability, and fairness of an entity’s financial information and internal controls.
Our approach is tailored to meet your specific needs. We will work closely with your management team to gain a deep understanding of your business processes, risks, and objectives. Our experienced professionals will conduct comprehensive assessments to ensure thorough and accurate analysis. We will deliver clear and concise reports, including practical recommendations that will enable you to make informed decisions.
Here are some key assurance services:
- Attest services including audit, review and compilation of financial statements
- 401(k) Employee Benefit Plan audits
- Single Audits subject to the Uniform Guidance
- Compliance Audits subject to Governmental Auditing Standards
- Agreed‐upon procedures
Internal Audit Services
Internal audit services are essential for promoting good governance, risk management, and internal control practices within an entity. They help management identify areas of improvement, enhance operational efficiency, and strengthen internal controls to achieve organizational objectives.
The primary objective of internal audit services is to help entities achieve their goals by ensuring that internal controls are properly designed, implemented, and operating effectively. Internal auditors assess the reliability and integrity of financial and operational information, the compliance with laws and regulations, and the safeguarding of assets.
Here are some key aspects of internal audit services:
Risk Assessment: Identify and assess risks to determine their potential impact on the entity. This involves understanding the entity’s objectives, evaluating internal control systems, and identifying areas vulnerable to fraud or mismanagement.
Internal Control Evaluation: Review and evaluate the design and effectiveness of internal controls. They assess whether controls are properly implemented to mitigate risks and ensure compliance with policies, procedures, and regulatory requirements.
Compliance Audit: Assess the entity’s compliance with applicable laws, regulations, and internal policies. They verify that the entity is adhering to legal requirements, industry standards, and internal guidelines.This experience from the “other side of the desk” has allowed her to conduct audits that are not only more effective and efficient but also to facilitate clear communication throughout the auditing process.
Operational Audit: Examine various operational areas within an entity to assess efficiency, effectiveness, and adherence to established processes. They identify opportunities for improvement and make recommendations to enhance operational performance.
Training and Education: We offer customized training sessions to enhance your team’s understanding of internal controls, risk management, and compliance practices. This will empower your staff to proactively identify and address potential issues.
Audit Preparation Services
Whether it’s a financial, quality, or compliance audit, preparing for an audit can be an intimidating process that requires careful planning, attention to detail, and cooperation across different areas of an organization, but thorough preparation can help the audit progress smoothly and reduce surprises.
Audit preparation services refer to professional assistance provided to businesses or organizations in preparing for an audit. The aim of audit preparation services is to facilitate a smooth and successful audit and minimize disruptions during the audit process. We can help you understand the audit process, including the objectives, scope, and requirements of an external audit. This can involve explaining the relevant regulations, standards, and best practices applicable to your industry. We can also provide guidance on how to prepare for an external audit, which includes organizing financial records, ensuring documentation is complete and accurate, and addressing any potential issues or areas of concern that might be flagged during the audit.
Here What we do:
1. Financial Documentation Review: review the entity’s financial records and supporting documents, to ensure accuracy and completeness.
2. Audit documentation: help you prepare documentation and supporting evidence required for the audit process. This may include financial statements, general ledger records, invoices, bank statements, contracts, and other relevant documents and scheduled that auditors typically examine.
3. Internal Control Assessment: assist in evaluating your organization’s internal controls to identify any weaknesses or gaps. This can involve reviewing your control procedures, segregation of duties, and risk management practices to ensure they are robust and effective.
4. Compliance Evaluation: assesses the entity’s compliance with applicable laws, regulations, and accounting standards and help identify potential compliance issues and provide guidance on how to address them.
5. Address audit findings: If the auditors identify any issues or areas of non‐compliance during the audit, we can provide guidance on where the entity’s financial processes can be improved for greater efficiency, accuracy, and compliance and suggest changes to workflows, documentation practices, or internal controls.
Consulting and Outsourced Accounting Services
The benefits of consulting services include access to specialized expertise, enhanced accuracy and compliance, scalability, and the ability to focus on core business functions.
CFO Services: For smaller businesses that do not require a full‐time Chief Financial Officer (CFO), outsourcing can provide access to experienced professionals who can fulfill strategic financial roles. These services may include financial planning, budgeting, financial strategy development, and advising on growth opportunities.
Consultations and Other Advisory Services: Consultations performed in response to requests from management to enhance awareness of financial management and risk assessment and provide a proactive independent review and appraisal of specifically identified concerns.
Financial analysis and Consulting: Financial analysis and consulting: Analyzing financial data, identifying trends, and providing recommendations for improving financial performance and efficiency.
Budgeting and Forecasting: Assisting in the development of budgets, financial projections, and forecasting future financial performance.
Staff Training: Provide support for training staff in basic accounting functions and reporting. Outsourcing accounting services can have several benefits for non‐profits and businesses of all sizes.