Our firm offers a variety of assurance and services that fit your needs. They include financial audits, 401k audits, yellow book audits, reviews,  compilation of annual financial statements (AFRs), are all geared towards helping your get back office operations out of your mind so you can focus on your business.

An audit provides the highest level of assurance. It is a methodical and in-depth review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by generally accept auditing standards.We review your internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client’s supporting work papers.

Audits Is Not Just for Public Entities

All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants.

Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank’s assessment of the company’s risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams. 

The different types of audits we do

• Financial audits
• 401k audits
• Yellowbook audits
• Agreed-Upon Procedures

Click here to sign up for a free audit consultation.

1. Financial Audits 

What It Is: 

A financial audit is a comprehensive examination of your organization’s financial records. It serves the purpose of verifying the accuracy of information presented in your financial statements, including income, expenses, assets, and liabilities. A financial audit determines if the reports generated by your business are truthful and conform with general accounting standards (e.g., GAAP or IFRS).

What We Do: 

During a financial audit, our staff will perform a thorough review of your organization’s financial records. 

• Review each of your balance sheets, income statements, and cash flow statements. 
• Examine how money is managed by your organization and internal controls. 
• Confirm that each transaction is properly recorded in the appropriate ledger. 
• Check that all accounting policies are being followed in an appropriate manner. 

When completed, we will prepare an audit report to inform you as to the fairness and accuracy of your company’s financial records. 

Why It’s Important:

A financial audit is important to create trust and confidence. It demonstrates to potential investors, banks, and business partners that your organization is well managed and holds no surprises when it comes to the financial aspects of the organization. 

Furthermore, it provides an opportunity to identify any potential hidden problems, errors, or fraudulent activity that can be dealt with proactively before the problems become too serious.

In short – a financial audit keeps your organization safe, healthy, and reputable. 

2. 401(k) Audits

What It Is:

A 401(k) audit is mandatory for businesses with any retirement plan that has at least 100 participants. It helps ensure that the business is managing participants’ retirement funds properly and in compliance with all applicable regulations of the Department of Labor (DOL) and the IRS.

What We Do:

Our auditors review all aspects of your retirement plan, such as:

• Whether employees’ contributions are deposited into their accounts on a timely basis. 
• If amounts deducted from wages are accurate. 
• Whether distributions and withdrawals are correct. 
• If the Form 5500 is complete and accurate. 

We will also test your internal controls to ensure the plan is protected from errors or abuse. 

Why It’s Important:

A 401(k) audit helps your company to ensure compliance with the governing bodies to protect employees’ savings for retirement. It also provides an assurance to employees that their retirement savings are being responsibly and accurately managed. 

When employees’ retirement plans are managed properly, it will spread goodwill and help to retain employees.

3. Yellow Book Audits (Government Audits) 

What It Is: 

Yellow Book Audits (also called Government Audits) are conducted in accordance with Government Auditing Standards (GAS) established and issued by the U.S. Government Accountability Office (GAO). 

These audits will provide a requirement for government agencies, non-profit organizations, as well as those that received government funding (state or federal). 

What we do: 

In a Yellow Book Audit, we assess how your organization uses and manages public money. We: 

• Verify that all grants or funds are utilized according to funding guidelines. 
• Review accounting and internal control systems. 
• Ensure compliance with all federal, state, and local laws. 
• Verify completeness, accuracy, and transparency of all reports. 

We then produce a audit report which will indicate how well the organization is operating throughout the financial and legal perspective. 

Why it’s important: 

Yellow Book audits help provide assurance that your organization has integrity, transparency, and accountability. Yellow Book audits help demonstrate to the government, donors, and the public that, the money has been spent wisely. Yellow Book audits help ensure anyone in the organization does not have legal issues, and it assists in the overall management of the organization.

4. Agreed-Upon Procedures (AUP Audits)

What It Is:

An Agreed-Upon Procedure (AUP) audit is a customized audit that is limited to only the areas you choose. It is not a full audit; you and the auditor both agree on which parts of your business to focus on. This gives you result on a specific completion of work, without the time and expense of a full audit.

What we do:

We meet with you to determine what you want to have reviewed, perhaps a review cash balances, accounts payable or inventory or a special project. Then, we will:

• Review only the selected areas. 
• Run test or checks we both agreed to. 
• Produce a final report based on only what we found when the agreed-upon procedures
• were completed as described and not an audit based on a total review of current year and prior year work. 

This gives you directed information that enables you to make decisions you feel comfortable with.

Why It’s Important:

AUP audits are fast, flexible and cheaper. They provide independent assurance and trust of those areas of your business that generate the most important information right now, and proof or verification for a bank, investor or internal management, without any need of a full financial audit we or you believe it needs.