If you need an audit, it’s probably because someone like a bank or investor has required that you have one. But if you aren’t required to have an audit, perhaps a review, compilation or agreed-upon procedure will meet your assurance needs. Don’t think of this as something you need to check off your to-do list so you can get back to things that are more important to you. Rather, assurance services help you, and those who request them, make better and more informed decisions.
Audit & Internal Audit
Accurate Financial Statement
Audits provide the highest level of assurance of a company’s financial position while internal audits help you address issues, streamline process and reduce risk within your own accounting functions. In both cases, we perform multiple functions to gain an understanding of a business.
Because of the depth of work needed, we recognize that audits and internal audits cause undue stress and time commitments on your team. To make this less painful, our primary focus is to provide audits efficiently, effectively and economically. While an audit cannot guarantee absolute assurance, we can give you piece of mind in knowing that your financial statements are credible.
Compilation & Review
Analytical Procedures that meet the Organization Needs
Assurance services also include reviews, which are often requested by interested third parties. A review provides you, and the requester, assurance that your financial statements are accurate and your business is running smoothly. A compilation, on the other hand, works best for those who have lower levels of financing and want more organized financial statements.
Because both compilations and reviews provide lesser assurance than an audit, they also require less time, effort and money to complete. We’ll work with you to help you determine that you are getting the level of assurance needed by your company and the third parties you work with.
Agreed Upon Procedures (AUP)
Designated Audit Standards
Another alternative to an audit, agreed-upon procedures are focused on one aspect of your financials and not the entire financial statement. As a result, this could lower your cost and reduce the resources needed to supply information to third parties that request it. By understating what you have been asked to provide, we can help you determine if an agreed-upon procedure will let you fulfill your responsibilities.
Regulatory requirements are making audits more complex and more costly. However, there are other options that may work if you haven’t been asked for one. Contact us to see how we can help you with your assurance needs. Let us help you find insights from your numbers to help your business be more successful.
Benefit Plan Audit
Considered a necessary evil for most plan sponsors, it’s not. Rather, plan sponsors should view it as a way to add value to your business. Not only will it help you ensure compliance with the ever changing requirements, it will also help you better manage your plan. It will help you make better fiduciary decisions.
Audits can be complex, and benefit plan audits are no exception. Penalties for noncompliance are steep. You need experienced benefit plan auditors you can trust. We understand ERISA requirements and work to make sure your plan complies with all regulatory bodies as well as your plan’s provisions. Whether you have 100 employees or 10,000, let us help you with your benefit plan audit.
Our Benefit Plan Audit services include:
- Health & Welfare Plans
More than 100 countries have adopted the International Financial Reporting Standards (IFRS), and that number is suspected to rise. While not yet required for U.S. businesses, IFRS is relevant to many companies with international operations where they have been adopted. Even more common, U.S. subsidiaries of foreign companies often report via IFRS to align their financials with those of their parent company.
We currently present financial statements under IFRS for many of our international clients. We work to help business leaders understand everything that comes with switching to IFRS including impacts on things like benefit programs, contracts with vendors, loan covenants, and much more. If you are doing business internationally, we can help you with your reporting requirements as well.
Our IFRS services include:
- IFRS Reporting
- IFRS conversions