Audit and Attest Services

Audit, Review, or Compilation: Which Do You Need?

Many organizations start down the path of an audit when a review or compilation would meet the requirement.. Before you move forward, check what level of assurance your lender, grantor, board, or regulator requires.

Audit. The highest level of assurance. We test balances and transactions, confirm with third parties, evaluate internal controls, and issue an opinion on whether your financial statements are fairly presented. Most regulators, federal grantors, and many lenders require this level of assurance.

Review. Limited assurance. We perform analytical procedures and inquiry in place of substantive testing, and conclude whether we are aware of any material modifications needed. This level of assurance is often accepted by some lenders and grantors.,

Compilation. No assurance. We assemble your financial statements from your records in the proper format. This works when a third party needs CPA-prepared statements without an opinion attached.

Agreed-upon procedures. We perform specific procedures that you or a third party define, and report the findings without an opinion. Agreed-upon procedures are a good option when there are concerns about a specific area that might not justify a full audit.

If you are unsure which level of service you need, we’re happy to review your reporting requirements with you and see which service is the best fit. We also perform SOC 1, SOC 2, and SOC 3 examinations, internal audit, policies and procedures audits, due diligence, forensic accounting, and litigation support.

Industries that Know Us By Name

Insurance companies. Statutory basis audits for life, health, and property and casualty carriers, MGAs, and reinsurers.

Captive insurance. Audits for single parent captives, group captives, protected cells, agency captives, association captives, and risk retention groups.

Government entities. Yellow Book audits for cities, counties, special districts, and school districts, with GASB reporting and a single audit when federal spending crosses the threshold.

Nonprofits. Financial statement audits and single audits under the Uniform Guidance, including net asset classification, donor restriction testing, and functional expense allocation.

Employee benefit plans. 401(k) audits for both full scope and limited scope (ERISA Section 103(a)(3)(C)) engagements.

Service organizations. SOC reports for technology, software, and service companies whose customers need assurance over their controls.

Privately held business. Audits, reviews, and compilations for construction contractors with surety and bonding requirements, automobile dealerships, manufacturers, and companies with lender, investor, or ownership transition needs.

How We Work With You 

Scoping and proposal. We ask about your entity, reporting framework, deadlines, prior-year issues, and who reads the report. You'll receive a formal proposal outline the proposed timeline, fees, and background on our firm. Once we’re engaged to provide services that information will be finalized in an engagement letter. As we perform our procedures, we maintain open communication in case scope changes are necessary.

Planning and risk assessment. We start with gaining an understanding of your entity and then evaluate your controls, identify where material misstatement is most likely, and build the testing plan around those areas. Our industry experience pays off here first, because we already know where entities like yours tend to run into trouble.

One request list. Everything we need arrives in a tailored request list at the start of the engagement, with a secure portal for uploads.

Fieldwork. Testing can be performed remotely or on-site based upon client needs. Your engagement team is available to you from the start to finish of your engagement.

Review and delivery. We perform multiple levels of internal review, then draft financial statements for your review. The final report is provided to you on the date we committed to. If a deadline is at risk, you will hear from us early enough to make adjustments.

Debrief. We walk you through our findings, recommendations to strengthen internal control over financial reporting, and industry changes that may affect you next year. Your board, finance committee, and management leave with a clear picture of where the organization stands.