Audit & Assurance

What We Provide

Financial Statement Audits That Stand Up to Scrutiny

A financial statement audit is the highest level of assurance a CPA firm can provide. Our auditors conduct independent examinations of your organization's financial statements — testing internal controls, verifying balances through substantive procedures, evaluating accounting policies, and issuing an audit opinion that tells stakeholders your financials are fairly presented in accordance with US GAAP.

Whether your audit is mandated by a grantor, a lender, a regulator, or your own board, we approach every engagement with the same commitment: technical rigor, clear communication, and a final product that holds up to scrutiny.

Financial statement audits under US GAAP and GAAS

Single Audits under Uniform Guidance (2 CFR Part 200)

Employee benefit plan audits (ERISA / DOL)

Agreed-upon procedures engagements

Reviews and compilations

Internal control assessments and recommendations

Our Process

How We Conduct Your Audit

Planning & Risk Assessment

We invest time upfront to understand your organization — your industry, your accounting systems, your risk environment. We perform risk assessments at the financial statement and assertion levels (SAS 145), identifying where misstatement risk is highest and directing our work accordingly.

Internal Control Evaluation

We evaluate the design and operating effectiveness of your key financial controls. Where controls are effective, we can rely on them to reduce substantive testing. Where gaps exist, we communicate them to management early — before they become audit findings.

Substantive Testing

We test account balances, transactions, and disclosures through confirmations, analytical procedures, and detailed transaction testing. Our goal is to obtain sufficient, appropriate evidence to support our audit opinion.

Audit Completion & Reporting

We finalize our findings, address open items with management, and issue our audit report — typically an unmodified (clean) opinion confirming your financials are fairly presented. We also issue a management letter identifying internal control observations and recommendations.

Audit Types

Different Engagements for Different Needs

Financial Statement Audit

The highest assurance level. Auditor examines financial statements, tests controls and balances, and issues an opinion. Required by grants, regulators, and lenders.

Single Audit

Required when federal award expenditures exceed $1M (for fiscal years beginning on or after Oct 1, 2024). Covers financial statements plus compliance testing for each major federal program.

Employee Benefit Plan Audit

ERISA requires audited financial statements for plans with 100+ participants. We conduct full-scope and limited-scope plan audits filed with the DOL as part of Form 5500.

Review Engagement

Provides limited assurance through analytical procedures and management inquiry. Appropriate when a full audit is not required but stakeholders want more than a compilation.

Compilation

The auditor presents financial information in financial statement format without providing assurance. Used for internal purposes or when minimum external reporting is acceptable.

Agreed-Upon Procedures

We perform specific, defined procedures agreed to in advance by your stakeholders and report findings without expressing an opinion. Useful for targeted compliance testing.

FAQ

Frequently Asked Questions

How long does a financial statement audit take?

Most audits for small to mid-size organizations take 4–8 weeks from fieldwork start to report issuance, depending on the complexity of your financials and the responsiveness of your team. We establish a clear timeline at engagement kickoff.

What documents should we prepare before the audit starts?

We provide a detailed PBC (Prepared by Client) list at engagement start. Typically this includes trial balances, bank reconciliations, grant agreements, board minutes, fixed asset schedules, and prior-year workpapers. Strong preparation reduces audit hours and costs.

What's the difference between an audit, a review, and a compilation?

An audit provides the highest assurance — auditors test your data and issue an opinion. A review provides limited assurance through analytics and inquiry only. A compilation presents your financial data in statement format with no assurance. What you need depends on your grantor, lender, or regulatory requirements.

Has the Single Audit threshold changed recently?

Yes. As of October 2024, the OMB revised the Uniform Guidance and increased the Single Audit threshold from $750,000 to $1,000,000 in federal award expenditures — the first increase since 2003. This applies to fiscal years beginning on or after October 1, 2024.