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Service Descriptions and Benefits

Audit, Accounting and Attestation Services

  Home > Services > Audit, Accounting and Attestation > Service Descriptions and Benefits

Accounting assistance
Accounting, bookkeeping and payroll assistance
Accounting research
Agreed-upon procedures engagements
Attest services
Audits
Compilations
Compliance audits and attestation
Employee benefit plan accounting and auditing
Forecasts and projections
Fraud prevention and investigations
Internal audits
Internal control evaluation
 Operational audit 		Peer reviews
Personal financial statements
Reviews
SAS 70 audits
Single audits
Temporary accounting personnel
Training of personnel

Other Service Definitions and Benefits

Service Benefit Analysis
Service Service Description Primary Benefits
Accounting assistance Procedures or tasks required in order to record, value, or summarize accounting balances and transactions and to present this information in financial statement form with appropriate information for the notes to the financial statements. Assistance can include performing the procedures, assisting with the performance of the procedures or consulting about the procedures. Some examples include assisting with accounting estimates, accruals and closing journal entries.
  • Supplements existing accounting experience
  • Flexible alternative to a full-time employee
  • Flexible staffing alternative
  • See examples.
  • See expanded page for client accounting assistance  
Accounting, bookkeeping and payroll assistance Accounting services include assistance to supplement your current in-house expertise.

Our complete bookkeeping and payroll services for small to medium-sized organizations include, but are not limited to monthly, quarterly or annual bookkeeping (data entry, journal entries, reconciliations, etc.), business property tax statements, sales tax returns and payroll returns.
Accounting Research Investigate the options available for the recognition, measurement or reporting of a transaction. Procedures can  include consultation with authoritative reference sources (such as generally accepted accounting principles) or authoritative bodies responsible for establishing accounting requirements (FASB, GASB, industry groups, etc.)
  • Assess the impact of a transaction
  • Anticipate the effect of a transaction on financial statement presentation or disclosure
Agreed-upon procedures engagements An engagement where the firm issues a report on findings based on the performance of specific procedures that are agreed to by the accountant and a third party. The scope of procedures can vary widely based on the your needs and what you believe is appropriate.
  • Flexible procedures can reduce costs
  • Procedures can be of a narrow focus to target your specific needs
Attest services An engagement where a CPA is engaged to issue a written communication that expresses a conclusion about the reliability of an assertion that is the responsibility of another party.
Audits An audit is an engagement where a CPA provides an opinion about the fairness of a financial statement presentation in accordance with a comprehensive basis of accounting such as: generally accepted accounting principles, cash basis or income tax basis.
  • Provides the highest level of financial statement assurance.
  • As a by-product of an audit, the firm may also observe opportunities for management to improve its operations, although this is not the primary intent of the engagement.
  • Satisfy external reporting requirements
  • See expanded page for audit, accounting and attestation
Compilations A compilation is a service where the accountant presents, in the form of financial statements, information that is the representation of an organization's management (owners) without undertaking to express assurance on the financial statements. At management's election, the financial statements may be prepared with substantially all disclosures omitted. Common financial statement bases of accounting used for compilations include accrual basis, cash basis and income tax basis.
  • Accountants' report is issued, but provides no financial statement assurance.
  • Least expensive of the financial statement reporting services
  • Satisfy external reporting requirements
  • See expanded page for audit, accounting and attestation
Compliance audits and attestation This service results in the issuance of a report on an organization's compliance with requirements of specified laws, regulations, rules, contracts or grant. It can also include reporting on the effectiveness of an entity's internal control over compliance requirements. Compliance requirements may be financial or non-financial in nature. A common example is a single audit of an organization's compliance with laws and regulations under Government Auditing Standards. Another is an entity's compliance with provisions of an agreement or contract.
  • Satisfy external reporting requirements
  • Identifies weaknesses in internal control
Employee benefit plan accounting and auditing A service that can include audits, reviews or compilations of 401(k) or other defined contribution plans, defined benefit pension plans, health and welfare plans, defined contribution plans and others. Our available services can include preparation of Form 5500 or assistance with record keeping.  In addition, we can help evaluate current benefit arrangements and administer 401(k) plans.
Forecasts and projections An engagement that presents prospective information in the form of financial statements. A forecast is a prospective financial statement based on assumptions that are believed to be the most likely to occur. A projection, on the other hand, is prospective information that is based on a "what-if" scenario, but not necessarily the most likely scenario. Different levels of reporting assurance are available for each form of information. An accountant may either examine (basically audit-level assurance), compile, or apply agreed-upon procedures to prospective financial statements. The review level of assurance is not available for prospective financial statements.
  • Signals to management that corrective actions might be needed in some aspect of operations
  • Provides a financial snapshot of the organization under certain assumptions
  • Establishes financial targets
  • Increases accountability
  • Satisfies external reporting requirements
Fraud prevention and investigation Services This service includes investigation of alleged fraudulent activities as well as assessing your company's current risk. We believe the best deterrent to fraud is a system of strong controls combined with education about identifying the warning signs of fraud. Since many of the controls that deter fraud can also help prevent unintentional errors, a fraud assessment engagement is a particularly valuable one.

Fraud prevention services can:

  • Train you to spot red flags
  • Train employees on their role in fraud prevention
  • Assess your existing fraud risk
  • Test your antifraud controls
  • Train employees to embrace your organization’s core values and guiding principles

Fraud investigation services can:

  • Perform confidential investigations
  • Assist your legal team with investigatory procedures
  • Assist with internal investigations
  • Lead a multi-disciplinary investigation team

Examples of specific services:

  • Fraud risk check-up
  • Tests of antifraud controls
  • Agreed-upon procedures
  • Collaborative investigations
  • Assistance with fraud policy
  • Employee awareness training

 

 What are the benefits to you?
  • Preserve your cash
  • Adopt “best practices”
  • Reduce temptation
  • Promote success
  • Protect your organization’s reputation
  • Even if not material to financial statements, misappropriation can still be substantial
  • Promote a culture of honesty
  • Create a positive workplace
  • Enhance ability to recruit and retain high-quality employees
  • Suggest ideas for deterring fraud
  • Investigate allegations of fraud
See our articles:

Expanded fraud services page

 
Internal audits These engagements encompass the performance of procedures that are normally designed to focus on areas of internal control in more depth than would be expected in a financial statement audit. The scope of the engagement can narrow or broad in scope.
Internal control evaluation A service ranging from fine-tuning a specific part of your operations to a thorough evaluation of your system's overall design and operating effectiveness. An organization's system of internal control includes five components: 1) the control environment, 2) assessment of risk, 3) control activities, 4) information processing, and 5) monitoring. Most organizations have both formal and informal activities within these five areas.
  • Identify weaknesses in internal control
  • Identify opportunities for operational efficiencies
  • Can provide peace of mind about operations
Operational audits The objective of an operational audit is to evaluate and recommend improvements in:
  • Overall operations
  • A segment of operations or
  • Specific processes within a segment
In a typical engagement, which is more than just looking at the financial picture, we start by helping you define your desired state of operations (i.e., where would you like to be.) Then we assess the current conditions (i.e., where are you now.). Through an interactive process, we help generate ideas for improvements, evaluate the best solutions and provide you with support during implementation of the solutions. To the extent a particular solution requires new training, we can help with that training or offer recommendations for other qualified trainers.
  • Generate ideas for process improvements
  • Evaluate alternative process solutions
  • Offer an objective, outside view of operations
  • Reduce expenses
Peer review services A peer review is an engagement where one CPA firm expresses assurance about whether another CPA firm's system of quality control over its accounting and auditing practice meets the requirements of professional standards. This assurance may be in the form of an opinion on the firm's system of quality control (a system review) or a report of limited assurance on selected engagements submitted for review (an engagement or report review.) System reviews apply to CPA firms who perform audits. Engagement reviews generally apply to firms who perform no audits. Report reviews are limited to firm that perform only compilations that omit substantially all disclosures.
Personal financial statements Sometimes called a statement of net worth, these are financial statements of an individual and/or spouse. The financial statements are prepared using the fair market values of the individual's assets and liabilities. Personal financial statements may be audited, reviewed or compiled. Common uses of personal financial statements include arranging for financing or in estate tax planning.
  • Satisfy external reporting requirements
  • Assist in obtaining financing
  • Improve financial planning ability
Reviews A review is a "procedures-driven" engagement where an accountant expresses "limited assurance" (but not an opinion) about financial statements. In expressing limited assurance, an accountant  states whether or not the financial statements contain material modifications that should be made in order for them to be in conformity with a basis of accounting, for example, generally accepted accounting principles. In a review engagement, the accountant performs analytical procedures and inquiries of entity management to obtain a reasonable basis for the limited assurance.
  • Accountants' report is issued
  • Provides a limited level of financial statement assurance
  • As a by-product, the firm may observe opportunities for management to improve its operations, although this is not the intent of the engagement
  • Cost is less than an audit
  • Satisfy external reporting requirements
  • See expanded page for audit, accounting and attestation
SAS 70 audit Two types of engagements are available under this service:
Type I: Report on Controls Placed in Operation
This option results in a report on 1) the organization's descriptions of the controls that may be relevant to a user organization's internal control as they relate to an audit of financial statements, 2) whether such controls were suitably designed to achieve specified control objectives, and 3) whether they had been placed in operation as of a specified date. The objective of this type of report would be the expression of an opinion on whether relevant controls had been placed in operation and were suitably designed to achieve the specified control objectives.

Type II: Report on Controls Placed in Operation and Tests of Operating Effectiveness
This option results in a report on 1) an organization's descriptions of the controls that may be relevant to a user organization's internal control as they relate to an audit of financial statement; 2) whether such controls were suitably designed to achieve specified control objective; 3) whether they had been placed in operation as of a specified date, and 4) whether the controls provide reasonable, but not absolute, assurance that the related control objectives were achieved during the period specified. The objective of the report would be the expression of an opinion on whether relevant controls had been placed in operation and were suitably designed, and operating effectively to achieve the specified control objectives.
  • Benefit of a Type I report to a user organization: This type of report is helpful in providing a user organization's auditor with an understanding of the controls necessary to plan an audit of the user organization, design effective tests of controls and perform appropriate substantive tests.

  • Benefit of a Type II report to a user organization: This type of report is helpful in providing a user organization's auditor with an understanding of the controls necessary to plan an audit and may also provide the auditor with a basis for reducing his or her assessments of control risk below the maximum.
SEC filings An engagement to assist in the preparation of the filing requirements for a public registration or to assist in the preparation of information for inclusion in quarterly or annual SEC reports.
  • Comply with the filing  requirements of the SEC
Single audit A Single Audit goes beyond the procedures performed in a regular financial statements audit by providing an opinion on an organization's compliance, in all material respects, with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement that are applicable to its major federal programs. A single audit also reports on internal control over compliance with requirements of laws, regulations, contracts and grants applicable to federal programs.
Temporary accounting personnel This service is designed as a temporary solution for performing day-to-day accounting functions whether that need is caused by unexpected employee turnover, rapid expansion or other circumstances.
  • Availability on short-term notice.
  • Experience at levels above what you normally find on a temporary basis.
  • Self-starter professionals
  • Flexible engagement lengths.
  • Flexible rates.
  • Smooth transition to the person you find as a permanent replacement.
  • Also see expanded page for Temporary Accounting Personnel.
Training of personnel General training or supervision of your accounting or finance staff. Training can relate to specific accounting functions, preparation of financial statements, software training.
  • Reduce on-the-job training time
  • Provide efficiency tips related to specific software programs
  • Mentor and train personnel for advancement

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