Audits, Review, Compilations and Agreed-Upon Procedures
Audit, review and compilation engagements are custom formulated to meet specific objectives; each engagement differs according to the level of service required and our clients’ particular needs.
Audits: Audits are conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. Audits are thorough engagements that offer the highest assurance that an organization’s financial statements are presented fairly. The following are additional benefits of an audit:
- Recommendations on financial statement formats and note disclosures
- Detailed recommendations for improving internal controls
- Enhancing administrative performance
- Assistance in complying with legislative and statutory requirements
Single Audits – CF&M is qualified to perform single audit engagements in accordance with the Government Auditing Standards issued by the Comptroller General of the United States. Governments and Non-Profit Organizations require those entities expending $500,000 or more of federal funds in a fiscal year to have a Single Audit.
For those clients with less stringent reporting requirements, we provide Reviews and Compilations, which are less in scope and assurance than our audit services.
Reviews: Reviews are conducted for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements. A review consists principally of inquiries directed toward company personnel and analytical procedures applied to financial data.
Compilations: Compilations are limited to presenting financial statement information in the form that is the representation of management. This service offers no assurance of the accuracy of data present.
Agreed-Upon Procedures: Another form of assurance that CF&M can provide. Our clients find these engagements to be an economical alternative to audits or reviews. These engagements held clients improve internal controls, enhance administrative performance and address specific needs or issues. These engagements can range from assisting in the preparation of financial statements to legal and regulatory compliance and the testing of controls with areas of high risk.
CF&M offers a wide variety of additional accounting related services to our clients, including, but not limited to:
- Financial Forecasts – CF&M can prepare and present management with expected financial position, results of operations and cash flows for a future period. A forecast is based on assumptions that reflect conditions management expects to exist and the course action it expects to take.
- Monthly, quarterly or annual financial statement and note disclosure preparation
- Monthly, quarterly or annual bookkeeping and internal audit services
- Operational and program feasibility studies, including cost and profitability analysis
- Budget preparation
- Risk assessments
- Internal audit and “CFO-to-Go” outsourcing