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Our firm can address your organization's need for financial controls and assurance. We verify the financial condition reported is an accurate representation of the company's financial health. We provide owners, investors, and management boards with the degree of certainty that secure controls are in place. Our audit services can be used to validate reported financial data or examine and institute internal financial controls. We can work with your management team and banking relationships to create a solid reporting and support infrastructure. Compilation Summarizes results into a standard financial statement format. A compilation does not involve any data testing. It is a consolidation of financial records as provided to us by the client. Review Provides the services of a compilation and includes a level of testing. The testing involves validation that the source of the financial data used to compile the financial statements is accurate. The level of assurance is reduced in scope from an audit. It is intended to ensure the financial data used is from confirmed records, and the balances are properly reflected. A review does not certify the details of financial transactions in each account. Audit Conducts a greater detail of testing than a review. In addition to ensuring the source of financial information is accurate, an audit tests the detailed transactions of select and random accounts. This provides a certification that reported financial information is accurate, and the ending balance of tested accounts are a fair representation of the current financial condition. Employee Benefit Plans One of our specialties is providing audit services to retirement and employee benefit plans. We have experience auditing small plans under almost every type of plan structure, and are experienced with large multi-employer, single-employer plans, and master trusts. Our firm is skilled at dealing with the requirements that ERISA, the Department of Labor, and the Internal Revenue Service demands. Haywood & Petrow will ensure your employees' long-term security, and help your organization remain in good standing with regulatory bodies. To receive information concerning employee benefit plan audits, please contact us by clicking here. Internal Audits An effective internal audit program minimizes the risk of fraud, theft, or material misstatement of financial data. This function provides an ongoing series of tests that examines controls within an organization and measures if policies and procedures are being followed. One of the most important features of an internal audit is the findings often result in the training of personnel to avoid similar mistakes in the future. We can design a recurring internal audit program for your organization. We can conduct projects for you to test an area where potential issues may exist. As an example, significant shrinkage in finished inventory or materials may be an operational issue, theft, or simply a data processing issue. We can trace steps and review procedures to identify the reason so management can take the necessary steps to resolve the problem. |
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