Auditing and Assurance Services
Whether you need auditing and assurance services in order to meet loan provisions or regulatory requirements, or to use as a management tool, we want you to have the comfort that your accountant is thorough and presents a reliable work product. At Davis, Monk & Company audits of financial statements are the core of our professional practice. Our experienced audit professionals are CPAs who are committed to maintaining the highest professional standards and quality.
During the audit process, we strive to:
- Obtain an in-depth understanding of all aspects of our client's systems and operations.
- Exceed your expectations by assessing risk properly and planning the appropriate combinations of work.
- Maximize efficiency by delivering our audit on time and to budget.
- Utilize the latest technology and auditing techniques to streamline the audit process.
- Communicate continuously by remaining accessible and responsive to you throughout the engagement and preempting your needs.
- Suggest organizational changes to better safeguard assets and to improve internal control systems.
For financial statement engagements, we can provide one of the following three principal levels of service. Our audit professionals will help you assess your accounting and financial statement needs and determine the level of service that meets your objectives.
Audit: The accountant expresses an opinion that the financial statements present fairly, in all material respects, the financial position (balance sheet), results of operations (statement of income) and cash flows of the company in accordance with generally accepted accounting principles. This opinion is based on certain procedures performed that provide reasonable assurance that the financial statements are free from material misstatement.
Review: Less in scope than an audit, whereby no opinion is expressed but, instead, the accounting firm states that, based on its analytical procedures and inquiries of company personnel, it is not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles.
Compilation: Less in scope than a review, whereby no opinion or any form of assurance is expressed regarding the financial statements, and no testing procedures are required. Still, the accountant needs to determine, based on the financial statements being presented, whether they appear to make sense and whether disclosures have been made that cause them to be in accordance with generally accepted accounting principles.
These are the types of Assurance Services most commonly performed by our audit team:
- Financial Statement Audit
An audit is the most comprehensive examination of your financial records, systems and statements and is often required by lenders, investors and governmental agencies. The audit report assures the accuracy of your completed financial statements.
- Internal Audits
This function provides an ongoing series of tests that examine controls within an organization and measures if policies and procedures are being followed. It includes recommendations to our clients on best practices based on our experience in the various industries that we service.
- Governmental Compliance Audits
Most governmental, educational and nonprofit organizations are required to have audits which include both financial and compliance aspects. Our staff has extensive experience in this type of audit and receives extensive continuing professional education in this area.
- Report on Evaluation of Internal Control
Your business may be required to include a report on Internal Control with your financial statements. We conduct a thorough evaluation of your accounting system and provide you with suggestions for improvement. We can tailor our specific procedures to assist in identifying areas of your operations vulnerable to embezzlement or fraud.
- Special Reports
Special reports (agreed-upon procedures reports) provide you with assurance on the accuracy of specific components of a financial statement or subject matter without having to perform a complete audit.
- Sarbanes-Oxley Act
This new legislation is changing the face of audit services provided by independent accountants to public companies. We are fully aware of the issues being faced by public companies and financial institutions in order to be in compliance with the provisions of the Sarbanes-Oxley Act. Our continued recommendations will assist our clients in addressing the requirements of the Act.
