Professional Accounting & Auditing Services
Our Accounting and Auditing Practice services a wide variety of industries and specialties, spanning across both the for-profit and nonprofit spectrum. At Brown Schultz Sheridan & Fritz (BSSF), we understand that every industry and company is different, so we do not take a “checklist” approach to our audit services. Instead, we develop a tailored audit approach that takes into account areas of risk associated with your company and your industry.
Benefits of an Audit
There are varying levels of attestation services, and an audit is the highest level of assurance. It is an objective, methodical review of financial statements and includes verifying specific information such as transactions and internal controls. So why should you have an audit? Here are some, but not all, of the reasons:
- It can provide comfort to business owners and senior management.
- Audits can provide advice on how to reduce fraud risk.
- An audit will help to identify weaknesses in your accounting systems.
- It provides assurance to outside users of the financials.
- Audits can help to provide credibility to your bankers.
- Having an audit can help to facilitate tax savings ideas for both the corporation and shareholders.
Understanding Other Attestation Services
If you feel that you don’t need an audit, we also provide varying levels of attestation services:
Reviews: These are not as extensive as audits and provide “limited assurance.” We will perform analytical procedures and inquiries of your management team to obtain “limited assurance” on your financial statements. Generally, this is a good option for business owners, who seek a greater confidence in financial statements in order to drive business decisions.
Compilations: These are the lowest level of assurance. Compilations involve compiling financial statements and do not require any analytical procedures nor inquiries with your management team. A compilation of financial statements is typically an option for companies that are seeking a small amount of credit or financing.
Agreed-Upon Procedure (AUP) Engagement: With an AUP engagement, the Firm performs specific audit procedures that are agreed upon by your company and any involved third parties. While it closely follows the procedures of an audit, an AUP engagement does not require an assurance statement. Instead, people who have access to the report can assess the findings themselves and draw their own conclusions.
If you are unsure of what level of assurance you may need or have questions on attestation services, contact us today!
Why Choose BSSF for Your Accounting & Auditing Firm?
Our team has in-depth experience auditing companies of all sizes, across many industries. We strive not only to be your auditor but also your partner in business. As such, the BSSF team members assigned to your audit are experts in your industry specialty and are prepared to add their knowledge of industry practices to your audit.
We always seek to add value to our audits to help you achieve your overall business goals, not just the goals of the audit. Advice provided includes suggestions to management on operational efficiencies, internal controls and general business matters.
No matter what your need is, BSSF has the expertise to meet your accounting needs in a thorough and high quality manner.