REVIEWS AND COMPILATION
Audits are typically performed because outside third parties (such as banks, creditors and investors) require an auditor’s opinion on organization’s financial statements. The objective of an audit is to express an opinion about whether the financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles (GAAP) or some other financial reporting framework.
Audits are often a lengthy process making it important to work with a CPA firm that strives for timely and accurate delivery of services. At Emerick & Company, we believe that delivering efficient and cost effective audits on time and without surprises is important. We recognize the benefits of a well-planned, proactive approach and develop a project plan that fits within your organization’s schedule.
Whether your reporting needs are driven by internal or external users, these services are designed to assist you in preparing and presenting meaningful financial statements that provide an appropriate level of credibility and reliability in order for you and your investors, creditors, board members or others that do business with you to properly evaluate your business/organization and make informed decisions.
Reviews – Financial statement review services offer an evaluation of your organization’s financial statements using management inquiries, analytical procedures, and our knowledge of the industry and your particular organization. The scope of a review is less than that of an audit, but the resulting report provides a limited level of assurance that there are no material modifications that should be made to the financial statements.
Compilations – Financial statement compilation services provide for the assembly of your organization’s financial data from your accounting records into the form of financial statements. Unlike an audit, no opinion is expressed about the information in the financial statements; however, the user is informed that the financial statements are presented in conformity with U.S. generally accepted accounting principles (GAAP).
Please contact us here if you would like to discuss your needs or request a proposal.
AGREED UPON PROCEDURES
If your organization has a reporting need outside the scope of an audit, review or compilation, an agreed-upon procedure (AUP) engagement performed by Emerick & Company may be an effective alternative.
An AUP engagement is typically performed when the specified parties can agree upon the procedures needed to meet their needs, and those parties do not require the expression of an opinion or any other form of assurance on the subject matter or financial statements. An AUP engagement is performed in accordance with attestation standards (SSAE) established by the AICPA.
In an AUP engagement, the parties agree upon the specific procedures to be performed by the our staff member, and after the work is complete, Emerick & Company will report back on the results of those procedures. The sufficiency of the procedures is solely the responsibility of the parties specified in the report, and we make no representation regarding the sufficiency of the procedures for purpose of the report or for any other purpose. Agreed-upon procedures do not constitute an examination under SSAE and no opinion is expressed on the subject matter.
Please contact us here if you would like to meet with us for a consultation.
SERVICE ORGANIZATION CONTROL (SOC) AUDITS
Our dedicated team delivers Type I and Type II SSAE 16/SOC 1 and SOC 2 audits that meet the highest levels of user scrutiny and satisfy all service organization, user organization, and user auditor requirements.
SAS 70 and its successor standard, SSAE 16, are audit standards maintained by the American Institute of Certified Public Accountants (AICPA). These standards provide service organizations across a variety of industries a mechanism to define the set of internal control objectives that are important to their clients and to their clients’ auditors. Additionally, these standards include an independent assessment of the internal controls supporting those control objectives completed that can provide assurance to clients on the design and operational effectiveness of those controls.
Emerick & Company provides the following services:
SSAE 16/SOC 1 Type I Examinations: We express an opinion on the fairness of the presentation of management’s description of the service organization’s system, and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date.
SSAE 16/SOC 1 Type II Examinations: We express an opinion on the fairness of the presentation of management’s description of the service organization’s system, and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout a specified period. It is critical for service organizations to have a quality SSAE 16/SOC 1 report. A poorly prepared audit report may not cover everything that is required to maintain effective internal controls, thus rendering the report unusable. At Emerick & Company, we make it our priority to ensure our clients receive the most accurate and effective audit reports at minimal cost and disruption.
Please contact us here if you would like to discuss your needs or request a proposal.
EMPLOYEE BENEFIT PLAN AUDITS
Federal law requires that employee benefit plans – such as 401(k) plans, 403(b) plans, profit sharing plans, defined benefit plans, etc. – with 100 or more eligible participants must be audited each year. Emerick & Company has a team of professionals that specialize in employee benefit plan audits.
The U.S. DOL continues to intensify its review and scrutiny of plans and their respective audits, and advises the following:
“One of the most common reasons for deficient accountants’ reports is the failure of the auditor to perform tests in areas unique to employee benefit plan audits. The more training and experience that an auditor has with employee benefit plan audits, the more familiar the auditor will be with benefit plan practices and operations, as well as the special auditing standards and rules that apply to such plans.”
The increasing complexity of accounting and reporting requirements makes it important to select an experienced and trustworthy certified public accounting firm to handle your audit. At Samet, our experienced team has over 20 years of experience in providing quality audits.
Our clients have the peace of mind knowing that they have limited the risk of significant penalties or even disqualification of the plan. At Emerick & Company, our approach to serving clients is based upon building an ongoing relationship of trust and confidence.
Please contact us here for information about requesting a proposal or a list of references.
SINGLE AUDITS (For Profit & Not-for-Profit)
Every year, the government awards billions of dollars in grants, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, food commodities, and direct appropriations and federal cost reimbursements which are subject to audit requirements.
Under the Single Audit Act Amendments of 1996 and OMB Circular A-133, Not-for-Profit entities whose total federal expenditures equal or exceed $500,000 annually, require a Single Audit, also known as the A-133 audit. Single Audits are designed to ensure that the recipient of federal funds is financially sound, responsible, and in compliance with federal program requirements for the use of federal funds.
A few examples of Federal Assistance include:
Grants
Contracts
Loans
Property
Interest Subsidies
Insurance
Direct Appropriations
Endowments
When choosing an auditor for a Single Audit, consider the following factors:
Relevant experience and demonstration of qualifications
Availability of staff with appropriate technical abilities
Results of the firm’s external peer review
Emerick & Company is a member of the American Institute of Certified Public Accountants (AICPA) and its Governmental Audit Quality Center, which ensures that our auditors are kept up-to-date on the latest audit requirements. We have performed numerous single audit engagements, as well as other compliance audits and attestation engagements required by federal, state, or local laws and regulations, making us professionals at the nuances and compliance issues involved in these types of audits.
Emerick and Company takes pride in maintaining the highest level of client service, and we will ensure that all of your questions are answered quickly and professionally.
Please contact us here if you would like to discuss your needs or request a proposal.
BUSINESS
Because tax laws are always changing, noncompliance can put your business at risk. The certified public accountants of Emerick & Company stay abreast of these tax law changes. We offer a full complement of tax planning and preparation services for privately held companies, S Corporations, closely held companies, partnerships, and limited liability companies. We consistently focus on compliance as we help you identify and pursue opportunities to minimize your tax liability and manage your tax risk.
Emerick & Company can assist your business with:
• Domestic Activities Production Deduction
• IC-DISC Strategies
• Small Business Health Insurance Tax Credit
• Reasonable Compensation Issues
Please contact us here and our professionals will respond, to discuss your unique business tax filing needs with you.