Audit & Assurance

A superior audit is much more than a clear, concise financial report. It should generate information and insights which improve controls and lead to greater efficiency. That kind of audit requires deep industry knowledge with refined skills, sound judgement and creativity – all of which our team members possess.

---

An audit is the highest level of assurance that we can provide with regard to an organization's financial statements and disclosures. The objective of an audit is to express an opinion on the fairness with which the financial statements present, in all material respects, financial position, results of operations, and cash flows of an organization in conformity with generally accepted accounting principles. Among other things this involves an understanding of an organization's internal control environment, management philosophy, organizational structure, ethical values and integrity. Typical audit procedures might include: confirmations with third parties, tests of transactions, analytical review procedures and discussions with management. Generally, audits are performed because they are required by a lender, regulatory agency such as the state or federal government, or by stockholders/members of the company or organization.

Review

A review consists of applying analytical procedures and making inquiries of persons responsible for financial, accounting, and operational matters. A review does not typically include tests of the underlying accounting records, and is significantly less in scope than an audit engagement. The objective of a review is to provide limited assurance that nothing came to our attention during our procedures that caused us to believe that the financial statements were not presented in accordance with generally accepted accounting principles.

Attest Engagements

A CPA is often asked to express a written conclusion about the reliability of a written assertion that is the responsibility of another party. These services are referred to as attest engagements. This is a more focused engagement, dealing with specific assertions made in writing by management to be relied upon by a third party. For example, a report on the investment performance of a retirement portfolio for a company 401K plan , compliance with laws and regulations with regard to a grant program, or achievement of specified operating objectives. There are a wide range of attest services that we can perform providing various levels of assurance depending on the needs of the client.

Compilations

When Saltmarsh compiles financial statements, we will gain a general understanding of the nature of the entity’s business transactions, the form of its accounting records, the stated qualifications of its accounting personnel, the accounting basis on which the financial statements are to be presented, and the form and content of the financial statements. On the basis of that understanding, we will then consider whether it will be necessary to perform other accounting services, such as assistance in adjusting the books or consultation on accounting matters.

Occupational Fraud

Occupational fraud and abuse is a serious problem for today's business owners. According to surveys by the Association of Certified Fraud Examiners, US business losses due to fraud and abuse average 6% of annual revenues and companies with fewer than 100 employees seem to be the most vulnerable. The first step in any fraud prevention program is to admit that the problem could exist in your business.

Michael Adkins, a shareholder with more than 30 years of experience, is also a Certified Fraud Examiner, CFE. He and his staff are available to assist you in evaluating your risks and designing a fraud prevention and detection program for your organization. We are also available to assist you in the event you suspect fraud may be occurring or in the documentation of your losses.

Certified Fraud Examiners are trained in the detection and deterrence of white collar crime. All CFE's must meet minimum professional experience and educational requirements and pass a comprehensive examination covering criminology, financial transactions and analysis, investigation and law. The CFE must maintain the designation through annual continuing education courses specifically related to fraud investigation.

For more information, please contact auditinfo@saltmarshcpa.com.