Auditing and Assurance services:
The focus of the audit and assurance department is to provide you with a quality product that suits your needs, to provide helpful suggestions that improve your operations, to provide financial guidance when necessary, and to provide a level of service that will result in a long lasting relationship.
Our goal is to be first on your mind when you have a question and we take the time necessary to build that type of relationship.
We provide a myriad of services including, but not limited, to the following:
1- Compiled, Reviewed & Audited Financial Statements
A compilation provides an independent third-party perspective on the information being presented by management in the form of financial statements. It can be for internal purposes or for external requirements, such as bank loan covenants. Though no assurances are provided on the information presented, our input can provide feedback to management as to how your company is performing.
A reviewed financial statement provides limited assurance of an entity’s financial position. We perform inquiries of management and conduct analytical procedures of current and prior year results. Although the required procedures of a review are far less thorough than an audit, it often suits the needs of our clients. Our team of professionals also takes the time to communicate recommendations that could improve your business.
An audit is the highest level of assurance service and will often fulfill the requirements of outside third parties. In addition to the work performed in a compilation and review, audits also include transaction testing, understanding internal controls, and assessing fraud risk.
SRCA auditors are well versed in auditing standards and principles and invest the highest degree of integrity in each of our audit engagements. We stake our reputation on each financial statement we sign.
2- Compliance Reporting
With the increased scrutiny that many organizations are facing along with the regulatory requirements that accompany most governmental funding, there is a growing need for compliance auditing.
We are well versed in the compliance requirements that are driven by generally accepted governmental auditing standards and federally funded programs mandated by SECP, SBP, FBR and other departments within the Federal and Provincial Government, such as the Departments of Housing and Urban Development, Labor, Health and Human Services, and Education. We also are well versed in the requirements mandated by various state, county and local governments.
We work closely with you to efficiently adhere to both the financial and compliance reporting requirements. We also aim to stay ahead of the current regulations so that you are well aware of everything that is going on in your respective industries.
3- Agreed Upon Procedures:
Agreed-upon procedures come in all shapes and forms. These engagements are driven by what the business wants internally or needs externally.
We work together to develop the steps necessary to meet these needs, providing a more practical solution for your business. The performance of agreed-upon procedures will provide a level of assurance that addresses a specific area, rather than all encompassing steps taken in a compilation, review or audit.
Some examples of situations where an agreed upon procedures engagement are appropriate:
- A third party lending institution or potential business partner may ask you to acquire an independent review of a particular financial element of your business, such as accounts receivable procedures or inventory management.
- You have concern that internal procedures are not being followed; we can provide additional assurance that your billing practices are truly following your billing policies.