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External Audit Services
As a licensed independent Certified Public Accounting Firm, White &
Samaniego, LLP is qualified to audit your company’s financial
statements. Audited statements prepared by White & Samaniego, LLP will
include our opinion, as an independent party, stating we have audited
the company’s financial statements and have determined whether they are
free from material misstatements.
How will an
audit help my business?
An audit provides assurance of the reliability of the financial
statements. It includes the following:
·
Financial Analysis:
Financial analysis performed in connection with an audit concentrates on
identifying trends which can assist management in making more informed
business decisions. Identification of a company's strengths and
weaknesses will be addressed.
·
Understanding of Internal Control Structure:
As part of an audit, we obtain an understanding of your company’s
internal control structure. As a result, we are able to make
recommendations to improve internal controls.
· Management
Comments:
At the conclusion of the audit, we typically provide management with a
“Management Comment Letter” which highlights business recommendations
for improvements in operating efficiency and internal controls noted
during the course of the audit.
Does my
business need audited financial statements?
An audit is often required by an outside party that is providing
financing. They need independent assurance that the financial
statements accurately reflect the financial condition of the company.
You may consider an audit of your business’ financial statements in one
or more of the following situations:
·
The business is in need of additional financing or is considering debt
reorganization
·
The owner is contemplating a potential sale of the business
·
Shareholders require an audit to determine the value of the company
related to a buy-sell agreement
·
The owner or board of directors wants additional comfort offered by an
independent third party’s opinion on the financial statements
Occasionally, a business owner needs a service that does not fit the
mold of “standard” accounting services such as an audit, review or
compilation. We provide services to assist with these needs:
·
Performing agreed upon procedures to a specific financial area
·
Preparing analytical procedures and ratio analysis
·
Performing an internal control review
·
Preparing important financial projections to assess expansion or other
investment opportunities
Tax-Exempt Organizations (Not-For-Profit)
Tax-exempt organizations face unique administrative and business issues
not shared by most for-profit enterprises. Partners and associates in
our firm are well known as trusted business advisors to exempt
organizations, assisting them on a variety of financial strategic and
administrative issues.
In-depth knowledge of these unique issues, combined with an
understanding of each client's mission and purpose, is the benchmark for
this practice group.
White &
Samaniego, LLP can assist your not-for-profit organization, including
charitable foundations, voluntary health and welfare organizations,
trade and business associations, religious organizations and membership
organizations.
· Financial
statement and OMB A-133 audits, compilations and reviews
· Tax
return preparation
· Exempt
status applications
· Ongoing
consulting - budgeting, internal controls, accounting systems, software,
policies and procedures
Agreed Upon Procedures
Performing agreed upon procedures is a process of applying specific
procedures to an area of a financial statement or within a specific
accounting cycle. When agreed upon procedures are requested, a member
of the White & Samaniego, LLP team will meet with you to determine what
specific goals you are trying to accomplish and the procedures that will
help achieve those goals. They are then performed to provide management
with an opinion regarding the fairness of information presented. For
example, a financial institution could require verification of the
amount reported as accounts receivable on a customer's financial
statement to ensure that the bank’s collateral (accounts receivable) is
a viable asset.
SAS 70
Audits
We can help you fulfill your SAS 70 requirements in an effective, cost
efficient manner.
SAS 70
Defined
Statement on Auditing Standards No. 70 (SAS 70) was developed by the
AICPA to define the professional standards used by a service auditor to
assess the internal controls of a service organization and issue a
service auditor’s report. This report recognizes that a service
organization has been through an in-depth audit of their internal
control processes.
Only an independent certified public accountant (CPA) or CPA firm can
perform a SAS 70 engagement. Our SAS 70 engagements adhere to the
professional standards established by the AICPA. We here at White &
Samaniego, LLP offer two types of SAS 70’s: Type I and Type II.
Type I:
reports on controls placed in operation as of a specified date.
Type II:
reports on controls placed in operation and tests operating
effectiveness during a specified time, usually 6 to 12 months.
SAS 70
Report - Value Added Service
A SAS 70 audit can offer many potential benefits to service
organizations. The following are a few examples of the many benefits
our clients may experience.
·
A SAS 70 report allows a company to provide outside parties with
independent third party verification regarding the state of their
internal controls.
·
Undergoing a SAS 70 audit often distinguishes a company over its
competitors
·
A SAS 70 report is often accepted by third parties such as customers,
customer’s external auditors, and regulatory auditors, as a substitute
for those parties performing their own audit
Beneficiaries of the SAS 70 Report
Some examples of service organizations that benefit from a SAS 70 are:
insurance and medical claims processors, payroll companies, trust
companies, hosted data centers, application service providers and
managed security providers among many others. Traditionally, this audit
report is primarily used as auditor-to-auditor communication. The
auditors of the service organization’s customers can use the service
auditor’s report to gain an understanding of the internal controls in
operation at the service organization.
Employee
Benefit Plan Audits
One of the most important duties of trustees is to ensure that your
company’s employee benefit plan, not only meets the regulatory
requirements of the U.S. Department of Labor and the Internal Revenue
Service, but protects the assets and financial integrity of the plan.
Your company’s reputation and employees’ future security are at stake.
Our commitment to providing quality audits combined with years of
experience ensures that your plan is satisfying the specialized
financial, operational and regulatory requirements. The quality of our
work guarantees your peace of mind but at a competitive cost.
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