Audits, Reviews, and Compilations

Audits, Reviews, and Compilations

For many people, running their own business is a dream come true. However, operating a business can also mean providing regular reports about the company’s financial condition and operating results to lenders, investors and other stakeholders. That’s why more and more entrepreneurs are engaging Soren McAdam as a trusted resource for financial statement audits, reviews or compilations.    

As a general rule, audits are required when third-parties require high confidence that financial statements fairly represent your company’s financial condition and operating results. In an audit, our team will assess internal controls, evaluate your company’s fraud risk, review physical and electronic records, conduct inquiries and test specific transactions. Meanwhile, a review is a more limited engagement where our team conducts analytical procedures and inquires of management to provide limited assurance regarding the material accuracy of financial statements. Finally, a compilation is the most basic option, where we help management present financial statements without specific assurances about any need for material modifications.  

Employee Benefit Plan Audits

Audits of employee benefit plans involve more than just a review of plan assets. Well-designed audits also take an in-depth look at your plan’s compliance with key laws, such as the Employee Retirement Income Security Act of 1974, as well as provide information to help trustees and plan administrators understand their fiduciary responsibilities. That’s why many Inland Empire companies choose Soren McAdam to help them stay in step with all regulatory requirements while meeting their fiduciary responsibilities.

As a member of the AICPA’s Employee Benefit Plan Audit Quality Center, we are required to maintain high quality benefit plan audit services, obtain specific levels of continuing education and submit benefit plan audits in a peer review process. We audit a range of employee benefit plans, including defined benefit plans, defined contribution plans (such as 401(k) and 403(b) plans), profit-sharing plans and other benefit programs. At the end of each audit, we provide actionable recommendations that help clients fine-tune internal procedures, saving time and money.

Not-for-Profit Organizations

Generally speaking, the role of most not-for-profit organizations is to deliver community, social or educational services. Because of that mission and structure, accounting rules for these organizations are considerably different than for regular, profit-driven businesses. At Soren McAdam, our team is highly knowledgeable about these distinctions, largely because we have decades of experience providing accounting services to regional not-for-profit groups. Furthermore, many members of our team have served on boards of various charitable organizations.

Revenue generation is critical for most non-for-profits, since it fuels service or mission-driven goals. However, if gifts or grants have been received for specific purposes, those funds must be tracked to ensure they are used for the intended function. In this area, we can provide QuickBooks or financial reporting support, which can help organizational leaders comply with restrictions while fine tuning revenue-cycle forecasting and cash management. In addition, we offer a full range of advisory services – such as budget preparation and analysis, compliance reviews, internal audit services, internal control reviews and tax planning – that can optimize the overall performance of any not-for-profit organization.

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