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Audit Procedures


Our Approach

Our audit approach is unique, because it is designed to avoid disruption to your normal day-to-day operations. Through the use of our online tools, we spend less time in your conference room, requesting documents and taking your employees’ time to ask questions. Your audit dashboard allows you to submit requested documentation and monitor the progress and status of your audit at any time, eliminating duplicate files, long email chains and on-site disruptions.

Our audit experts realize that you need a partner in collaboration to guide you through the audit process. You’ll receive intuitive and informed responses to your questions quickly, because lack of communication simply stalls your momentum and makes it harder for your organization to draw conclusions and take action based on our agreed-upon procedures findings.

Services

While not meant to fulfill any assurance requirements, agreed-upon procedure (AUP) engagements are outlined standards that allow us to partner with companies as an independent third -party to assist them in evaluation of their accounting procedures and records. As an example, an AUP engagement may be requested by an entity interested in acquiring another business.  Common accounting procedures performed during these engagements include:

  • Review of transaction details in specified documentation
  • Confirmation of information or transactions with third-party organizations
  • Cross-comparison of documents fitting specified criteria
  • Evaluation of specific procedures on work performed by third-parties

The results of an agreed-upon procedure engagement are presented only as factual findings, without opinions, conclusions or assurances. The final audit report remains restricted to appropriate parties, and adhere to requirements of the AICPA’s Statement on Standards for Attestation Engagements (SSAE).

Experts

Resources

Reporting for Business Segments

The FASB wants to improve the guidance for aggregating business segments and the reportable segments process.

Will FASB Provide Relief From Reporting Taxes Under the New Tax Law?

The article describe the unrecognized FASB tax benefits, explain what’s being eliminated and retained, and predict how the FASB will minimize “disclosure overload” going forward.

Is a General Partner Fund Right for Your Project?

GP funds can enable sponsors to meet their capital contribution obligations while maintaining the freedom to invest in additional projects.

When an LLC Doesn’t Protect Personal Assets

LLCs can limit real estate owners’ and developers’ personal liability, but there are exceptions.

FASB Proposes Changes to Reorganize Consolidation Guidance

The FASB would like to simplify the consolidated reporting guidance in U.S. GAAP by reorganizing its format and clarifying some of the content.

Assets and Liabilities: FASB May Redefine the Basics

The FASB is considering changing the definitions of assets and liabilities as part of a long-running project to update its Conceptual Framework.

Man Looking At Watch Feature

On July 9, 2015, the FASB officially deferred implementation of the landmark global revenue recognition accounting standard by one year; IASB followed suit on Jul ...

Accounting Statement Spreadsheet With Pen Article

Recent FASB guidance simplifies the way private companies account for some intangible assets in a business combination.

FASB Issues ASU on Pushdown Accounting

On November 18, FASB issued Accounting Standards Update (ASU) 2014-17, giving an acquired entity the option to apply pushdown accounting when there is a change-of-control event.

Man Using Magnifying Glass Thumbnail
The Office of Management and Budget (OMB) finalized and released comprehensive new federal grant reform guidelines on December 26, 2013.

FASB Provides Alternatives for Companies on Accounting Principles

FASB has issued two updates to Generally Accepted Accounting Principles that are intended to reduce the cost and complexity of preparing financial statements for private companies.

Nonprofits: Preparing for FASB Financial Reporting Changes

A recent survey ranked streamlining financial statements as the most important task on the Financial Standards Accounting Board’s (FASB) agenda over the next three-to-five years.

Non-GAAP Businesses Get New Option for Financial Reporting

The AICPA announced a new option for small business financial reporting, which is intended to ease reporting for smaller, privately held, owner-managed businesses that aren’t required to abide by GAAP.

Standard Change: FASB and IASB to Issue New Approach to Lease Accounting

Up until now, accounting for heavy industrial equipment and shipping containers to office copiers and office space has been fairly straight forward but that is changing.

Revenue Recognition Overhaul Nears Final Phase

Companies will see significant changes in codes and disclosure rules due to a joint project that will replace the huge body of existing revenue recognition standards with a new single model.

FASB Codifies New Rules for Consolidation of VIEs

With its recent Accounting Standards Update (ASU) 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, the Financial Accounting Standards Bo ...

FASB Reworks Subsequent Events Guidance

On February 24, 2010, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2010-09, Subsequent Events — Amendments to Certain Recognition and Disclosure Requirements. The ASU ...