Audited financial statements are a fundamental management tool for your business or institution. Often required, they are an excellent opportunity to evaluate your operations and internal controls and to potentially improve your organization’s financial performance.
Depending on your needs, we can perform:
- Audits under Uniform Guidance (single audits)
- Agreed-upon procedures
- Process and control reviews
- Due diligence procedures
- Custom engagements
Preliminary fieldwork is essential to a successful engagement. Our approach is to gain a thorough understanding of your organization, operations, and financial environment, then tailor an engagement plan to your requirements.
During our firm’s history we have developed specialized audit expertise in several areas, including:
- Employee benefit plans
- High-tech companies
- Medical and professional practices
- Credit unions
A client in the communications industry was experiencing significant growth and purchased a new venture in Hawaii. The transaction was financed with the help of several institutions, which required audited financial statements on a short deadline. Sciarabba Walker quickly put together a team to help the client collect all necessary information and guide them through the requirements of the audit. We efficiently handled additional complications; for example, several involved entities were located in different states, and the related-party transaction had to be properly recorded and reported. To the satisfaction of the client, the process was smooth and the audit was completed in a timely manner.
A nonprofit organization operating in the health care industry was struggling with how to maintain appropriate controls over financial reporting, and it experienced significant year-end adjustments as a result of audits of their annual financial statements. Sciarabba Walker was hired as its new auditor and obtained an understanding of the organization’s internal control system as an important part of the annual audit process. Sciarabba Walker prepared several management letter comments with suggested improvements to the internal controls and guided the client in implementing them. Significant progress was made after the first audit, and each subsequent year added additional improvements. Management and the board of directors can now make operating decisions based on reliable monthly reports. We will continue to update our understanding of the internal controls and make recommendations annually.
Our professional staff are members of the American Institute of Certified Public Accountants (AICPA), AICPA’s Employee Benefit Plan and Governmental Audit Quality Centers, and the New York State Society of Certified Public Accountants (NYSSCPA). We welcome the opportunity to discuss your assurance requirements. Call or email our team today.