Improve operational practices by implementing recommendations identified by Sikich’s Audit Services.
Efficient Processes for Quality Audits
Auditing is more than just verifying numbers. An audit provides unbiased, third-party verification of your results. Audits show where you’ve been and can provide insights to improve accounting and reporting practices. They can reassure investors and other stakeholders regarding your financial reporting practices.
Other assurance services provide lesser degrees of assurance than an audit but may offer the appropriate degree of confidence to the users of your report. Sikich works with organizations across industries and of all sizes to determine what type of assurance services meet your financial reporting needs.
Audit Services to Meet Your Business Needs
Designed to determine whether an organization’s financial statements are fairly presented, an audit can be useful to any type of entity. We currently perform financial statement audits in a number of industries in the for-profit, not-for-profit, and governmental sectors.
Generally, Single Audits are performed for not-for-profit organizations and governmental entities that receive and expend federal funds above certain thresholds. The Single Audit complements a financial statement audit by focusing on various federal requirements.
As with Single Audits, an audit in accordance with Government Auditing Standards (the Yellow Book) is generally performed for not-for-profit organizations and governmental entities when certain requirements have been imposed. Under a Yellow Book audit, we will render an opinion on compliance and internal control over financial reporting using audit procedures as defined by Yellow Book guidelines.
Financial statement reviews are used when organizations need an evaluation of their financial statements for investors or other third parties, but do not need the assurance depth and complexity of an audit. Reviews are substantially less in scope than audits, but still provide a degree of assurance to the user of the financial statements.
Compilations are used when organizations need to gather and present financial information but do not need assurance that financial statements are accurate. Sikich offers monthly, quarterly, and annual compilation services. Compilations provide assistance in the presentation of financial information but do not provide assurance.
Agreed Upon Procedures are sought when an organization does not need something as detailed as an audit. Our Agreed Upon Procedures services are used to provide insights on specific information for a specific purpose such as an evaluation of loan terms or investment returns.
Focus on Your Growth As We Help You Meet Title IV Compliance
All for-profit schools participating in Title IV aid programs must submit compliance and financial audits to the U.S. Department of Education on an annual basis, and our Title IV experts can help.
Expert Audit Solutions From Sikich
Audits are often sought to meet financial reporting requirements, but they provide much more than that. Audit procedures and the process itself can help organizations assess risk, uncover internal management issues, and provide insights and information that can be used to address business challenges and direct future plans.
Sikich’s audit services and assurance solutions provide the information you and your stakeholders need. Contact us to learn more about our services and solutions and how they can help your business position itself for success.