Audit & Assurance Services
Scheffel Boyle provides quality and efficient audit services to a range of for-profit, non-profit, and governmental entities, in addition to employee benefit plan audit services. Using innovative methods and the latest in software technologies, our team will evaluate your accounting processes, internal controls, and business practices and help you effectively use financial statements to better manage your business and increase your profitability.
Levels of Service Available
An audit provides our clients with the highest degree of assurance that their organization's financial statements are accurate and in compliance with Generally Accepted Accounting Principles (GAAP). Because more extensive procedures are performed during an audit than in a compilation or review, we will issue an audit report following the engagement stating the accuracy of financial statements.
All firms are required to follow generally accepted auditing standards when conducting an audit. However, significant differences in approach and operating style may exist. At Scheffel Boyle, our audit philosophy differs from other firms by virtue of a greater emphasis on the "team" approach to auditing, executing efficient audit techniques, and a greater degree of Principal and senior-level involvement.
Our Audit Procedure is based on three different phases that our team diligently adheres to during audit engagements. These include:
When performing a review, our professionals will utilize analytical procedures, but they are not as extensive as an audit. Therefore, a review will only give limited or a lesser degree of assurance than an audit. This type of engagement still involves analysis of the organization's financial management procedures, but only provides limited assurance that no issues came to our attention regarding the accuracy of the financial statements.
Reviews of financial statements may be required for some organizations who are obligated to report their financial information to a third party. We have performed numerous financial reviews for a variety of businesses. Our audit and assurance team is highly experienced in this service.
This type of engagement offers no assurance to the client as to whether their financial statements are in compliance with GAAP. During a compilation, our team will prepare financial statements of a business based solely on information provided by the client. We will recommend adjustments if something seems incorrect, but no level of assurance is provided to the client.
This type of service is useful to small businesses who need to make organizational decisions and require a financial overview to do so.