Audits are the most comprehensive level of assurance obtainable for financial reporting. Audits help maintain compliance, provide insight for management to improve internal controls, and help manage other risk areas. They involve an examination of financial assertions presented in the form of financial statements by testing underlying records, accounting procedures, and financial controls. Burdette Smith & Bish LLC provides auditing services to a variety of industries. Our financial reporting services provide a clear image of your company’s performance, as well as its potential. As we gain an understanding of your specific business, we will strive to advise you in a proactive way, so you can take your company to the next level of success.
Not for Profit Audits
Services provided to our not-for-profit and foundation clientele represent organizations supporting charities, trade associations, fine arts, youth associations, special interest lobbying groups, humanitarian endeavors and community services.
Our for-profit clientele are engaged in a variety of industries such as construction and land development, computer software and hardware, printing and reproduction, government contracting, and telecommunications services.
Retirement Plans Audits
Under Department of Labor ERISA regulations, most pension plans are required to undergo an annual audit to verify compliance. As a member of the AICPA ERISA Quality Center, we are positioned to deliver this service to retirement plan sponsors. A 401k audit is generally required as well when the plan reaches 100 eligible participants or more. If the plan qualifies, it must file Schedule H of form 5500 and have the plan audited by a qualified third party CPA firm. The fines for non-compliance with ERISA regulations are steep, and an annual audit can help avoid exposure. Our financial reporting services are subject to an audit of the audits, also known as a peer review. Our audits and the procedures used to support our opinions are examined every three years by outside CPA firm specifically trained in this service. We view this not as a nuisance, but rather as an affirmation of our compliance with professional standards. Our clients are located around the globe with the greatest concentration in the Metropolitan Washington D.C. Area. Whatever your assurance needs may be, Burdette Smith & Bish will help you get the most out of your financial reporting.
Small Business Audits
Small businesses can gain a lot from having a better understanding of their financial position. Benefits of regular audits include improved interest rates, increased protection from risk and legal liabilities and access to more capital. A financial review or audit can also give a business owner a better understanding of how their business operates, uses cash and assumes risk. Learn more about our small business audits.