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 clients 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.
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.
Single Audit and Yellow Book Audit
If your company or organization receives any type of federal grant or award, an annual audit may be required. BSB has over 30 years of experience performing audits for governmental organizations with a focus in the area for government compliance reviews. There are three types of audits that may be required:
- Financial Statement Audit
- Yellow Book Audit
- Single Audit
Employee Benefit Plan Audits
The Department of Labor (DOL) requires an annual audit of all employee benefit plans with 100 or more eligible participants. This includes profit sharing plans, 401(k) plans, pension plans, 403(b) plans, etc. Although the audit is a fiduciary responsibility, it is an important safeguard against any illegal acts and will help you to better and more effectively manage your employee benefit plan. BSB has a dedicated team with the experience and expertise necessary to provide you with an unbiased, objective opinion of your audit. Click Here to learn more about our employee benefit plan audits.
Do You Need an Audit?
We often get calls from clients or prospective clients stating that they need audited financial statements for their business. Our first question is: Why? An audit is a very commonly used word that most people have heard of but many people don’t understand what it means. A financial statement audit involves taking an in-depth look at a company’s financial records, internal controls, processes, and procedures. During and audit we will test samples of financial transactions, meet with and interview employees at various levels within the organization, and spend time on site observing the processes involved in the processing and recording accounting transactions. Ultimately, the goal of our audit will be to give an opinion on the financial statements, which provides a level of assurance on the quality of the financial statements to various users such as management, lenders, investments, and others in the community.
May businesses owners who think they need an audit can actually get by with a more cost-effective review or compilation. Both levels of services are less in scope than an audit but will result in a set of financial statements accompanied by an accountant’s report. If an outside third party, such as a lender or bonding agent, is requesting audited financial statements, we can discuss with them if a review or compilation might need their needs instead. This results in a significant costs savings over a more expensive audit engagement.
Burdette Smith & Bish provides audit, review, and compilation services and can also help you understand which level of service is right for your business needs. Our firm employs over forty professional accountants. We provide a variety of services to businesses and not-for-profits around the United States.
Have questions? Please contact us for a consultation.