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Audit & Assurance Services
MBE offers a variety of Audit and Assurance services to meet your financial statement and regulatory reporting requirements.
Our Audit & Assurance Services
At MBE CPAs, we understand the importance of audits in maintaining stakeholder trust, improving internal controls, and facilitating sound decision-making. Our auditors bring a wealth of experience and in-depth knowledge, utilizing advanced audit techniques and technology to deliver reliable and effective services across various industries, including nonprofits, construction companies, and other businesses.
Our auditors use a risk-based approach to design an through and well-structured audit of your entity’s financial statements, helping to confirm those statements are presented in accordance with the applicable accounting standards.
We provide audits of employer-sponsored 401(k) plans. Whether required by the DOL, or to provide confidence the plan is operating in accordance with the plan document and DOL regulations, our audit services are able to meet your specific needs.
We understand the unique financial reporting requirements of non-profits, including compliance with complex regulations and donor expectations. Our audit and review services help support your non-profit is properly presenting its financial information, to provide donors with the information they need when supporting your organization.
Agreed Upon Procedures engagements allow us to provide customized procedures to your books and records. Our team will collaborate with you to define the areas of focus and specific procedures to meet your organization’s needs.
We provide audits in compliance with the State’s Department of Health Services (DHS) and Department of Children and Families (DCF) audit guides. Our specialization with these unique audit guidelines helps confirm your audit is performed in accordance with the standards required by your contracts.
Our team conducts a thorough review of your financial data by performing analytical procedures and inquiries to assess your financial statements for areas that may be misstated. We focus on identifying and analyzing key areas that may pose a risk to the accuracy of your financial information.
Compilations involve organizing and presenting your financial data in accordance with the relevant accounting principles. We work with your team to compile financial data into clear and concise statements. Properly presented financial statements are essential to manage your organizations financial performance, maintain accurate financial records, and meet external reporting requirements.
Why Choose Us
The MBE CPAs Audit Advantage
When it comes to entrusting your financial reporting and compliance needs, you deserve a team that possesses extensive experience and embraces productivity, innovation, and open communication. Here’s why choosing us for audit and assurance services will benefit your business and put you on the path to success.
The first step of the audit is pre-planning, which consists of us providing you with a list of preliminary items needed in order to gain a better understanding of the organization and assess risks related to the audit areas. After we receive all requested items, we will schedule a meeting with management to discuss any further questions our team might have and to gain an understanding of client procedures and processes related to the organization.
Obtaining an understanding of the client is a very important step in the audit process. We obtain our understanding by interviewing your personnel and management team. Throughout the audit process, the auditor will ask pertinent questions regarding the organization. These include questions regarding the nature, mission, income, major expenses, background of personnel, and current and future plans of your business, to name a few. Additionally, we will review the current and past financials with your personnel to gain an understanding of changes in account balances, income, and expenses.
Auditing standards require that we gain an understanding of internal controls, assess control risk, and in some cases, test controls. This involves identifying and documenting the controls and their use. Internal controls may then be tested if we believe the controls can be relied upon to reduce risk.
The next step is to develop an audit plan and design audit programs and specific procedures to be performed. This phase also includes the performance of preliminary analytical procedures and communication with your staff for assistance with information to be provided by your organization.
Fieldwork consists of both substantive audit tests and analytical reviews. We will schedule fieldwork with your staff for our team to come on-site and perform the required procedures. During this phase, we will discuss, with management, the results of our work and our preliminary recommendations. Your staff will be required to gather the documents selected for review and be available for follow-up questions.
In order to maintain that our final audit is of the highest quality, the files and reports will pass through two reviews. Upon completion of our reviews, we will provide you with a draft of the audit report for management’s approval.
At the end of the engagement, we will meet with your organization to present our audit report and management letter. MBE CPAs will also be available to you during the year to answer any questions that might arise with implementing the recommendations we provide.
Discover The Impact of A Successful Audit
Financial audits are the highest level of assurance a CPA can express over your financial statements and provide reasonable assurance that your financial statements are not materially misstated. This provides users of the financial statements comfort over the accuracy of the information presented, which fosters better decision-making for internal and external users.
Auditors are required to obtain an understanding of each organization’s internal controls, such as segregation of duties, approval processes, and access to financial information. Any significant weaknesses found with internal controls will be communicated at the conclusion of the audit, which can be used as a starting point to make improvements to your internal control procedures.
A well-executed audit helps establish a solid foundation for accurate financial reporting. This helps attract investors who rely on transparent and trustworthy financial data to make informed decisions.
How a Successful Audit Can Save You Money
You’re killing it. You’ve hustled your way to the top, and everything seems to be going great. But wait – what about audits? You might think, “I have everything under control. Why should I worry about audits?”
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