Audit, Reviews
& Compilations
Building trust and solving complex problems for your business.
CONTACT OUR EXPERTSAudits
Auditing/Assurance
The overarching goal of an audit is to help your business recover costs, contain expenses, and to drive compliance of vendors and others with whom you are in a contract-based relationship. Through a review of prior purchases and spending, it can be determined what areas are out of control and if any contracts or pricing agreements are being violated. Are your purchases going forward in compliance? Are your vendors satisfying the terms of the existing agreements? We can conduct a cost analysis to identify areas to target when initiating sourcing strategies. Because we work with hundreds of firms in every business category, we know what is standard for your industry and what is unusual.
Audits
For-Profit Audits
At Adeptus, we are uniquely qualified to perform your audit and other assurance engagements. We offer that ‘big firm’ quality with a ‘small firm’ presence and attention. Our comprehensive services provide you with all your auditing needs to be fully prepared and organized, whether you need Compilation Services, Review Engagements, or Full Audits. We deliver professional services in the most timely manner possible.
Don’t know audit service your business needs? Let us help you figure it out. Contact us today.
Our audit and assurance personnel average over twenty years of experience providing services to a number of industries including, non-profit organizations, manufacturers, real estate, construction, restaurants, franchises, information technology, consulting, refuse hauling and recycling, and government contracting.
Audits
Non-Profit Audits
At Adeptus, we pride ourselves on having a great understanding of the challenges that various non-profit organizations face. This knowledge allows us to offer a non-profit organization an audit service focused on its specific needs. Here is what we offer as part of the audit process for any non-profit organization:
Audit Ease
We offer our audit clients ease of audit process and strive to make it as stress free as possible.
Process Improvement
We work closely with the organization’s accountants, management, and board to identify internal control areas and accounting processes that need improvement.
Deep Understanding
We develop an understanding of specific non-profit organizations’ needs and challenges. This understanding allows us to focus on high-risk areas and develop an effective audit process.
Experience
A wealth of experience with non-profit organizations allows us to advise the board and management on the accounting and financial reporting practices that match a specific organization’s mission.
Advisement
As part of our non-profit organization audit, we advise the board and management on the financial reporting criteria that various grantors and funders expect to find.
Availability
We make ourselves available for any questions that may arise outside of the scope and time frame of our audit.
Board Presentation
We strongly believe in presenting audit reports at non-profit organizations’ board meetings. We feel this allows us to develop direct contact with the organization’s board members.
Audits
PCAOB Engagement
Adeptus works closely with the Public Company Accounting Oversight Board, which oversees the audits of public companies and SEC-registered brokers and dealers, to stay on top of the latest PCAOB standards and rules.
Audits
Pensions & Profit-Sharing Plan Audits
Large Plans require a professional and independent audit. But there are other reasons to have your Plan audited – to help protect the Plan’s assets and the financial integrity of your employee benefit plan and to ensure the necessary funds will be available to pay retirement, health insurance, and other promised benefits to your employees. A proper audit also will enable you to meet your legal responsibility to file a complete and accurate annual return or Plan document each year.
Because an incomplete, inadequate, or untimely audit report may result in penalties being assessed against you as the Plan’s administrator, your selection of an auditor is very important. The Adeptus professionals who conduct your audit know your company and your issues so it is our policy to assign the same auditors to your account every year to ensure consistency and efficiency.
Reviews & Compilations
Reviews & Compilations
Many times a company can benefit from a CPA’s technical expertise and examination of the company’s financials without the expense and intrusion of an audit. This would be either a Review or a Compilation. This work does not require us to study or evaluate your financial controls or to verify third-party data. Instead, we rely on our knowledge of accounting principles and a general understanding of your business to be able to state that the information presented is the representation of your firm and that the materials conform to Generally Accepted Accounting Principles. We will go over the strength and weaknesses of these two types of reports with you so you can understand which report type is best for your situation.
Audits
Royalty Audit & Contract Compliance
Adeptus’ Royalty Audit & Contract Compliance Group provides the following services:
- Royalty, Profit Participation, Joint Venture, and Contract Compliance audits
- Financial Due Diligence reviews (IP Acquisitions, Securitizations, and Lending)
- Intellectual Property valuations
- Litigation consulting and Expert Witness testimony
- Most Favored Nations (MFN) audits
- Franchise audits
- Royalty administration and statement preparation
- Audit Defense
- Contract review and consultation
- Reporting processes review and consultation
Please review our
Audit FAQs
Our
Audit Approach
Our audit approach is simple…invest a substantial amount of time getting to know you, your needs and your wants. Then we learn about your business, not simply relying on our knowledge of the business that you are in. We want to know how you do what you do. After that initial phase is complete, we then break down the auditing process into three simple parts, the Planning Phase, Fieldwork Phases, and Reporting Phase.
Detailed
Planning
During this phase, we will be able to get a good grasp of your organization’s structure, environment, operations and the overall accounting and internal controls system. An assessment of policies and accounting contributions, including donated materials and services, will also be conducted at this time. From this review, we hope to:
- Analyze financial reports
- Briefly interview your accounting staff
- Understand internal controls
- Evaluate auditing procedures tailored to each specific instance
- Identify issues or areas of special concern to be addressed from the client
Information gathered during the first visit will generate the requested list of items needed from you and your staff for the fieldwork visit. This list will be provided shortly after our initial planning visit.
Audit
Fieldwork
At our second visit, we will perform the traditional audit fieldwork. This process will concentrate on transaction testing. During this phase, the auditor determines whether the controls identified during the preliminary review are operating properly and in the manner described by the client. It is throughout this phase that we hope to:
- Gather and summarize audit findings, conclusions and recommendations
- Test the major internal controls and the accuracy and propriety of the transactions
- Discuss any significant findings with client
- Receive insight and cooperation from the client to determine best method for resolving the findings
- Generate memos/emails to ensure full understanding by the client and the auditor
Ongoing
Reporting
When the audit is in the final phase, the team will draft our report. Here, we express our opinions, present the audit findings and discuss recommendations for improvements. At this point, the client will have an opportunity to respond to the audit findings prior to issuance of the final report.
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