Audit & Assurance
Financial statement services are the foundation of our practice. For nearly 20 years, we have strived for continued excellence by adopting new technologies, developing our own methodologies, and staying abreast of current developments. We approach our assurance engagements as a service for the benefit of stakeholders, believing they play a vital role in improving the quality or context of intelligence needed to successfully run your business. Our professionals adhere strict to strict standards ensuring a thorough yet efficient process that meets deadlines while respecting your time and schedule.
Audit
A financial statement audit is an examination of financial data, resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete, and fairly presented in accordance with accounting principles generally accepted in the United States (GAAP). Audits are typically required by 3rd parties such as lenders, grantors, government agencies or Board of Directors. Schmersahl Treloar has developed its own audit methodology, electronic work paper tools, continuing education program directed at providing a complete and thorough audit.
Review
A financial statement review consists principally of inquires of Company personnel and analytic procedures applied to financial data. A review is substantially less in scope than an audit and does not result in publication of an opinion regarding the financial statements. As with our audit engagements, Schmersahl Treloar utilizes a detailed and time-tested approach to ensure our reviews meet not only our own high standards but those set by the American Institute of Certified Public Accountants (AICPA) and our peers as well.
Compilation
A compilation is a presentation of information provided by management with expressing any assurance on the financial statements. A compilation is appropriate when you need financial statement but do not require assurance provided by an audit or review.
Agreed-upon Procedures
Agreed-upon Procedures engagements examine and review specific, client-defined information, accounts, or data, resulting in a report for management purposes. As with our other assurance services, our team utilizes a time-tested approach and the latest technological advances to ensure these engagements live up to the standards our clients expect.
Employee Benefit Plan Audits
Audits of employee benefit plans are subject to specialized regulatory requirements and have become increasingly complex due to new regulations and reporting requirements. In general, the Department of Labor enforces an audit requirement for employee benefit plans with 100 or more eligible participants as part of their obligation to file an annual return/report (Form 5500). Our experienced team plans and executes our audits to ensure your plan’s compliance, while working to maintain efficiency, minimize strain and burden on your plan administrator, and provide a low cost structure for the engagement.
