Assurance

Employee benefit plans generally fall into one of three categories: single-employer plans, multiple-employer plans, and multiemployer plans. Each category has significant operational, regulatory, and audit implications. Single-Employer – Sponsored and maintained by one employer for the benefit of its employees Multiple-Employer – Covers employees of two or more unrelated employers that participate in a common … Read more

Internal controls have always been an important aspect of an organization’s operations and financial statement audit. More recently, Statement on Auditing Standards No. 145 (effective for year-ends on or after December 15, 2023) placed an added emphasis on the auditing and documentation of these controls. What are internal controls? The American Institute of Certified Public … Read more

Business owners wear countless hats while managing the day-to-day operations of their companies. With so many priorities, a financial statement audit may be viewed simply as a compliance requirement for a lender, investor, or governing authority. However, the real value of an audit is what happens before the final report. The audit process can uncover … Read more

Retirement plans continue to face regulatory scrutiny that extends beyond day-to-day plan operations. Regulators are actively focusing on plan sponsors and service providers to ensure compliance and secure participants’ retirement assets. As regulatory expectations rise, there are several areas that many plan sponsors are not actively monitoring but are receiving increased attention and could be … Read more

An audit, review, and compilation are three of the most common types of financial statement services provided by CPAs. Each service differs significantly in terms of the level of assurance provided and the procedures performed to achieve that level of assurance, if any. Understanding these differences is important for business owners, lenders, and other financial … Read more