Audits, Reviews & Compilations
We can help.
Our audit professionals work with a number of organizations who have audits for several different reasons. Whether required by regulators, investors, bankers, funders, grantors or a board of directors, audits help ensure transparency and accountability.
Priding ourselves in the quality of our services, we tailor our audits to the industries and needs of our clients. We also believe better quality is achieved through our team-based approach, adding knowledge and depth to our services. We offer basic financial statement audits in accordance with generally accepted auditing standards as well as compliance audits in accordance with the Office of Management and Budget's (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly called "Uniform Guidance") and the Maine Uniform Accounting and Auditing Practices for Community Agencies (MAAP).
Although we service many industries, some of the non-profit sectors we serve include:
Community service agencies
Social service agencies
Arts & entertainment organizations
Austin Associates has been a wonderful partner to RTT for many years. While audits can be stressful for organizations, the staff at Austin Associates has been wonderful--working with us to ensure timely and accurate reporting of our Financial Statements. Crystal and Brittany are always "at the ready" to answer any questions or concerns, making the process seamless each year. Rather than dreading "the auditors", we LOVE our visits!!
Sarah Bronson, Riding to The Top Executive Director
In many cases, the positive assurance expressed over a client’s financial statements as a result of an audit is not necessary and is too time consuming and expensive. As a way to obtain limited assurance that there are no material modifications that need to be made to a client's financial statement for them to be in conformity with the applicable financial reporting framework, we offer review services which entail inquiry and analytical procedures.
A reviewed financial statement offers valuable information and key indicators of performance. Here are other benefits to reviewed financial statements.
Analyzing financial statements on a regular basis serves as a tool to help business owners make informed, strategic decisions.
Banks and other lending institutions often require reviewed financial statements when making decisions on whether or not they will lend money to businesses.
Timely and accurate financial statements serve as an internal financial tool as well as a necessary external one.
If a financial statement is your goal and assurance is not the objective, we offer compilation services. The objective of a compilation is to present a client’s financial information in the form of a financial statement while expressing no assurance that they are in conformity with the applicable financial reporting framework. What does all that mean? We extract your financial information from your bookkeeping records and prepare a comprehensive financial statement for your use.
Whatever your financial statements need, we’d love to be a part of your team!
Your financial team is ready. Let's connect.