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Audits

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

  • Trade associations

Reviews

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.

Compilations

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.

© 2019 Austin Associates

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