Ensuring Accuracy & Compliance with SME
Whether or not your company undergoes required annual audits, audits are an important part of conducting your business. Internal or external, they ensure your financial recordkeeping is fair and accurate, your business practices are efficient, and your operations are in line with regulations.
With the proper internal operations to rely on, your business will always be audit ready. At SME CPAs, we take the worry of annual audits and tax compliance off your plate.
Whatever your business, whatever your audit type, SME CPAs will design a process based on your specific needs, pulling from our extensive range of services.
Types of Audits
Dive into the different audits and their significance for your business.
For public companies like government agencies and nonprofits, external audits are routine and mandatory. But any company may find themselves face to face with an external audit requested by shareholders, investors, or lenders. Our team of financial experts maintain a firm grasp on recordkeeping throughout the year, so you’re prepared with timely and true financial data whenever you need it.
You don’t want to wait around for an external audit to find out there’s something wrong. Internal audits can catch issues before they become real problems through risk assessment and review. We’ll run internal audits of your company’s processes and operations to help meet strategic goals, optimize systems, and can even aid in catching potential fraud.
A Special Note on Tax IRS Audits
If you personally or your business recieves notice that you are going to be the subject of a Tax IRS Audit then it would be best to work with a CPA. With the level of expertise and attention required, hiring a professional to represent you guarantees minimized stress and fines down the road. Whether you’re a long-term client or a first-timer, our tax team will walk you through the entire process with expert advice. With SME CPAs the process will be as painless as possible.
With knowledge of all business types, we are prepared to help any client with an external audit. For nonprofits and government entities, our team of auditors has specialized knowledge to tackle your annual Single Audit.
Audits for Nonprofits and Government Entities
At SME CPAs, we have a dedicated team of financial experts with years of experience specific to nonprofit audits and government audits. Through this group of skilled auditors, we will assest you in meeting your compliance requirements associated with the standards of your organization and the government. Even more so, our team stays on top of any updates in regulations related to your annual audit.
Our specialized team manages audit services for:
- Federal, state, and local governments.
- Public and private foundations.
- Public and private school systems.
- Country clubs.
- Quasi-government agencies.
- Health and human welfare organizations.
- Other nonprofits and government agencies.
Not only do we execute nonprofit and government audits in a way that maximizes efficiency, as a member of the American Institute of CPAs Government Audit Quality Center (GAQC), we promise the highest possible quality. We voluntarily adhere to GAQC membership requirements as part of that commitment. Those standards require:
- A designated partner responsible for quality control in our government and nonprofit audit practices.
- Established audit quality control programs.
- Annual internal inspections procedures.
- Our peer reviewed reports made available.
In addition to GAQC standards, we at SME CPAs aim to continuously improve the quality of our government and nonprofit audits through new initiatives.
For nonprofits and government entities, we know your business’ needs for tax compliance and beyond. In addition to audits, our team of specialized experts can help your company with:
- Tax planning and compliance.
- Nonprofit accounting services.
- State and federal tax returns.
- Planning and compliance for forms 990, 990PF, 990T.
- Audits of grants or government funding.
- Financial planning and forecasting.
- Managing donations and gifts.
- Fiduciary responsibility.
Generally Accepted Government Auditing Standards (GAGAS)
For auditors of nonprofits and government agencies, GAGAs — also known as the Yellow Book — are the be-all and end-all for generating reports. They standardize audit report requirements, quality management, and auditor professional qualification. Following the standards is key for conducting a quality, thorough and legitimized audit. At SME CPAs, we’re proud to know the Yellow Book forward and back, even as processes are updated and enhanced over the years. Our quality audits promise total and current adherence to Yellow Book practices.
External Audits for All Businesses
Businesses other than nonprofits and government agencies can still be required to have an external audit. The audit may be requested by shareholders, lenders, a state agency, or a private organization. Our team of audit and tax experts know the ins and outs of nearly all business types. With that experience, we’ll guide you through the audit process for the best and most efficient outcome in any situation.
Going through an audit is a long, complex and confusing process. It may require full time attention. Enlist the professional services of SME CPAs to:
- Function as your auditor’s main point of contact.
- Gather all necessary documentation.
- Have expert knowledge of all standards, rules and regulations.
- Verify your financial records are true and fair.
- Fully facilitate your external audit.
We’re here to help at any stage in the audit process. But having SME CPAs on your team long-term lets us keep your financial processes pristine in advance. Give us a call now, so we can prepare your company for all potential situations.
You can’t make the right decisions for your company without the proper information. That’s why we conduct internal audits. At SME CPAs, our auditors work with your team throughout the year to develop a full understanding of your business’ risks, systems, internal controls, and processes.
We use this information to empower your company with timely and true financial data for decision making. And our trained auditors use it to identify areas where savings exist, where cost controls can be introduced, or where unseen opportunities lie.
Audited Financial Statements
Most lenders or investors won’t look at your business without a financial statement audited by a CPA. Created by a third-party, audited financial statements provide true and fair accounts of your company’s finances. Not only do they analyze accuracy of financial records, they look at your industry, risk assessment, cash flow, internal controls, and more.
With a trusted CPA to create an audited financial statement on behalf of your business, there will be no doubts for investors. With each audited financial statement, we take the time to:
- Conduct relevant research on your industry
- Thoroughly review documents like balance sheets, cash flow statements, and income statements.
- Learn your processes and test internal controls.
- Verify all financial statements.
At SME CPAs, we make the process for creating an audited financial statement easy. And we produce in-depth, trustworthy results.
Our compliance auditing services ensure your company’s internal controls are in line with external laws, rules and regulations. We also audit for compliance with internal policies and procedures for financial management review.
Financial regulations are constantly shifting. You can trust our auditors are up to date with the most recent compliance expectations specific to your industry. Whatever issues we find, we can help your business determine the most effective path forward. Count on us to:
- Interpret complicated laws and tax code.
- Identify gaps in your company’s records or processes.
- Find solutions and reduce future risk of noncompliance.
Need to stay in compliance with grant funding agreements? Our team of professionals can guide you through those processes too.
Auditing Employee Benefit Plans (EBP)
As of 2023, all employers with at least 100 employees participating in their employee benefit plan are required to conduct an EBP audit each year, filing Form 5500 with the IRS. Whether or not your business meets this requirement, our EBP audit protects the retirement benefits of employees and employers alike. We do this through:
- Certifying the plan can fulfill its promises to participants.
- Providing insight into increased efficiencies.
- Testing internal controls.
- Targeting potential weaknesses or fraud risks.
At SME CPAs, we check your EBP against the necessary standards of all governing bodies, including:
- Generally Accepted Audit Standards
- Department of Labor
- Employee Retirement Income Security Act
- American Institute of Certified Public Accountants
- Professional Ethics Executive Committee
Working with our team of certified auditors, you can expect accurate and timely filing of your Form 5500. Even more so, you can expect results that streamline operations and internal controls for financial reporting.
All in all, our audit services work to build and secure the overall health of your business.