Financial Statement Audits
At Newburg & Company, we provide quality assurance services to help ensure that our clients’ financial statements meet the regulatory and business requirements under which they function.
We are dedicated to providing our clients with efficient, effective and independent audits of financial statements, including attestations of internal control reporting. Our emphasis is on timely fieldwork/planning and getting to know our clients’ businesses well. Typically our accounting team would connect with your organization several times a year as part of our planning process. We instill a team approach where partners, managers and staff are readily available to assist with your questions in a timely manner.
Audits of Employee Benefit Plans
Employee benefit plan audits require highly specialized experience to properly instill the changing rules and regulations set forth by the Department of Labor and Internal Revenue Service.
As a result, it is essential that companies choose the right audit firm for their employee benefit plan audits. Newburg & Company, LLP recognizes that auditing employee benefit plans is an industry-specific service that requires specialized experience and knowledge. Without this industry experience, a certified public accountant may lack the necessary qualifications to perform such an audit.
We value the communication process and emphasize planning and organization to help facilitate a smooth audit. In addition, we assist clients in understanding the audit and compliance requirements related to their plan. Newburg & Company, LLP will work with our clients and their plan service providers (e.g., third-party record keeper, investment trustee, payroll service and actuary) to coordinate all phases of the plan audit.
Benefit plan audit services include:
- Defined benefit (pension, cash balance)
- Defined contribution (401(k), profit sharing, ESOP)
- Health and Welfare
SAS 70 Audits
If you host data and/or process data for others, there is a strong likelihood that you will require a SAS 70 Audit. The following include examples of SAS 70 benefits:
- Allows companies to provide their clients and prospects with an independent third-party review of internal controls
- Is often accepted by interested parties such as clients, clients’ auditors and regulatory agencies as a substitute for sending in their own auditors
- Often results in numerous operational and internal control enhancement opportunities
- Allows the business owner or management to have a sense of security and pride that their controls are adequate
A Review can be a cost-effective way to meet the requirements of third parties (lenders, lessors,etc.). We express a limited assurance that your financial statements are prepared in conformity with GAAP and other authorities. A review is more extensive than a compilation but less comprehensive than an audit. The review process includes analytical procedures, policy inquiries and general miscellaneous analyses of any items that may appear unusual and require explanation.
A Compilation involves assembling data from your records and presenting it in an appropriate financial statement format. For some businesses, this financial statement will often suffice for meeting management needs.
Whether you are preparing to sell your business, are purchasing a business or need agreed-upon procedures for other reasons, an AUP engagement may be appropriate for your company. Examples include cash balances, income tax provisions, royalty agreements, companies to be acquired and A/R and A/P processes to name a few.