With respect to performance of financial statement audits, we believe that proper planning and communication are key elements to the success and efficiency of an audit engagement. We will take the time to meet with your personnel prior to the start of fieldwork, with the expectation of reviewing your operations, discussing potential accounting and reporting issues, scheduling a timeline for the completion of the audit, and discussing what information will be required during the audit. We will then keep you updated on a regular basis during the engagement.

Audit Approach

We recognize that you want the audit performed in a manner that provides timely feedback of results and recommendations in a cost-effective manner. Our approach will include:

  • Focusing on all relevant audit risks.
  • Identifying opportunities for improvement in accounting policies and practices and internal controls.
  • Achieving timely and constructive communication with management on issues and improvement opportunities.
  • Avoiding surprises.

Our approach to performing the audit will be tailored to your industry, internal control environment, and specific timing and reporting requirements.

Communicating Audit Results

Communicating the results of our audit is essential and goes beyond the rendering of our auditors’ report on the financial statements. We will keep financial management informed of our progress and findings throughout the audit. Constructive comments and suggestions that we note during the course of the audit will be reviewed with management. We also intend to maintain year-round contact with the management team to stay abreast of issues impacting your business.

Services Include

  • Audits of financial statements, as well as reports on internal control and compliance
  • Code of Federal regulations (34 CFR Part 668.23) annual financial and compliance audits of Title IV programs
  • Single Audit Under the Uniform Guidance for Federal Awards – audits of private nonprofit institutions- audit of financial statements, as well as reports on internal control and compliance
  • Employee benefit plan audits, including 401(k) and 403(b) plan audits
  • U.S. Department of Education (ED) financial responsibility ratio review – review of compliance with the ED’s composite score requirements
  • Other attestations
  • Reviews
  • Compilations

The majority of the attestation services that our firm provides require our work to be performed in accordance with Generally Accepted Government Auditing Standards (GAGAS). Those standards are determined by the U.S. Government Accountability Office (GAO). GAGAS is published in a document informally known as the Yellow Book. In accordance with these standards, firms that perform audit and attestation engagements in accordance with GAGAS, are required to have Peer Reviews performed to assure the quality of a firm’s audit and attestation engagements. Almich & Associates participates in the AICPA’s Peer Review program. Here is a copy of our most recent Peer Review Report. We are also members of the AICPA’s Governmental Audit Quality Center (GAQC) which promotes the importance of quality governmental audits and the value of such audits to those who use such audit services.