At Blackman & Sloop, we’ve built a reputation for helping clients of every size implement reporting processes that allow them to run more profitable operations. Our team’s extensive experience and knowledge in a broad range of industries ensure that you always receive an objective, independent assessment by a qualified and competent professional. We offer individualized plans that include the following audit and assurance services:
- Financial Statement Audits – A financial statement audit provides the highest level of assurance achieved through independent verification and testing, and by obtaining an understanding of the business’s internal controls. An audit provides assurance that an entity’s financial statements, as a whole, are presented fairly and free from material misstatement.
- Government (Yellow Book) Audits – The United States General Accounting Office (GAO) releases Government Auditing Standards, also known as the Yellow Book. A Yellow Book audit is a type of financial statement audit conducted under Government Auditing Standards. The Yellow Book audit is designed to focus on financial statement reporting, as well as assessing internal controls and compliance issues. Our audit team views the Yellow Book as a starting point and we strive to best serve the public by performing audits that exceed the standard’s minimum requirements.
- Single Audits – Any non-Federal entity that expends $750,000 or more in a year of federal assistance is required to have a single or program-specific audit conducted for that year. This single audit combines the annual financial audit with additional audit coverage of Federal funds. The audit determines if the federally sponsored programs were administered in accordance with applicable laws and regulations.
- Employee Benefit Plan Audits – The Employee Retirement Security Act of 1074 (ERISA) requires annual audits of plan financial statements subject to the provisions of ERISA. The goal of the audit is to provide insight as to the plan sponsor’s control environment of the plan processes and to fulfill the plan sponsor’s fiduciary responsibility.
- Reviews – A financial statement review provides business owners and third parties limited assurance that the entity’s financial statements are presented fairly and free from material misstatement. This assurance is obtained by performing analytical procedures, inquiries, and other procedures.
- Compilations – A financial statement compilation is a service to assist management in presenting financial statements. This presentation does not provide assurance of any material modifications needed for the financial statements to be in conformity with an applicable accounting framework.
- Agreed Upon Procedures – An agreed upon procedure engagement is performed to issue a report of findings based on specific procedures outlined by management or a specified third party.