Audit & Assurance Services

Magnuson McHugh Dougherty CPAs » Audit and Assurance Services

We offer a variety of audit and assurance services to governments, not-for-profits, and businesses to help ensure your entity is meeting requirements and in the best position for meeting goals.

AUDIT ASSURANCE SERVICES

Financial statement audits: Government organizations, non-profit organizations, small businesses
Employee benefit plan audits
Single audits
Preparation engagements
Compilation engagements
Review financial statements
Agreed upon procedures
Peer review

WHY DOES YOUR ORGANIZATION NEED AN AUDIT?
There are many reasons a company may need an audit. Some of the most common are lender requirements, company sale, and good business practice.

In some cases, a lender may require an audit. This can be for lines of credit or bank loans. Organizations seeking capital may also find that potential lenders or investors have high expectations and are interested in seeing audited financial statements. Additionally, these statements can also make a difference on loan interest rates as well.

Audited financial statements are also a good idea if you’re looking to sell your company. A well-kept history of audited financials can help you attract interested parties, achieve a higher selling price and help facilitate a smoother sale process.

It’s also simply good business practice. A strong record of audited financial statements sends a strong message to other potential investors, lenders, employees, the government and any other interested parties.

WHY WOULD I NEED A FINANCIAL STATEMENT REVIEW?
Less extensive than an audit, a review will determine if your financial statements make sense. Our experienced professionals will review your statements and data using a tested set of analytical procedures, as well as discuss certain aspects with you and/or your management team.

Magnuson, McHugh, Dougherty can provide your organization with limited assurance using a review to ensure that no modifications need to be made for financial statements so that they are following generally accepted accounting principles. Unlike an audit, a review does not include an opinion on the financial statements. While an audit is not always necessary, a review is beneficial because it can offer peace of mind for your business.

WHAT IS A COMPILATION?
A compilation transforms your unaudited financial information into financial statement format.

In compiling financial statements for our clients, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations rely on your knowledge of accounting principles and a general understanding of your business.

Considering the need for audited financial statements is a decision that warrants careful evaluation. In some situations there may be less costly options that may get you were you want to be. Either way it is important to keep solid financial records and document your processes and controls of all of your transactions.

Are you ready to get the audit and assurance help your Coeur d’Alene or North Idaho area business needs? No matter which level of audit or assurance you need, our local experts can help.