Audit, Compilation & Review

R&A CPAs leverages the information gathered during the assurance process to provide recommendations that help clients mitigate risk, achieve compliance, and realize opportunities for growth. Our methods are based on thorough research, deep industry knowledge, and transparency in financial reporting. R&A's professionals work closely with each client to deliver audits, compilations, reviews, and other assurance services with technical excellence. We tailor each engagement according to the specific needs of that client, and build an engagement team to best serve each client. Our results exemplify our high quality standards, and we are proud of our many long-standing client relationships.

Audits

Audits are often requested by banks, investors, or regulatory agencies. R&A must be independent of the organization's financial transactions to determine if the financial statements, as a whole, are fairly stated in accordance with accounting principles generally accepted in the US. In addition, the auditor must perform a risk assessment and make inquiries of management, confirm certain information with banks, investment companies, customers, suppliers, and lawyers.

At the end of the audit, R&A will issue a report regarding the financial statements as well as a letter to management and those charged with governance that explains key audit areas and our response. The letters may also describe financial challenges facing the organization and recommendations for improving internal controls and operational efficiency.

Single Audits

A single audit (formerly known as an A-133 audit) is a special audit for entities that receive federal funding of more than $750,000. Single audits are subject to the Office of Management and Budget (OMB) Uniform Guidance Subpart F. Single Audits assure lenders, regulatory entities, and other stakeholders that an organization is appropriately managing and using the federal funds it has received. Accordingly, auditors are required to perform additional audit procedures required by OMB, including expanded sampling and testing procedures. At the end of the Single Audit, the organization will generally receive both financial statements complete with notes plus a supplemental report on compliance with OMB requirements.

Compilations & Reviews

There are times when an audit isn’t necessary, but due to various loan covenants or regulators, an independent accountant's report on financial statements is required. In these circumstances, our professionals can perform a compilation or review of the unaudited financial statements.

A review provides a lower level of assurance than an audit and consists of inquiries of management and analytical procedures applied to financial data to determine if any obvious misstatements are present in the financial statements. A compilation provides the lowest level of assurance and involves formatting the organization's financial data in the form of financial statements. Both reviews and compilations include full disclosure of relevant notes to the financial statements as required by accounting principles generally accepted in the US. In certain circumstances, R&A is permitted to omit the required disclosures, which reduces the time required for the engagement.

All reviews and compilations are conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS).

Other Assurance Solutions

Our practice offers a wide range of services to clients beyond the audit of financial statements, including:

• Employee benefit plan services
• Analysis/recommendations regarding  internal control
• Merger and acquisition consulting
• Business planning
• Forensic accounting

Industries

R&A serves a wide range of clients with assurance, compilation, and review services, and has highly specialized knowledge of charter schools, registered non-issuer broker-dealers, employee benefit plans, and not-for-profit organizations.