Agreed-Upon Procedures Engagements
Agreed-upon procedures engagements are those resulting from a request that certain procedures be performed by an external accountant who lends credibility to the results of tests, evaluations and procedures on specific elements or accounts. Prior to performing the engagement, SVA works very closely with all parties to understand the procedures desired, the extent of testing required and the purpose for which the engagement was requested.
A report detailing the findings is prepared and delivered. As an unbiased party, SVA provides no opinion or certification regarding the results.
A compliance audit is risk protection for the organization. This audit is designed to be a comprehensive review of whether an organization is adhering to applicable regulatory guidelines for their industry and/or rules laid down in a contract or agreement between the organization and other parties.
Employee Benefit Plan Audits
Excluding specific exceptions, federal law requires employee benefit plans with 100 or more participants (ERISA defined) to have audited financial statements included with the Form 5500 filing. Smaller plans may also require an audit if the plan does not meet certain conditions exempting it from the audit requirement.
Our auditors understand the complexities of employee benefit plans and can focus on the important issues, providing valuable guidance to you as plan sponsor.
Federal and State Single Audits (Uniform Guidance, OMB Circular A-133, State Single Audit Guidelines, etc.)
Single audits are specialized, tailored compliance audits for organizations that receive certain levels of federal and/or state grant awards. These audits ensure that government funds are being used for their intended purposes and vary in complexity depending on the level of grant funding the organization receives and the programs funded. SVA utilizes its extensive experience in working with federal and state-funded organizations to help with the requirements of these special compliance audits.
Financial Statement Audits and Examinations
Audits offer the highest level of assurance to outside sources and third parties on financial statements and financial statement elements. They include an in-depth examination and confirmation of account balances, inventories and a sample of transactions.
Examinations provide a similar level of assurance as financial statements audits. However this assurance is on the reasonableness of particular management assertions. Examples of these types of engagements include financial forecasts and compliance with laws and regulations.
Financial Statement Reviews, Compilations and Preparation Engagements
Reviews offer limited assurance to outside sources and third parties on financial statements and financial statement elements. They involve a tailored combination of management inquiries and analytical reviews of financial information to identify any items requiring further investigation.
Compilations and preparation engagements offer no assurance but do provide management with a formal set of financial statements for the organization and generally are used when bookkeeping assistance is required. Compilations include a formal accountant’s report and are often used for external reporting while preparation engagements typically exclude a formal report and are often intended for internal use.
Organizations often encounter complexities that create uncertainty, which makes decisions about next steps difficult. Through our guided discovery process, SVA can help you discover the situation, identify business problems, assess alternatives and propose solutions to keep your organization moving forward.