Audit and Assurance Services

Agreed-upon procedures engagements result from a request that specific procedures be performed by an external accountant who lends credibility to the results of tests, evaluations, and procedures on particular elements or accounts.

Before performing the engagement, the accountant should work very closely with all parties to understand the processes desired, the extent of testing required, and the purpose for which the engagement was requested.

BIZ TIP: FAQs About Agreed Upon Procedures

BIZ TIP: The What and Why of Agreed-Upon Procedures

Excluding specific exceptions, federal law requires employee benefit plans with 100 or more participants (ERISA defined) include audited financial statements 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.

SVA's auditors understand the complexities of employee benefit plans and can focus on the prominent issues, providing valuable guidance to you as the plan sponsor.

BIZ TIP: Changes Are Coming to Your Employee Benefit Plan Audit

Financial statement audits offer the highest level of assurance to outside sources and third parties on financial statements and financial statement elements. These audits include an in-depth examination and confirmation of account balances, inventories, and a sample of transactions. 

Financial statement examinations provide a similar assurance level; however, this assurance is on the reasonableness of management assertions. Examples of these types of engagements include financial forecasts and compliance with laws and regulations.

BIZ TIP: Section 403(b) Retirement Plan Financial Statement Audits: Questions to Expect from Your Plan Auditor

BIZ TIP: What is a Financial Audit and Why is it Important?

An internal control audit has evolved from a compliance-based function focused primarily on detecting a strategic solution valued by executives and board members. The audit is a process to review operational effectiveness, efficiency, reliable financial reporting, as well as compliance with regulations and policies.

SVA's experts help you build a competitive advantage by focusing on and improving your current risk management practices, control systems, and governance processes.

BIZ TIP: Internal Audits - Look Forward to Build Efficiency Within

BIZ TIP: 5 Reasons Internal Audit Functions are Vital for Your Business

A SOC report is designed to assure third-party service organizations who are expected to have appropriate internal controls and safeguards in place when it comes to hosting, processing, or accounting for their customers' data and assets.

Potential customers requiring a SOC report are becoming more common as internal control compliance issues are at risk when critical services are outsourced to a third party. Businesses that may require and SOC audit include:

• Medical Claims Processors
• Data Center Companies
• Software-as-a-Service (SaaS) Companies
• Collection Agencies
• Human Resource and Payroll Services
• Loan Servicing Companies
• Data Centers
• Third-Party Administrators

BIZ TIP: SOC Audits - An Overview

Often, provisions of laws, regulations, contracts, grant agreements, or policies require an audit to be conducted according to Generally Accepted Government Auditing Standards (GAGAS), aka "Yellow Book.” 

Certain organizations that receive federal financial aid must submit reports and financial statements that have been audited by a CPA under the “Yellow Book” standards. The threshold for this varies depending on the grantor's requirements and/or the type of entity involved. In addition, other reporting requirements may stipulate that these standards be followed as well.

Organizations receiving federal, state, or county funding are required to have compliance audits that are in accordance with generally accepted auditing standards - the standards for financial audits under Government Auditing Standards.

SVA's experienced professionals can perform an effective and accurate compliance audit, which helps the organization follow the applicable regulatory requirements.

BIZ TIP: HUD Audit Compliance Preparation

Single audits are specialized and tailored compliance audits for organizations that receive certain levels of federal and/or state grant awards. These audits ensure that government funds are 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 these special compliance audits requirements.

BIZ TIP: 6 Common Mistakes When Completing a Single Audit

BIZ TIP: Preparing For Your First OMB Single Audit

Financial statement reviews offer limited assurance to outside sources and third parties on the organization's financial statements and financial statement elements. These reviews involve a tailored combination of management inquiries and analytical reviews of financial information to identify any items requiring further investigation. 

Financial statement compilations and preparation engagements offer no assurance but provide management with a formal set of financial statements for the organization and are used when bookkeeping assistance is required. Compilations include a standard accountant's report and are often used for external reporting, while preparation engagements typically exclude a formal report and are usually intended for internal use.

BIZ TIP: Do I Need a Compilation, Review, or Audit of Our Financial Statements?

Financial audits are most often required by a third party — a bank when seeking a loan, a government agency providing funding, or as a requirement for a grant application.

As an independent audit team, we assist an organization's staff accounting team with the preparation and/or review of supporting schedules and documentation that an auditor may request to support financial statements and organizational compliance.