Financial statement audit
Our highly skilled, hands-on professionals are experienced in conducting audits of financial statements, in accordance with auditing standards generally accepted in the U.S. and PCAOB auditing standards, for a variety of companies that include publicly-traded, middle-market or privately-owned, family-owned, sole-proprietor, LLC, partnership, LLP, or other forms of business. We analyze your financial operations and, if we find areas that need attention and improvement, communicate our findings to you and those charged with governance to strengthen your activities and control objectives. A well-planned and executed audit helps businesses create value and mitigate risk. We assist our clients in navigating the many complexities of financial reporting.
Public Co. Audit
Our specialized professionals have extensive SEC-related accounting experience. We audit and provide other accounting, tax, and consulting services to public companies that cover various sizes and industries. Proactive communication with our team members helps you work through concerns and ensure there are no surprises in your engagement. Whether you are looking for a financial statement audit, preparation of SEC filings and statements, technical accounting guidance or want to explore an IPO, USM-SBC is the public company partner that you can rely on.
Internal Audit
Today's organisations operate in fast-paced contexts with an increased emphasis on governance and a risk climate that is continuously changing. It is crucial to evaluate the organization's main risks and the suitability of the response. Internal auditing comes in handy here. A high-performing internal audit function can strengthen an organization's overall risk management, compliance, and control environment. It helps to identify, prioritize and mitigate existing and emerging risks. Most importantly, it assures that an organization's risk management program and mitigation strategies are effective, add value, and contribute to organizational goals.
Employee Benefit Plan (EBP) Audit
The highly skilled employee benefit plan auditors at USM-SBC are aware of the difficulties faced by plan sponsors and are willing to share their expertise with you during the engagement. We recognize the importance of effectively establishing and operating a plan within a stringent regulatory environment. At USM-SBC, we have designed our EBP audit methodology to specifically target the areas of highest risk in your plan so that you are prepared for scrutiny from the DOL and other regulators.
Nonprofit Audit And Attest Services
Including audits, reviews, and compilations of financial statements, and Uniform Guidance (single audit) and grant agreement compliance audits; documentation and testing of internal controls over financial reporting, and agreed-upon procedures to all industries in the nonprofit arena, including:
- Higher education
- Health and social service organizations
- Religious institutions and organizations
- Arts and cultural institutions
- Foundations
- Advocacy groups
Conversion to IFRS
Your company may be ready to develop a thoughtful, measured, strategic and operational approach to adopting international financial reporting standards (IFRS).
Internally, IFRS will have a broad effect on a company’s accounting infrastructure, including underlying processes, systems, controls, taxes, tax planning and valuations. Conversion to IFRS brings companies a one-time opportunity to comprehensively reassess financial reporting and take a “clean sheet of paper” approach to financial policies and procedures. Our approach recognizes that major accounting and reporting changes have a ripple effect, affecting many aspects of your company’s organization.
Review and Compilation Services
A review or compilation can be a cost-effective way to meet the reporting requirements of business owners, banks, and other third parties. And while reviews and compilations may be less labor-intensive and time consuming than a full audit, these processes require the same technical aptitude and subject-matter expertise that USM-SBC proves for every service.
A review, which consists primarily of inquiry and analytical procedures applied to financial data, provides limited assurance that material changes to the financial statements are not necessary, and may be useful for companies that are required to report financial positions to banks and other third parties that do not require audited financial statements. Reviews may also be useful to business owners looking for independent, cost-effective assessments of financial data.
A compilation, which is substantially smaller in scope than a review, consists of the presentation of financial data in the form of financial statements. This is typically of benefit to smaller companies needing help preparing monthly, quarterly or annual financial statements. During a compilation, we consider whether the financial statements are appropriate in form and free from obvious material errors, but no opinion is expressed.
Service Organization Controls (SOC) for Business
At USM-SBC, we have a strong background in understanding and auditing internal controls. This is the result of national firm experience of our audit partners and extensive Sarbanes-Oxley and public company auditing experience present throughout our leadership and staff. Regardless of the size of our client, we deliver exceptional service, ensure open communication, and offer flexibility as we provide the following SOC reports:
- SOC 1 / SSAE 16 – Reports on the system of internal control at a service organization relevant to user entities internal control over financial reporting.
- SOC 2 – Reports on service organization’s non-financial reporting controls as it relates to security, availability, processing integrity, confidentiality and/or privacy.
- SOC 3 – Similar to SOC 2, but the report can be distributed publicly and only reports if the entity has achieved the Trust Services criteria, rather than reporting detailed results.
Internal Audit Services for Business
Whether you’re looking to fully outsource internal audit or need to supplement existing staff, we can help by offering both a high level of technical competence as well as a demonstrated ability to work in complex internal environments.
USM-SBC’s expertise across a wide range of industries, bolstered by the National Firm background of our partners, makes us an ideal partner to assist in developing an internal audit procedure that is enmeshed in your overall business strategy.
Our involvement can be as simple as supplying supplemental project-based personnel or as complex as an Information Technology Audit or assistance in an Enterprise Risk Management assessment process. Come with your internal audit questions, and we will tailor a solution for your business.