Francis & Company has provided auditing (also referred to as assurance) services to businesses, nonprofit organizations, trade associations, and government entities since 1980. Because public organizations operate in a unique and challenging environment in which many diverse factors impact financial and policy decisions, the need for assurance is critical to ensuring the organization is operating according to expectations of management and other stakeholders. Some of the assurance services Francis & Company provides include external audits, agreed-upon procedures, and reviews of financial statements.
We will keep you advised of financial, managerial, and accounting developments that may impact your financial security. We analyze business operations and recommend strategies for improving accounting control structures and administrative procedures.
Audit - Highest Level of Assurance
An audit is a methodical review and objective examination of the financial statements in accordance with generally accepted auditing and government standards. This includes the verification of specific information as determined by the auditor or as established by general practice.
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Audits differ from reviews and compilations, as they are an intensive examination of your company's systems and records providing the highest level of assurance.
An audit allows you to...
Many organizations are required by funding sources to have an annual financial statement audit. For over three decades, Francis & Company has provided these services with an emphasis on serving public and nonprofit organizations in accordance with generally accepted accounting standards.
Our approach to a financial statement audit allows us not only to offer an opinion on the financial statements of the organization, but also gives us the opportunity to perform a comprehensive evaluation of the accounting operations, including internal controls. Not only is the audit objective met, but Francis & Company auditors can also recommend business management techniques to assist the organization in improving business operations.
Agreed upon procedures services involve performing specific procedures that are identified by the client or another stakeholder. The procedures can relate to financial or non-financial information and are sometimes performed to verify information, to determine whether operations are performed in accordance to procedures, or to enhance the credibility of information. Some examples of what the procedures can apply to include: contracts, quality control, accounts receivable, inventory, or operating procedures.
The result of an agreed-upon procedures engagement is a written report documenting the procedures performed, along with any findings. This report can be used to assist management in reporting to stakeholders and in making confident decisions for the organization.
Review - Limited Assurance
A review is designed to determine whether your financial statements make sense and to provide you with limited assurance without applying audit-type tests. Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team.
A review of an organization’s financial statements allows Francis & Company to provide limited assurance that there are no material modifications that need to be made in the financial statements in order for them to be in conformity with generally accepted accounting principles. Unlike an audit, a review does not include an opinion on the financial statements. Because an audit is not always necessary, a review is beneficial because it offers readers greater confidence in the financial statements than a compilation can provide.
A compilation converts your unaudited financial information into financial statement format.
In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
No matter what the task, Francis & Company can provide you with financial information in an understandable format.