We view our role in the financial reporting process as an opportunity to provide constructive solutions while providing you with the level of assurance your organization needs. Axley & Rode works with businesses, governments, and non-profits to provide quality, professional audit, attestation, and assurance services.
Companies, nonprofits, and governments rely on quality information regarding their organization's financial strength and integrity. Assurance services play a vital role in business as they can lend credibility to your financial reporting. When lenders, investors, and other stakeholders have confidence in the integrity of the financial data you report, deciding to do business with you becomes simpler.
Even when you don't need to look for outside financing, assurance services can give you insight into your internal processes. You can use an audit to help you understand whether or not the processes you've put in place work well for your business. An audit from Axley & Rode can give you key insights into how your business performs and why it's performing that way.
Our experienced audit team is dedicated to helping you understand the details of your business. They will provide a thorough analysis and report their findings so that you can use that information to demonstrate compliance or grow your business.
The service you need depends on the requirements of the stakeholder requesting the report and your budget. Axley & Rode performs all assurance services following applicable professional standards.
An audit provides the highest level of assurance and includes an opinion on your financials.
A review provides limited assurance and is generally helpful to those who want to know if their financials make sense.
A compilation reflects an organization's performance and financial position with no opinion or assurance.
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Maximum Level of Assurance
An audit provides you with an expert, unbiased opinion about the financial state of your organization and the presentation of your financial statements. Audits provide you with the highest level of assurance that the financial statements are free of material misstatement and are fairly presented.
Audits must adhere to generally accepted auditing standards to determine whether financial statements are presented fairly according to accepted accounting principles. As a required part of the audit, our team evaluates internal controls, tests individual transactions, confirms key balances, and assesses risk.
During the process, our team confers with outside parties, performing physical inspections and observations and testing transactions by examining support documents.
We seek to add value with our thorough analysis of your financial statements and provide suggestions to strengthen internal controls, improve operational efficiency, and enhance procedures.
A review is less comprehensive than an audit and provides limited assurance. Like an audit, our team analyzes the financial statements under defined standards and interviews key personnel about accounting policies, procedures, and operations. There is no investigation into internal control systems or determining the risk of fraud.
Our team will take the time to understand your industry, including its accounting principles and practices. This information allows us to identify areas where material misstatements may arise.
While a review is narrower in scope than an audit, one can provide you with a level of comfort about financial statement accuracy without the time, effort, and expense of an audit.
A Summary Providing No Assurance
We prepare or help you prepare your financial statements for a compilation engagement. A compilation reflects the performance and financial position of your organization. It does not assure the accuracy of your financial information, and because there is no analysis, we cannot render an opinion.
Our team compiles your organization's financial information gathered from existing records with no testing performed on the underlying data. Compilations don't require inquiries of management or analytical procedures – only our knowledge of accounting principles and a general understanding of your business.
A compilation can be helpful if you need assistance in presenting your company's financial information in the form of financial statements.
Agreed-upon procedure engagements focus on specific procedures that you want us to review. Axley & Rode will work with you to identify the appropriate service to reach the desired result.
Agreed-upon procedure engagements have several benefits. The scope of this service is more focused than a full audit, so we are saving you time and money. The final report provides a detailed accounting of the exact procedures used and results obtained.
At times, these types of engagements are requested by third parties when a full audit is unnecessary.
Internal control evaluations can help protect your organization's assets by reducing the risk of employee theft and fraudulent activity. Our team will obtain an understanding of your internal controls and then test transactions to ensure that the controls are working properly.
This process may help your company become stronger and more profitable by correcting inefficient or ineffective operating procedures. In addition, our team may suggest strengthening your control systems depending on their findings to reduce risk.
In general, an audit of employee benefit plans is required by the Department of Labor (DOL) when you reach 100 eligible participants. An employee benefit plan audit involves examining the plan's financial statements for material misstatement as well as testing compliance with regulations as communicated by the DOL and the IRS.
Our team can assist you in meeting this regulatory burden by providing a quality audit in a timely manner and alerting you of non-compliance before potential excess fees and penalties from the DOL and IRS.