Audit and Accounting Services
Due to the increased scrutiny of the auditing profession by the Federal Government and the increase in documentation requirements and the risks associated with issuing audit opinions, many small accounting firms have elected not to do audits.
What is the difference between a Compilation, a Review and an Audit?
Having earned our fourth unqualified peer review report under the American Institute of Certified Public Accountants (AICPA) Peer Review Program, Myers, Patsy & Associates, LLC is still one of the few small accounting firms that does Audits and Reviews.
The auditing department is led by Joseph P. Myers, CPA, CVA. Joe has been a senior audit manager with one of the Big 8, (now Big 4) accounting firms and with a large regional accounting firm, where he also served as that firm’s quality assurance manager.
Myers, Patsy & Associates understands what audit risk is and what audit risk is not. Audits by their very nature are an expensive reality for a business. For the small to medium sized company wishing to obtain a loan or continue their financing relationship with their bank, generally an audit or at the very least a review of the Company’s financial statements will be required.
Myers, Patsy & Associates understands the cost of an audit or review, and has witnessed the wasted nonessential audit procedures which drive up the cost of the audit. Every effort is made to properly plan the audit or review to get to focus its audit procedures on areas of audit risk concern, thereby minimizing the work in the non-risk and low risk areas of the financial statements, keeping the audit cost as low as possible while complying with generally accepted auditing standards.
Myers, Patsy & Associates also understands the benefit that a well performed audit can bring to a small or medium sized company with limited resources. Not only are we looking at the financial statements, we are also looking at the company with an eye on how we can help the Company improve its financial positions and processes. We sit down with management at the conclusion of the audit to review our finding and recommendations for improvement, whether they are process improvements, operational observations, or suggestions to improve the internal controls of the company. Joseph Myers has sat on the side of the table of the business owner so we understand business owners’ concerns and have designed our audit approach to meet those concerns while still meeting professional standards.
Among the Industries we Serve:
- Automobile Dealerships
- Manufacturing
- Retail and Wholesale
- Real Estate
- Construction
- Not for Profits
- Governmental Auditing
- Mortgage Brokers and Settlement Companies
- HUD