Assurance Services
Financial Statement Audits
Our approach to audits focuses on risks. An audit provides the highest level of assurance and we allocate proportionately more of our time to the planning phase of the audit and understanding our clients’ businesses. At Braver, we take pride in our ability to be responsive and accessible throughout the audit process. Our clients like the fact that we take the time to understand their operations and focus our efforts on the areas that matter, keeping the process efficient. As part of each assurance engagement, we continually seek to identify opportunities for improvement. Should we identify control deficiencies, we will, at a minimum, communicate these to management or those charged with governance, along with suggestions for improvements. We are always willing to make formal management letter recommendations where appropriate.
Financial Statement Reviews
When financial statement users need some level of assurance but do not require a full blown audit, a Review engagement is often most appropriate. At Braver, we employ the same thoughtful approach for financial statement reviews as we do for other services. Efficiency and cost-effectiveness are always key components of every review engagement.
Service Organization Controls (SOC) Reporting
The top service organizations have recognized that one of the most important things they can do for long-term success is keeping their customers and other users of their services confident that they have strong internal controls. The rules in this area have recently changed. For almost 20 years, through June 2011, SAS 70, or Statement on Auditing Standards No. 70 Reports on the Processing of Transactions by Service Organizations, was widely recognized as the audit standard which allowed service organizations to have their internal controls reported on by an independent CPA.
On June 30, 2011 (for years ending after June 30, 2011), the new Service organization Controls (SOC) reporting framework, as issued by the AICPA, became effective. An examination performed by independent auditors in accordance with the new reporting framework typically indicates that a service organization has the types of controls that its clients and other users care about. A wide variety of service organizations obtain a report on their internal controls each year. These include claims processing centers, payment processors, bank trust departments, cloud computing companies, customer support entities, internet processing centers, and a variety of data and information processing businesses. A clean SOC report can often mean the difference in securing key customers, differentiating a service organization from the competition and reassuring customers who might use its services that the service organization’s internal controls are properly designed, implemented and operating effectively. To find out which report is right for your organization click here
Forensic Accounting
Fraud in business is one of the unfortunate truths within almost any economy. Often frauds are committed by individuals who have been placed in a position of trust. Fraud, in its most basic terms, is intentional deception for the purpose of depriving a person or organization of property, for gaining an unfair and/or unlawful advantage, or for causing harm in some other way. Much of the fraud we hear about in business involves personal gain at some level. Whether it’s fraud prevention, or assistance in determining what misappropriation of company assets or fraudulent financial reporting may have happened, we can help. Our team of forensic accountants has years of experience in a variety of situations and we come in ready to assess your needs and get to work.
Internal Controls Assessments and Consultation
One of the realities of privately held businesses is that organizations often may have to make some important decisions in the area of internal controls. Resources are limited and companies have to accept tradeoffs in the types in internal controls that they select. Braver’s experience in a variety of industries puts us in a unique position to incorporate best practices as we help our non-attest clients design and implement their internal controls. We understand effective design and operational effectiveness when we partner with you for the most effective processes and internal controls.
Agreed-upon Procedures
Certain situations call for Agreed-upon Procedures engagements. Often, client have some specific concern and don’t necessarily need a financial statement audit. We help you to design a set of procedures that meet your needs and uncover the answers you need. Our key to success in this area is that we listen. We are willing to spend the time necessary up front to gain a full understanding of the specific objectives at each client. We only move forward after all parties are clear and in agreement on the nature and sufficiency of the procedures to be performed. Our Agreed-upon Procedures report will clearly describe the findings as a result of performing each procedure.
