Financial statement auditors spend a lot of time evaluating how their clients report work in progress (WIP) inventory. Here’s why this account warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Accounting for inventory Companies must report the value of raw materials,...
Audit and Assurance Services for Businesses, Governments and Nonprofit Organizations
Our approach to assurance services is to be thorough, efficient, and to comply with all relevant standards. We understand that timely completion and reporting is vitally important to our clients. We work with you to establish meaningful project milestones to ensure deadlines are met.
In addition, through diligent engagement planning, and by utilizing the best available technology, we have developed a very efficient approach to assurance engagements. For example, we offer our clients their own secure, web-based, interactive worksite, streamlining communication and collaboration with the Fox, Byrd & Company service team.
Audited Financial Statements
Through good planning and communication, and by focusing on internal controls, our auditors provide a value-added service, identifying weaknesses, if any, in the internal control structure, and offering suggestions regarding risks and operating efficiency. Audits can be complex, and compliance with the progressively stringent standards requires knowledgeable professionals. Complex projects also demand thorough planning and good communication. Sound planning processes and proven communication practices are the foundation of our approach, and the benefit to your business is an audit that minimizes disruptions and delivers on time reporting.
Reviewed Financial Statements
While the scope of a review is less than an audit, the same planning and communication principles apply. The efficiency and timeliness of the service is greatly enhanced by our use of our reliable planning techniques and sound communication practices.
For a number of our clients, we serve as the outsourced internal audit department, reporting directly to the audit committee. We work with you to design a customized audit program based on your organization’s needs and the risks inherent in the day-to-day activities of the company.
Consulting services such as internal control, audit preparation and fraud investigation are similar to assurance services. To learn more about these services, please see Consulting.