Audit & Assurance

In order to get the best service for your needs, we work closely with your team, getting to know your systems and operations to give you the most thorough audit possible.

Audit Services

Schmidt Westergard works with for-profit and non-profit clients to deliver independent audit and attest services. Maybe you are seeking additional capital or better terms from your lending institution. You may be courting investors or donors. As part of a sound operational strategy, we offer different levels of audit services to help you make decisions and sustain trust.

 

Testing – We make sure your procedures and records give a fair representation of your financial position.

Analyze – We compare your finances to prior records and to your competitors to gauge your competitive position.

Enhance – We suggest areas to improve based on the data gathered during the audit.

 

Schmidt Westergard is a member of the Audit Quality Center of the American Institute of Certified Public Accountants (AICPA), as well as the Employee Benefit Plan Audit Quality Center. Our accounting and auditing quality control systems have earned unmodified reports in all of our peer reviews. Our most recent peer review report is available upon request.

 

Review Services

We frequently provide review services on historical financial statements to meet banking or stakeholder requirements instead of a full audit. A review consists of discussions with your management team and analytical procedures applied to your financial statements. We produce a detailed report indicating, with limited assurance, the appropriateness of the financial statements.

 

Compilation Services

Compilation services are offered to assist your accounting department in the preparation of your financial statements in accordance with professional standards. No opinion is expressed about the underlying information in the financial statements.

 

Employee Benefit Plan Audit Services

We understand the risks you face in association with the auditing of your employee benefit plan. Our team of professionals uses practices and procedures to assist in the appropriate recognition of plan net assets in the plan’s financial statements.

 

A Schmidt Westergard employee benefit plan audit, performed in accordance with generally accepted auditing standards, involves an approach tailored to your circumstances including consideration of your plan’s documents, operations and compliance requirements.

 

Business Risk Services

Every organization has a unique way of defining success that can be stated in a mix of common business objectives such as acquiring customers, safeguarding assets, increasing operating profits, retaining customers, providing accurate financial reports, and complying with laws and regulations. Risks are stumbling blocks along the path to achieving those objectives.

 

Once we have a clear understanding of your objectives, we use our skills, insight, and methodology to define the risks associated with achieving those objectives. We can then help you lay out a plan to avoid or possibly exploit these risks.

 

Internal Audits

This service provides an ongoing series of tests that examine controls within your organization and determines how well policies and procedures are being followed. It includes recommendations to you on best practices based on our experience in the various industries that we serve.

 

Report on Evaluation of Internal Control

Your business may be required to include a report on Internal Control with your financial statements. We conduct a thorough evaluation of your accounting system and provide you with suggestions for improvement. We can tailor our specific procedures to help identify areas of your operations vulnerable to embezzlement or fraud.

 

Special Reports (Agreed upon Procedures)

Special reports (agreed-upon procedures reports) provide you with assurance on the accuracy of specific components of a financial statement without having to perform a complete audit.

“They are very honest and transparent. They will question you on things that weren’t done correctly, but they also make suggestions and partner with you to make things right. I believe that they push back for our own good. They want to make things better for us for the future.”

 

– Steve Watson, Child & Family Support Services