As an external audit firm, Brown Smith Wallace provides a full range of external audit services, including audits, reviews, compilations and assurance services that follow agreed upon procedures. These are an example of our business, accounting and tax consulting services.
External audits examine your organization’s financial documents in order to determine whether the records and reports are valid and the information is fairly presented in accordance with accounting principles generally accepted in the United States (GAAP).
Brown Smith Wallace, a premier external audit firm, follows a precise and proven approach to ensure that every item requiring investigation and verification is properly substantiated. For each audit, we spend time with you planning the approach to ensure it is thorough and complete.
For-profit companies typically need an audit or a review to comply with a lender’s debt covenant, Securities and Exchange Commission (SEC) requirements, Board of Director’s requirements or various contractual arrangements.
Not for profit organizations typically need an audit or review to comply with significant grantors’ compliance requirements, Board of Director’s requirements or lender’s debt covenants.
A compilation is a presentation of information provided by management without expressing any assurance on the financial statements. A compilation is appropriate when a business or individual needs financial statements, but does not need the assurance provided by an audit or review.
We can make recommendations based on your compilations that can lead to better financial information being available to management on a more frequent basis, thus allowing for better decision making.
Agreed Upon Procedures
“Agreed Upon Procedures” engagements examine and review specific information, accounts or data following a process driven exclusively by your needs. This can involve reviewing a finite group of accounts, procedures or controls to evaluate their effectiveness or accuracy.
Upon completion of the engagement, we issue a report for your review and, if requested, offer suggestions and recommendations.
I have worked with Brown Smith Wallace for a few years on some of our project audits. They are very client-centered and responsive to all our requests. They work hard to get to a sensible, reasonable technical answer before moving on to the next item. With that approach, they help us get reports out efficiently and on time. They also do a good job of auditing the business as a whole and not just the financial statements. In our meetings, they always seem to bring up a new idea about the business or have some new perspective about a tax issue or an IT issue.
Brian Williams, Corporate Controller