An audit is not the only option. There are other options that can still meet the requirements of most funders which offer sustainable economic options.
A review engagement can be a cost effective alternative for business and not-for-profits that are not required by either law, or their constitution, to have an audit.
Review engagements provide a lower level of assurance than an audit but they can be useful for organisations and businesses who want to seek funding or bank finance. Review engagements are also useful when you need to provide stakeholders with a level of confidence and comfort.
Reviews can be supplemented with an audit of selected items in the financial statements if a higher level of assurance is required by a funder.
Special Purpose Engagements
We provide a wide range of special purpose engagements which include:
- Completion and post completion financial statement reviews
- Specific item audits
- Real Estate trust account audits
- Internal control reviews
- Agreed-upon procedures
- Litigation and dispute resolution support
- Vote scrutineering
Agreed upon procedures
An agreed upon procedures engagement means we agree with the client to perform specific procedures that are not designed to support an expression of any opinion. We simply report on the factual findings that result from the procedures that have been performed.
This type of engagement may be of particular use to you as a funder as it can target the specific area that you are interested in, for example, giving you specific information relating to your grant (that it was received and banked by the entity, that specific items were purchased, that wages of zzz were paid etc).
We work with your accountant and provide you with a report for suggested improvements in your business and accounting systems. Business planning is key to business growth and our expertise can guide you in making strong financial decisions.