Financial Statement Audits
A financial statement audit is an independent verification of the accuracy of the presentation of financial statements. It is designed to provide the user of the financial statements with reasonable assurance the financial statements present the true picture of the entity’s financial position, results of operations and cash flows. Simply stated, an audit is the gathering and evaluation of evidence to support the financial picture.
Financial Statement Reviews
A financial statement review consists of analytical procedures applied to your financial statements and inquiries of your management. Review procedures, which are substantially less comprehensive than audits, allow the accountant to give limited assurance regarding the fairness of the financial statement.
Financial Statement Compilations
A financial statement compilation is the process of presenting financial information, supplied by management, in the form of financial statements. Because the Firm does no further investigative work, no assurance can be expressed; however, it can serve the organization when presentation and clarification of data is required.
At Stanfield + O’Dell we have a team of professionals that have performed overhead audits for a variety of entities, ranging from local sole proprietors to firms with several hundred employees providing services nationwide. This broad range of experience has provided our professionals with an in-depth understanding of FAR 31 as interpreted by the current AASHTO Audit Guide. In turn, this experience has enabled S+O to develop a strategic approach to performing overhead audits that streamlines the process, allowing us to efficiently and effectively complete your overhead audit.
Please contact us with any questions regarding your current overhead rate schedule, ODOT’s audit requirements, the overhead audit process, or general inquiries regarding your business practices and how they relate to the FAR. We would appreciate the opportunity to meet with you and get to know your business.