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Accounting
Auditing
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Services
Audits are a must for any organization that needs to offer a higher level of assurance to its customers, governing boards and other outside parties. Any audit is an independent evaluation of the accuracy and completeness of your organization’s financial statements and is the highest level of reporting available for any organization’s financial reports. In an audit, the auditor must follow generally accepted auditing standards (GAAS), which dictate that certain types of procedures be performed, such as:
 Examine evidence supporting the amounts and disclosures in
the financial statements
Assess the accounting principles used and significant estimates
made by management
Evaluate the overall financial statement presentation
Gardiner Thomsen can also perform a wide variety of
Agreed-Upon Procedures and Fraud Detection Service to
enhance the usefulness of information gained from an audit
The first step is an audit is an in-depth look at your financial statements. Based on auditing standards, we’ll examine account balances with your banks and
other financial institutions, customers and vendors. We will also study your internal controls and asess any potential financial risk. These procedures enable us to
issue an opinion on how fairly your organization’s financial statements represent your financial position and whether they comply with generally accepted
accounting principles (GAAP).
Once we’ve assembled our findings, we’ll issue a report and offer strategic recommendations to you or your board members.
This opinion is called an audit report. This will help you improve your internal controls, reduce your organization’s risk and highlight potential areas of additional
savings.
Gardiner Thomsen views our audit services as more than an annual assessment of your organization’s financial status.
It’s our opportunity to provide you with ideas and suggestions that will improve your internal controls. We’ll stay in contact with you throughout
the year to learn more about your business and to stay on top of any new changes that may impact your audit. This allows us to create an audit process that results
in a meaningful and strategic experience that is tailored to meet your unique needs.
Agreed-Upon-Procedures
Occasionally, organizations have the need to assure third parties of the accuracy or their financial statements or have compliance requirements that fall outside
the normal scope of an audit. Without having to commit to a full audit engagement, Gardiner Thomsen can perform specialized agreed-upon procedures to meet those
requirements.
Any agreed-upon procedures engagement is intended to provide your management, board members and audit committee with insight into key findings in your financial statements.
Many of our clients depend on us to perform agreed-upon procedures to add outside credibility to information and reports they’ll be presenting to banks,
credit unions, regulatory agencies and customers. Some examples are:
Fraud Investigation
Internal Auditing Services
Merger or Acquisition Candidate Accounting Records
Accounting Record Reconciliation
Compliance with Covenants or Laws
Fraud Auditing
Auditing services performed by Gardiner Thomsen now stress an importance on fraud detection. Although many clients may not be familiar with it, fraud detection is something that must now be placed as a high priority.
With scandals such as Enron, WorldCom and Arthur Anderson, auditors must perform additional procedures to determine whether or not financial statements are free of material misstatement. Also, fraud detection services are increasing due to a new audit standard titled SAS
99 ‘Consideration of Fraud in a Financial Statement,’ issued by the
Auditing Standards Board.
Due to these factors, auditors will question management, auditing committees and others within each company about the risk of fraud, the knowledge of any known fraud and policies and procedures to address fraud. It is important to understand that these fraud detection procedures will be done as preventative measures to benefit each client. In order to facilitate this process, Gardiner Thomsen asks clients to remind employees that fraud detection interviews will be on-going and that anyone may be interviewed.
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