Our firm has specialized in providing accounting and auditing services to insurance, government and non-for profit entities since our inception in 1975. Through this extensive experience we have developed both a broad and deep understanding of the way in which these entities function and the audit needs which these entities have.
Through our auditing experience, our auditors have developed a deep understanding of business entities, which in turn allows us to conduct and present a business-informed audits. The benefit of having a business-informed audit is outlined in the following excerpt:
"A deep understanding of business is central to what we call 'strategic-systems auditing' [SSA]. Two premises of SSA are that accounting systems reflect business risks and performance in fallible, incomplete, and untimely ways, but that financial statements should reasonably reflect these business realities. As such, auditors must conduct business-informed tests and amass business-informed evidence before they can draw reasonable conclusions about the veracity of financial statements. . . . New rules requiring substantive tests will yield insubstantial evidence unless auditors can corroborate it with deep knowledge of business reality."
Ira Solomon & Marke E. Peecher, "Does Your Auditor Understand Your Business?"
The Wall Street Journal, May 25, 2004
CONTACT:
Dennis Larson, Partner
Geri Douglas, Partner
Bill Rosenberger, Partner