Auditing and Assurance Services

Never before has auditing and assurance services received so much recognition. In today’s environment, assurance of a business’ financial information by an independent and ethical source has proved to be very valuable. AgeeFisherBarrett, LLC provides an array of assurance services for many industries. Our professionals consist of highly qualified individuals who can add value to your company through the services we offer.

AgeeFisherBarrett, LLC performs traditional auditing, review, and compilation services for commercial enterprises, not-for-profit organizations, and employee benefit plans. Our philosophy is to audit the business using a value added approach, not just the traditional financial statement audit. Our value added auditing supplements the traditional financial reporting by providing a more detailed, transparent picture of the company’s performance, market opportunities, strategy, risks and other important non financial value drivers.

Principles that serve as the foundation of our assurance practice:

  • Providing services that not only meet but exceed your expectations
  • Maximizing efficiency through risk management, budgeting, management of the processes and staff, and proper planning of the work to be performed
  • Identify, manage and mitigate risk to an agreed level
  • Delivery of final product in a timely manner
  • Continuing education of our professionals to provide them with the knowledge to generate the utmost value to you, (the client)
  • Team work – (An Integrated Approach)
  • Use of the most current technology available in the accounting industry
  • Communication, both with you and within our firm
  • Constant evaluation of our processes and performance

Select a service provided by our Business Assurance team from the left.

Financial Statement Attestation

Our philosophy is to audit the business using a value added approach, not just the traditional financial statement audit. Our value added auditing supplements the traditional financial reporting by providing a more detailed, transparent picture of the company’s performance, market opportunities, strategy, risks and other important non-financial value drivers.

Our goal is to provide a meaningful and efficient audit for our clients as well as offering non-financial advice to maximize the performance of the Company. Our knowledgeable professionals will perform an audit that will provide financial information and recommendations in a format that is useful to internal management as well as external users. Beginning with the planning process and continuing through the issuance of the financial statements, we evaluate your business and offer professional insight on how to improve your Company.

During the planning stage of the audit, we will learn your business and how it operates. This puts us in a position to identify weaknesses in your internal controls, which may prove to be very costly if undetected. This important stage of the audit will allow us to more effectively and efficiently audit your Company creating a process that is cost beneficial.

After the planning phase we will perform as many procedures as possible during the interim fieldwork phase. This phase, which occurs before year-end, will allow faster completion of your financial statements.

During the year-end fieldwork phase, our professionals will complete our audit procedures and issue your financial statements in a timely and efficient manner. At this time, we will communicate to management valuable recommendations for improving your efficiency and profitability.

In addition to financial statement audits, AgeeFisherBarrett, LLC also offers review and compilation services. These services require less evidence to be collected and thus are less costly, yet still valuable to internal management as well as to external users.

Forensic Accounting

Forensic accounting is the practice of utilizing accounting, auditing, and investigative skills to assist in legal matters. It encompasses 2 main areas – litigation support, investigation, and dispute resolution. Litigation support represents the factual presentation of economic issues related to existing or pending litigation. In this capacity, the forensic accounting professional quantifies damages sustained by parties involved in legal disputes and can assist in resolving disputes, even before they reach the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness. Forensic accountants can be used for investigating mergers and acquisitions, and in tax investigations, economic crime investigations, all kinds of civil litigation support, specialized audits, and even in terrorist investigations.

If you think you may have a need of these specialized services, please contact us today.

Service Organization Control (SOC) Reports / SSAE 16 / SAS 70 Compliance

Service Organization Control (SOC) Reports apply to organizations that handle sensitive client data, related to using outsourced business processing and information technology. AgeeFisherBarrett’s SOC professionals are deeply experienced in IT and SOC guidelines and standards. We take time to understand your business and your end-users’ needs so that we can help you choose the best report for your service organization based on all relevant factors.

There are three types of Service Organization Control Reports: SOC 1, SOC 2, and SOC 3:

SOC 1 Reports: SSAE 16 Audits Replaced SAS 70 Reports

A SOC 1 Report or SSAE 16 Audit (formerly SAS 70) focuses solely on controls that are likely to be relevant to an audit of your clients’ financial statements. SOC 1, performed under AICPA professional standard SSAE 16, requires a written assertion by your company’s management in relation to control objectives, system description, and effectiveness of your controls. With a SOC 1 Report, our service auditor concludes and gives an opinion that:

  • Your description of controls is fairly presented and placed into operation.
  • The controls are suitably designed to meet your stated control objectives.
  • The controls are operating effectively (Type II).

There are two types of SOC 1 Reports (also applies to SOC 2 reports):

  • Type I – this report reports on your organization’s controls at a specific point in time. It includes our opinion on whether the controls are fairly presented, suitably designed and placed in service as of a specified date.
  • Type II – this report is more comprehensive, and usually covers a period of six months or more. It provides your company with everything a Type I report does, as well as an opinion on the operating effectiveness of the controls over a period of time, and includes a description of the CPA’s tests of controls and results.

SOC 2 and SOC 3 Reports

SOC 2 and SOC 3 Reports address controls related to operations and compliance, rather than those relevant to a financial statement audit.

SOC 2 Report - addresses one or more areas at your service organization relevant to the Trust Services Principles: Security, Availability, Processing Integrity, Confidentiality and Privacy. Like a SOC 1 report, it requires a written assertion by your company’s management in relation to control objectives, system description, and effectiveness of your controls. Type I and Type II reports are available within the SOC 2 report.

SOC 3 Report - is a Trust Services Report, also based on one or more of the five trust services principles listed above. It only reports on whether your system achieved the trust services criteria for each area selected, and does not include the description of tests and results. A SOC 3 also permits you to purchase and use a SOC 3 seal on your website and marketing materials, and to use the report as a marketing tool.

By completing a SAS 70 Audit an organization demonstrates to current and potential customers that they are delivering a secure, reliable, effective operating environment with proper controls in place.

For more information regarding SAS 70 Audits please contact one of our auditors.

401(k) Audits

What is a 401(k)?

A 401(K) plan is a retirement savings plan offered by some employers in the United States. Contributions to a 401(k) are deferred from an employee’s paycheck pre-taxation. The contributions are then invested into the company’s 401(K) which is handled by a third party administrator. The third party administrator invests the money into mutual funds, bonds and money market accounts that the employee selects.

The IRS and Department of Labor have recently increased government regulations on 401(k) plans offered by employers. The rules are now extremely stringent and non-compliance can cost companies large amounts of money.

Do we need a 401(k) Audit?

When a company contains more than 120 employees who participate in the 401(k) plan they are required to have an annual compliance audit of financial statements that accompany the Form 5500. Form 5500 is required by the Department of Labor to be sent in annually for pension and benefit plans. Companies that start new 401(k) plans containing 100 or more participants are required to have an audit conducted.

401(k) audits play an important role in proving that the plans are under proper management and funds of employees are being properly invested. If the employer offers any form of matching, monitoring to make sure funds are matched properly will also take place.

For additional information see our services offered to employee benefit plans.

At AgeeFisherBarrett, LLC we know how vital it is to understand the audit requirements and latest developments effecting them. To find out if your company is required to have a 401(k) audit or for more information regarding audits of 401(k)’s please contact us and speak to a member of our Audit Team.

403(b) Audits

What is a 403(b)?

A 403(b) tax-sheltered annuity plan is a retirement plan offered to employees of educational institutions, government agencies, and non-profit organizations. The 403(b) plan shares many of the same characteristics and benefits of a 401(k) Plan.

Do we need a 403(b) Audit?

Previously companies that offered a 403(b) plan were not required to complete Form 5500, the “Annual Return/Report of Employee Benefit Plan”. Now, companies offering 403(b) plans that have 100 or more participants are required to send in Form 5500 with an audited financial statement.

Additionally, audits of 403(b) plans are now required by the Employee Income Security Act (ERISA) in order to protect plan participants. Audits of 403(b) plans ensure that the plan is being properly administered and that participants are receiving the benefits which they are entitled to.

It is important that all 403(b) plans meet the General Accepted Account Principles (GAAP) and are in compliance with ERISA. To find out if your company is required to have a 403(b) plan audit or for more information regarding audits of 403(b) plans please contact us and speak to a member of our Audit Team.