Schowalter & Jabouri, P.C.'s Assurance Services encompasses one of the largest groups of professionals at Schowalter & Jabouri, P.C. Our Assurance Services team is highly experienced; you can trust them to guide you through the accounting and auditing process. Our team works with you to gain knowledge of your entity and to make recommendations and suggestions that will help you do what is best for your organization. They are available year-round for management consultations and will keep you up-to-date on changes regarding audit and accounting issues, financial reporting and corporate governance matters that may affect you. Our Assurance Services team utilizes the latest accounting practices and audit methodologies to help you manage risk, stay compliant and improve your business performance.
At Schowalter & Jabouri, P.C., you can count on a team that is knowledgeable in a wide array of industries. This, coupled with our commitment to quality and continuing professional education, provides our clients with excellent customer service and technical skills. We have a proven track record of assisting middle-market companies, family-owned businesses, small businesses and governmental and non-profit organizations.
Our Commitment to Quality is demonstrated in many ways; to our clients, to our staff and through our methodology of delivering services to you. Every three years, CPA firms are required to engage an independent firm to conduct a peer review of their system of quality control for their accounting and auditing practice. The most recent peer review report we received expressed an unqualified opinion with no letter of comments; this represents the most positive report a firm can receive. We have received this same report with our last seven peer reviews, which encompasses a twenty-one year period. Schowalter & Jabouri, P.C. is a member of the American Institute of Certified Public Accountants (AICPA), Government Audit Quality Center (GAQC) and the Employee Benefit Plan Audit Quality Center (EBPAQC). GAQC is a firm-based voluntary membership center designed to help CPAs meet the challenges of performing quality audits in the unique and complex public sector industry. The primary purpose of the GAQC is to promote the importance and value of quality audits. The EBPAQC provides our Assurance Services team access to the most current information, best practices and tools to conduct high quality audits of qualified plans. Our clients can be assured that Schowalter & Jabouri P.C.'s audit procedures meet the highest level of performance as required by the AICPA.
Not all users of financial statements need the same degree of assurance. Therefore, we offer three distinct services involving financial statements: audit, compilation and review. Our team will work with you to choose the appropriate level of service.
Audit Service: Schowalter & Jabouri, P.C. conducts independent audits in conformity with U.S. generally accepted auditing standards. We continually monitor and maintain compliance with auditing and accounting standards and are able to deliver high quality services because of our team's ongoing training and development. Our Assurance Services team will work to deliver an opinion on your financial statements prepared in conformity with U.S. generally accepted accounting principles or an other comprehensive basis of accounting.
Our audit engagements are intended to obtain reasonable assurance that the financial statements are free of material misstatements. To this end, we examine, on a test basis, evidence supporting the amounts and disclosures in financial statements. We also assess the accounting principles used and significant estimates made by management.
We believe that the independent audit is a vital tool and platform to understand and assess financial practices and internal controls. We design the audit process to help our clients manage risks and improve practices, as well as to provide meaningful financial reporting that reflects the organization.
Schowalter & Jabouri, P.C.'s risk-based auditing approach tailors the audit engagement to best meet the unique risks and financial reporting needs of each client. Through a combination of interviews with management, review of processes and internal controls and other assessments, we focus our audit approach on the organization's specific areas of risk (e.g., financial, regulatory, internal growth, personnel, technology). This specific knowledge, combined with management's objectives and concerns, not only shapes our audit procedures but also results in the independent opinion on the financial statements.
The six steps of the risk-based auditing approach are outlined below:
- Assess operations by obtaining a thorough understanding of the organization's policies, practices, processes and systems of internal control. Conduct interviews, complete checklists, perform analytical procedures, and assess risks including fraud risk.
- Evaluate information obtained during the assessment process, conduct further walkthrough and testing procedures to evaluate internal control strengths and weaknesses, and conduct audit team brainstorming.
- Develop the final audit plan based on identified risks and mitigating controls by: a) defining high, moderate and low risk areas; and b) determining the scope and timing of audit procedures.
- Execute audit procedures, typically through the completion of preliminary and final fieldwork. Provide initial drafts of reports to management for review.
- Perform Quality Review procedures to assure conformity with generally accepted auditing standards and generally accepted accounting principles.
- Report Results to the audit committee and/or board and obtain feedback from management to continually improve the effectiveness and efficiency of the audit process.
Review Service: A review is the next level of assurance that we provide at Schowalter & Jabouri, P.C. A review is conducted in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA and consists principally of inquiries of company personnel and analytical procedures applied to financial data. The independent auditor is not required to obtain any independent corroboration to substantiate the representations made by company personnel. A review is substantially less in scope than an audit and our review report will state that the auditor did not become aware of any material modifications that should be made in order for the statements to be in conformity with generally accepted accounting principles.
Compilation Service: A compilation is the most basic level of service that our Assurance team can provide with respect to your financial statements. A compilation is conducted in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA and is limited to presenting the information that management provides in the form of financial statements. Our Assurance Services team can help your organization by assisting with adjusting journal entries, summarizing the information in your general ledger and drafting the financial statements. Our compilation report will state that no assurance is expressed that the statements are in conformity with generally accepted accounting principles.
The Schowalter & Jabouri, P.C. Assurance Services team looks forward to working with you to help you manage risk, stay compliant and improve your bottom line.