Audit, Review & Compilation Services in Florida
Clear, Reliable Assurance Services
Financial reporting can feel overwhelming, and compliance mistakes are costly. That’s why you need an experienced partner who makes the process clear, accurate, and stress-free.
At SAS Assurance, we provide a full range of assurance services to help your business gain confidence in its financial reporting and stay compliant.
Financial Audit Services
Independent Assurance You Can Trust
A financial statement audit provides an independent opinion on whether an organization’s financial statements are presented fairly, in all material respects, under the applicable financial reporting framework.
An audit provides the highest level of assurance available for financial statements. SAS Assurance serves businesses and nonprofit organizations throughout Florida with experienced, independent audit services.
Our secure document-sharing process streamlines information requests, reduces back-and-forth and helps protect sensitive financial data.
GAAP Financial Reviews
Confidence Without the Full Audit
The objective of a financial review conducted by an independent auditor is to examine the financial statements and determine whether they are consistent with generally accepted accounting principles (GAAP).
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A review shares the goals of an audit but is not conducted with the same level of investigation or analysis. The auditor examines the financial statements but does not test internal controls, which are normally included in the scope of an audit.
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Instead, a review provides a limited level of assurance that the financial statements are free of misrepresentations. The key difference between an audit and a review is that conducting an audit requires the auditor to obtain independent confirmation or verification of the financial information examined.
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Traditionally, SAS Assurance charges 60% of the average cost of an audit to complete a review.
Accounting Compilation
Organized Records in the Proper Format
A compilation differs significantly from a review or an independent audit of financial statements. It is literally a collection of financial records assembled into the format required by accounting standards.
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When this work is performed by an auditor, accounting standards require the auditor to assess whether the records are free from obvious errors.
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On average, SAS Assurance charges $600 for a compilation without footnotes and $1,400 for a compilation with footnotes.
401(k) & ERISA Plan Audits
Protecting Your Employees and Ensuring Compliance
These audits are mandated under the Employee Retirement Income Security Act of 1974 (ERISA). The primary objective is to ensure the retirement plan you offer meets ERISA standards and the specific requirements of your company’s 401(k) plan. As part of our accounting firm services, a 401(k) audit also helps make sure the rights of your employees are clearly documented and protected.
Our Audit Process
Conducting an employee benefit plan audit involves several important steps to ensure compliance, accuracy, and adherence to regulatory requirements. At SAS Assurance, our process includes:
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Plan Understanding and Risk Assessment: We start by understanding the specific details of your employee benefit plan, including plan document review and related provisions and subsequent amendments. The enable us to determine the scope and our focus on the key areas.
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Internal Control Evaluation: We evaluate the internal controls in place to safeguard plan assets and ensure accurate financial reporting. This involves assessing control procedures related to contributions, distributions, participant data, participant loans and investments. The effectiveness of controls is assessed, and any weaknesses or deficiencies are identified and communicated.
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Testing of Plan Transactions and Account Balances: We select samples of plan transactions and account balances to test for accuracy, completeness, and compliance with plan provisions and regulatory requirements. This includes reviewing participant contributions, benefit payments, investment transactions, and other relevant transactions.
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Compliance Review: We examine the plan's compliance with applicable laws and regulations, such as the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code, and other regulatory requirements. We verify adherence to contribution limits, eligibility requirements, vesting rules, nondiscrimination testing, reporting and disclosure obligations.
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Financial Statement Preparation and Reporting: After completing the necessary audit procedures, we prepare the financial statements and related disclosures for the employee benefit plan. This includes the statement of net assets available for benefits, the statement of changes in net assets available for benefits, and other required disclosures (Schedule H for the Form 5500).
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Filing of Required Forms and Reports: Depending on the plan type and size, we assist in preparing and filing necessary forms and reports, such as the Form 5500. This filing ensures compliance with regulatory reporting requirements.
It's important to note that the specific steps in an employee benefit plan audit can vary depending on the nature of the plan, regulatory requirements, and our 20+ years of experience, and professional judgment will serve you well in this area.
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SAS Assurance specializes in these audits. Traditionally, SAS Assurance charges for a black and white 401(k) Plan with a Third Party Administrator (TPA) that has been in place for several years, and the total number of eligible participants between 100 to 500 approximately $11,000.
