Business Audit and
Assurance Services
The CTW team has the technical skill and industry experience to deliver high-quality audit and assurance services. Our professionals work with client management teams to ensure that we identify and adopt the latest accounting standards and financial reporting issues. Our teams also advise on the implementation of checks and balances to ensure accurate financial reporting results.
Audits
The professionals at CTW will work with you to plan and design financial statement audit engagements. This process is designed to minimize disruptions to your personnel and operations, while still adhering to professional standards.
The benefits of an audit include:
- Obtaining the highest level of assurance that can be provided on financial statements.
- Ensuring the accuracy of your financial statements. (This level of reasonable assurance is defined as high, but not absolute.)
You'll receive an audit report, a communication to decision-makers, and, if needed, information on internal control deficiencies.
Reviews
A financial statement review, while less extensive than an audit, can help you get a deeper look into financial information and inquiries of management.
You will receive the following from CTW after your review:
- Limited assurance on your financial statements.
- An accountant's review report.
Compilations
If you don't require any form of assurance on your financial statements, a compilation or preparation engagement may be a great fit. This assembles financial statements consistent with US GAAP and any other special purpose framework.
You will receive:
- An accountant's report
- Accompanying financial statements
Employee Benefit Plan Audits
The professionals at CTW can help audit your employee benefit plan. This process helps to ensure the accuracy of your plan's financial statements, and its compliance with applicable governing documents and regulations.
This includes:
- 401ks
- Employee stock ownership plans
- Health and welfare benefit plans
You will receive an auditor's report, a communication to those charged with governance, and a communication of internal control deficiencies if necessary.
Federal Acquisition Regulation Audits
Does your engineering firm want to pursue federal and state contracts? In order to provide services, you will need to have overhead cost rates calculated in accordance with Federal Acquisition Regulations (FAR).
CTW can perform engagements to evaluate the methods used to allocate costs and calculate indirect cost rates. Our deliverable includes a FAR audit report and indirect cost rate calculations.
Single Audits
Not-for-profit organizations receiving federal grant funding commonly find themselves subject to the single audit requirement. The single audit provides assurance to the federal government that a non-federal entity has adequate internal controls in place and is in compliance with program requirements.
Our deliverables include:
- An audit report on internal control and financial reporting
- An audit report on compliance with major programs
- A schedule of expenditures of federal awards
Agreed-Upon Procedures
Our team can perform agreed-upon procedures engagements for those clients needing the assistance of an independent third party to report findings based on specific procedures performed on a specified subject matter. Our deliverable includes a report to specified parties.
Controls Reviews
A financial statement review, while less extensive than an audit, provides limited assurance which is often a satisfactory level of assurance for third party users of your financial statements. Our audit and assurance team will perform an engagement to test the operating efficiency of your organization's internal controls.
Our deliverable includes:
- A report on our findings
- Recommendations to correct identified deficiencies
Forensic Audits
CTW personnel assist clients in investigating allegations of fraud, misconduct, and the misappropriation of assets. We will work with you to quickly pursue the facts, respond appropriately and remediate effectively. To address increasing risks associated with the prevalence of fraud and financial crimes in today’s environment, CTW professionals also perform fraud risk assessments.