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Yeo & Yeo has significant experience with government entities. The firm serves over 120 government clients. Yeo & Yeo serves schools, villages, townships, cities and other governmental units by providing audit services, management consulting, retirement services, computer consulting and training opportunities.
The firm performed over 85 single audits during 2006 ranging from $500,000 to $40 million in federal expenditures. The firm’s experience with sizeable government entities includes the Bureau of State Lottery with assets over $1 billion, and the Michigan legislature.
Sweeping Changes in Audit Standards
Significant changes are occurring in the audit profession as a result of new auditing standards that will take effect with December 31, 2007 audits. The new standards require auditors to perform more extensive procedures than they have in the past, focusing on matters such as:
• An organization’s control environment
• Key controls over significant classes of transactions
• Upper management oversight of the financial reporting process
While auditors will have a larger chance of finding internal control problems that meet the lowered reporting threshold, the primary objective of the new standards is to strengthen and maintain the integrity of the independent audit. The new, higher standards ultimately will benefit the organizations that auditors serve and the users of their financial statements. Click here for further information about the new standards.
Governmental Audit Quality Center
Yeo & Yeo, P.C. is a member of the American Institute of Certified Public Accountants’ (AICPA) Governmental Audit Quality Center for CPA firms. Membership in the Center demonstrates the firm’s commitment to audit quality in the critical area of governmental audits.
This voluntary membership Center is designed to help CPAs meet the challenges of performing quality audits in this unique and complex area. The Center’s primary purpose is to promote the importance of quality governmental audits and the value of such audits to purchasers of governmental audit services. The Center also offers resources to enhance the quality of a firm’s governmental audits. As a Center member, Yeo & Yeo Certified Public Accountants have access to communications, education, resources and tools to support them in the performance of governmental audit practice.
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