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Yeo & Yeo has significant experience in auditing for various industries, government and not-for-profit organizations. The firm serves over 300 government and not-for-profit clients, including schools, villages, townships, cities and other governmental units. The firm provides audit, management consulting, retirement services, computer consulting and training opportunities.
The firm ranks #2 in Michigan among the accounting firms that perform school audits as published by the State of Michigan’s Department of Education. The Audit team performed over 60 single audits during 2004 ranging from $500,000 to $38,000,000 in federal expenditures. The firm’s experience with sizeable government entities includes the Bureau of State Lottery with assets over $1 billion, and the State Sponsored Group Insurance with assets over $260 million.
New Audit Standards Synopsis
Audit standards have changed drastically in the past year. A summary of how they affect you, the client, is listed below.
Starting December 31, 2006
- Report internal control deficiencies to the Board of Directors as well as Management
- Deficiencies reported regardless of previous reporting and regardless of cost benefit analysis
- Clients receiving Federal grants may need Corrective Action Plans
- Auditors preparing financial statements will likely be a deficiency
Starting December 31, 2007
- Complete redesign of the audit process
- Greater focus on understanding client, industry, and internal controls
- Additional documentation and verification of internal controls
- Changing materiality calculation
- Better assessment of accounts and assertions which have a greater chance of material misstatement
- Focus auditing procedures on riskier areas
- Better quality audit
Throughout the year we will be periodically updating our clients with specific terms relating to the new suite of risk assessment standards. As always, if you have any questions or concerns, please feel free to contact us and we will clarify how these standards affect you.
Steps to Prepare for the Audit
What should our clients do to prepare for an audit? The answer to that question is simple: document the company or organization's internal controls and ensure the most basic and efficient control of reconciliation is implemented. Click here for information about documenting internal controls, creating a policies and procedures manual, reconciliation and a checklist of policies and procedures to document. (Acrobact Reader Document)
Audit Organizer - Internal Control
Auditors are required to gather information about an organization’s internal control. They will perform a wide variety of procedures to gather this information, which must be sufficient to allow them to evaluate the overall design of the system. An Audit Organizer for Internal Control is available to help small business owners and others put together their thoughts about internal control and any related documentation of the organization’s policies and procedures. By going through this process, small business owners and others involved in the financial reporting process will:
• Gain a better understanding of the company’s internal control, its strengths and its weaknesses
• Be better able to make changes to internal control to improve the company’s financial reporting process and reduce its vulnerability to fraud
• Be prepared to help auditors understand the organization’s internal control and contribute to a more efficient, less costly audit.
Click here to access the Audit Organizer
What are Compilations, Reviews and Audits
Are you in need of assurance services? Would you like greater comfort in knowing that operations are truly as they seem? If the answer is yes, or even maybe, you might consider engaging assurance services from Yeo & Yeo's Audit department. Click here for more information about Compilations, Reviews and Audits. (Acrobact Reader Document)
Governmental Audit Quality Center
Yeo & Yeo, P.C. has joined 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.
Employee Benefit Plan Audit Quality Center
Yeo & Yeo, P.C. has joined the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. The new Center is a national community of CPA firms that demonstrate a commitment to employee benefit plan audit quality and raise awareness about the importance of employee benefit plan audits. The Center provides members with best practices, guidelines, and tools CPAs need to perform quality benefit plan audits and better serve their clients.
Members of the Center demonstrate their commitment by voluntarily agreeing to adhere to Center membership requirements, including designating a partner responsible for the employee benefit plan audit practice, establishing firm-wide training and quality control programs, performing annual internal inspection procedures, and making the firm’s peer review report findings publicly available.
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