Through KLiCHS, you will receive the full value of our business acumen, prudent judgment and insightful guidance in addition to an independent and object view of your financial information. We can join your team at any point in your growth cycle to assist you in securing financing, making informed management decisions, responding timely to competitive challenges, and preparing for the future.
Our Assurance Services team perform a full range of assurance services, including audit, review, compilation, franchise and royalty audit, single audit, collateral examination, agreed-upon procedures.
Typically, an audit is required by laws, regulations, or the request from a lender, customer, vendor, or other parties in need of verifying your financial information, but, we view an audit as an opportunity to help you understand the company’s financial positions and operational results more clearly. From our past experiences with our clients, they appreciate this viewpoint and the opportunity to work with us to share our knowledge not only through the audit process but throughout the year.
Our audit approach combines a keen understanding of the challenges in business environment and our experience in evaluating the risks you face in your business activities. Our goal is to provide the insightful advice to help our clients make timely and accurate business decisions with a proper understanding of the financial statements, internal controls, and overall business status.
Our services include:
After careful examination, you may find a review or a compilation a sufficient and a more efficient solution than an audit for your business situation. We can work with you to determine the solution that best meets your needs. A review of financial statements includes performing inquiry and analytical procedures to develop a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with US GAAP.
A compilation of financial statements includes presenting, in the form of financial statements, information that represents management (owners), without expressing any assurance on the financial statements. By pulling your information together into cohesive, professionally prepared financial statements, we’ll provide you with a detailed summary of your business operations.
KLiCHS operates a focused Employee Benefits Plan practice , as we view auditing employee benefit plans as one of our core assurance services.
As a member of the Employee Benefit Plan Audit Quality Center of the American Institute of Certified Public Accountants (“AICPA”), we are committed to meeting the highest standards and staying abreast of technical regulations and pronouncements. We have developed a deep insight into current employee benefit plan issues and developments through our experience working closely with regulators, industry groups, attorneys, trustees, and record keepers.
KLiCHS Employee Benefit Plan Practice covers numerous plans subject to ERISA under the regulatory authority of the Department of Labor. We provide full-scope and limited-scope audits for single and multi-employer plans that include:
As a franchisor, you must stay alert to ensure your franchise owners are correctly reporting revenue and expenses. As the holder of a patent, copyright or license, you likewise must rely on accurate reporting from your licensees to realize the true value of your intellectual property. Accurate reporting and payments benefit all of your individual licensees as well as you as licensor.
In addition to a typical franchise and royalty audits, we also provide contract compliance examinations, financial due diligence, and royalty statement preparation. While conducting the services, we will look for ways to identify opportunities for potential recoveries and potential improvements to internal controls of both licensor and licensees that will help enhance completeness and accuracy in future reporting.
Organizations spending more than $750,000 of federal assistance are required to have a single audit (OMB A-133 audit) performed. We perform a single audit that includes an audit of both the financial statements and the federal awards. We also assist in preparing the data collection form and the reporting package for submission to the federal clearinghouse.
The U.S. Department of Housing and Urban Development (HUD) requires audits of entities participating in various HUD programs. For example, residential mortgage lenders who provide FHA and VA loans must re-certify their status with HUD by submitting audit reports on their financial and compliance issues every year. We perform HUD audit and issue financial and compliance audit reports.
Today’s asset-based lenders need reliable information to provide additional assurance that the collateral value and funds employed are ultimately protected. Our professionals are attuned to the needs of collateral lenders and are trained to work closely with collateral loan officers. This enables us to provide a timely and , value-added product that far exceeds industry standards.
An agreed-upon procedures (AUP) engagement is not an audit but an engagement in which we apply our independent, third party expertise to financial data. The beauty of an agreed upon procedures engagement is that it enables you to determine the type and extent of procedures to be performed. You may want to have the ability to specifically address the areas with which you have a concern and can avoid the cost of testing those areas with which you feel comfortable. Our report will not result in an opinion on the financial data but will be a detailed account of the exact procedures that are performed as mutually agreed and the specific results of those procedures.
We provide agreed-upon procedures, director’s examinations and other procedures to serve as attestation and satisfy your management team’s needs. We will work with you to determine which service is appropriate for your needs while ensuring the accuracy of reports to preserve the integrity of your business.