Every organization private, public or nonprofit must prepare reports on financial performance. These reports help investors and creditors evaluate the business and help owners make management and strategic decisions. Audit, Review, and Compilation are three distinct levels of services that we provide to our business clients. We, at KGRN are experienced in performing audits, reviews and compilations for entities of all kinds and sizes. Our accounting and assurance services operate form core values of vision, trust and integrity.
Audits provide the “highest level of assurance” about the reliability of an organization’s financial statements. It involves a critical review and independent verification of financial information. An audit requires extensive inquiry and study of the organization’s policies, procedures, systems, operations and financial management. An effective audit adds value by providing practical suggestions to strengthen internal controls, improve operational efficiency and enhance systems and procedures. An audit is conducted in accordance with the generally accepted Auditing Standards.
A Review is an evaluation of company’s financial statements using management inquiries, analytical procedures. The scope of a review is generally less than an audit. A review may bring to the accountant’s attention significant matters affecting the financial statements. To perform a review, the accountant must be familiar with the company’s business and the accounting practices of its industry.
A Compilation requires the assembling of financial data from company’s accounting records and presenting it in the form of proper financial statements. During compilation neither audit nor review procedures are performed. The accountant prepares financial statements, using data provided by the company. Due to the lack of analysis, compliance does not provide assurance. It is mainly useful for internal needs or as a by-product of other services, such as the preparation of income tax returns. It may also be used by the accountant to prepare monthly financial statements.
Financial statements are prominent sources of information in decision making. Financial statements must be useful, understandable, reliable, relevant and comparable. Providing high quality financial reporting information is important because it influences capital providers and other stakeholders in making investment, credit and similar resource allocation decisions enhancing overall market efficiency. KGRN CAs adheres to the highest standards of technical accuracy, proficiency and ethical practice in the profession. External Peer Review is done every three years to ensure that KGRN works in compliance with the quality control policies and procedures for financial audits.
- Assessing a company’s long-term viability
- Assessing and monitoring cash management
- Developing a business recovery plan to maximize profit
- Monitoring implementation of the recovery plan
- Analyzing alternatives for troubled businessess
- Performing debt/equity restructurings
- Performing consolidation and liquidation analysis
- Developing/monitoring a plan of reorganization
- Obtaining and analyzing cash collateral
- Performing due diligence related to the acquisition of troubled businesses
Employee benefits play an important role in the lives of employees as well as their families. Employee Benefits are defined as additional resources offered by employers in addition to wages. Benefits always played an important role for an employer to attract and retain employees. Benefits can include health care coverage, paid-time-off, retirement savings, life insurance and profit sharing. Employee benefit plans are a terrific employment incentive however they can be tricky and complicated sometimes. That’s why we have a team of employee benefit specialists who can help you set up and administer your plan.
A strong employee benefits plan can attract and help retain the best talent available in the market. Department of Labor and the IRS require plans with over 100 participants to have annual plan audits. Our team has extensive experience in auditing plans and preparing reports to comply with government regulations.
Benefit Plan Services at KGRN:
- Plan Administration, Design and Implementation
- Determine Eligibility
- Determine HEC/Key Employee
- Allocate Employer and Employee Contributions
- Verify contributions
- Prepare Allocation Reports
- Prepare Participant Statements
- Vesting Calculations
- Recap activity by contribution source and investment location
- Allocate earnings, forfeitures and benefit distributors
- Retirement Planning and Consulting
- Tax Filing and Plan Audits