System Review Report

 

 

NDSW is proud to be a member of the American Institute of Certified Public Accountants' (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. As a part of this national community, our commitment is to uphold quality standards and promote the significance of Employee Benefit Plan Audits. The Center equips its members with valuable guidelines and tools, allowing us to better serve our clients.

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We're also active members of the AICPA's Government Audit Quality Center, dedicated to enhancing the quality of governmental and non-profit organization audits. By fostering a community of like-minded firms, this center keeps us updated on regulatory changes, best practices, and technical updates, ensuring we deliver the highest quality audits. The Center is governed by an executive committee that sets its policies and oversees activities, with membership requirements established as necessary, subject to AICPA Board of Director's approval.

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Our Audit services encompass a broad spectrum, catering to non-public privately owned businesses, non-profit organizations, governmental entities, employee benefit plans, and common interest realty and homeowner associations.

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We see our role in the financial reporting process as an opportunity to provide constructive solutions for optimizing your company's operations. We offer financial reporting at all three levels of assurance:

 

Audit Services:​ An audit is the highest level of service and is the one that is familiar to most people. An audit consists of examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We will design an approach that will consist of tests of documents, contracts, agreements, etc. We will also assess the accounting principles used and any significant estimates made by management, as well as evaluating the overall financial statement presentation. An audit typically includes, but is not limited to, direct confirmation of bank balances, physical inspection of significant equipment and property, and other correspondence with third parties such as attorney's, customers and others that we deem necessary in the performance of the audit procedures. As part of the audit we will obtain a sufficient understanding of the internal control structure in order to plan the audit and determine the nature, timing and extent of the tests to be performed.

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Review Services:​ A review is the middle level of service. A review consists principally of inquiries of company personnel and analytical procedures. A review is substantially less in scope than an audit, and does not include detail testing of evidence supporting the amounts in the financial statements, among other procedures typically performed in an audit.

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Compilation Services:​ A compilation is the third type of service. A compilation is consists of presenting information provided by management in the form of financial statements and may include footnotes. A compilation is not a review or an audit. No opinion or any other form of assurance is given on the compilation.

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Additionally, our experience extends to Agreed-Upon Procedures Engagements, Reporting on Pro Forma Information, Compliance Auditing, and Internal Control Reporting, making us a comprehensive partner in your financial journey.