[ Consulting Services ] [ Tax and Compliance ] [ Accounting and Assurance ]
Accounting and Assurance Approach
A diversified
client base has provided BFR with extensive experience in auditing both
manual and computerized accounting systems. Our approach to providing
audit services includes an evaluation of the organization’s control
structure to determine the nature, timing and extent of substantive and
other auditing procedures.
Our audit approach will emphasize an evaluation and an assessment of
audit risk at the account balance and financial statement level.
Our approach begins with obtaining an understanding and evaluating the
overall philosophy and view of the Board of Directors, its audit
committee and management regarding its mission, vision, values and
established standards, policies, procedures and practices. The
effectiveness of our approach is dependent upon the appropriate level of
participation and the professional judgment of our senior personnel.
With the appropriate level of participation and judgment of our senior
personnel, we identify sensitive audit areas that have a greater
potential for error or misstatement and we expend additional time and
effort in those areas.
Our expectation would be to work with the Audit or Finance Committee,
and management in advance to develop a comprehensive audit plan and
strategy to minimize disagreements or misunderstandings regarding our
audit scope and approach.
Our model for assessing inherent, control and detection risks is based
on the judgment of our Partners and our most experienced personnel.
We add value to our services by anticipating potential problems with
funding agencies and other regulatory bodies. Should unanticipated
problems arise we possess sufficient knowledge and skills to amicably
resolve areas of conflict or disagreement.
Our partners and manager is actively involved in the delivery of our
services.
Details of our
approach include:
Our audit staff
will work closely with our tax partner and staff to identify areas
subject to the risk of noncompliance.
Supervision and
Review
It is the policy of BFR that all engagements be properly planned,
supervised and reviewed to provide BFR with reasonable assurance that
the work performed is complete and accurate and meets BFR's standard of
quality.
Staff assigned to engagements, are appropriately trained, supervised and
perform duties commensurate with their responsibility. Engagement
personnel assigned will meet requirements established by the American
Institute of Certified Public Accountants and the Illinois CPA Society.
