Brooks, Faucett and Robertson, L.L.P.

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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 organizationís 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:


Assessment of control environment
  1. Internal accounting controls
  2. General and application controls
  3. Operational controls and compliance considerations


Overall analytical review of financial and operating ratios


Substantive test of significant account balances and an overall evaluation of financial statement disclosures


Tests of compliance with laws and regulations

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.

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