Why SummerAudits
Our firm is a full service accounting firm providing tax, accounting, audit and consulting services to small and closely held businesses.
We employ only experienced permanent professional staff. We do not hire temporary professionals during tax season and we don't outsource our work. Therefore, in order to maintain our experienced staff, we schedule our audit work during the less busy months in the summer at a discounted fee.
Why do I need an audit?
An audit is performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control. We can provide an independent assessment of the fairness by which a company's financial statements are presented by its management. It simply provides assurance for third parties or external users that such statements present 'fairly' a company's financial condition and results of operations.
An audit may be a good marketing strategy for what it says about your organization's financial integrity.
Most financial institutions require you to provide audited financial statements when applying for funds.
I am a Nonprofit organization. Do I need an audit?
The Maryland Association of Nonprofits states in the Standards For Excellence Guiding Principles:
"For Non-Profits with annual revenue in excess of $300,000, the financial reports should be subject to audit by a Certified Public Accountant"
Who needs an Employee Benefit Plan audit?
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement and health benefit plans in private industry. It does not require any employer to establish a plan, but it does require that those who establish plans must meet certain minimum standards. Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file the Form 5500.
The U.S. Department of Labor has a lot of helpful information regarding employee benefits. Choose the link below to learn more on Selecting An Auditor For Your Employee Benefit |
