Certain points in time in an organization’s existence can have special significance, whether due to a request by existing creditors or shareholders for an audit or other assurance report; a pending investigation or prospective dispute relating to litigation, employee misconduct, or divorce; or a misuse of company property or funds by an employee that could have been prevented with more appropriate internal controls. With auditing and assurance services from Gosling & Company, P.C., businesses and nonprofits in the Cedar Valley – US 20 corridor and surrounding Northeast Iowa area can verify accuracy within their financial documents, assist with the resolution of outstanding issues relating to business performance, prevent misappropriation, and help their organizations to meet their obligations and continue on a path of growth and financial security. Keep reading to learn more.

Auditing and Assurance Services:

As a private or public institution, sometimes you are required to verify the accuracy of your organization’s underlying financial statements, whether based on the requests of prospective lenders, existing creditors, shareholders, customers, or vendors, or due to legal, industry, or other requirements. Gosling & Company, P.C. offers an experienced audit and assurance team to conduct a comprehensive review of your finances for these purposes. Our services include:

  • Audits: This report determines and represents the accuracy of an organization’s financial statements, with specific focus on given information that the auditor or a third-party has identified. Your auditor will conduct a review of your company’s internal processes; communicate with vendors, customers, lenders, and other third parties; evaluate your inventory; and examine payroll processing, accounts payable and receivable, and cash flow. This highest level of assurance is often used to obtain new financing, improve internal controls, and acquire new assets, and asserts that your financial statements are fairly stated and free of material misstatements.
  • Reviews: This level of attestation involves the development of an analytical framework to evaluate your organization’s financial statements. Supportive evidence is sought through inquiries of the management team. The overall scope of the analytical and inquiry processes are impacted by any inaccuracies and inconsistencies established throughout the engagement. The culmination of the review will result in the issuance of a review report which expresses limited assurance. The reviewing party will attest that it is “not aware of any material modifications” required for the financial statements to be compliant under Generally Accepted Accounting Principles (GAAP).
  • Compilations or Preparations: Either of these engagements will provide your organization with a formal presentation of management data. This level of service does not provide the reader with assurance from the CPA firm. This presentation creates value to the reader due to the consistency of presentation which is guided by Generally Accepted Accounting Principles (GAAP). Management and lending organizations are the most frequent beneficiaries of this third party reporting.

Internal Controls:

Protecting your company from embezzlement and fraud, and ensuring appropriate resource allocation, are critical considerations in the modern business world. Gosling & Company, P.C. offers internal control consulting services to organizations in the Northeast Iowa area to evaluate current processes, advise on areas of improvement, and assist with implementation of new controls systems. Our recommendations often entail establishing multiple levels of employee involvement in a given transaction, so different parties are involved with approving activities, facilitating services and/or production, shipping, and billing/collections. We also implement routine reviews of financial statements, cash, inventory, and other property by parties not typically directly involved in company transactions, and assist with training, and internal controls reviews to ensure the accuracy and efficiency of the system. Don’t risk the long-term viability of your organization—put the procedures in place today to help you succeed tomorrow.

When your organization requires a comprehensive evaluation of its finances or processes, experienced counseling during litigation or other critical events, and guidance on appropriate internal processes moving forward, call Gosling & Company, P.C.