Financial Reporting Services
The team of choice by business owners and the Kern County financial community.
While we serve the traditional accounting and auditing needs of many businesses, nonprofit and governmental organizations, we have also developed a complete range of services in the contemporary realm of business advisory services.
Our audit engagements include the following aspects:
- Cutting edge technology for use in sharing of client information and performing procedures.
- Risk-based audit approach
- Single Audit knowledge and expertise
- Useful, constructive management letters offering business advice in addition to traditional internal control issues
Our audit and accounting quality control system incorporates field-test tools that are continually updated to enhance service to our clients. We use a risk-based auditing approach, focusing on the big picture, while tailoring the audit to the individual client. We believe strong communication is the key to a successful audit, and include on-going meetings to discuss the audit plan, progress of the examination, our report and ideas for improving efficiency of accounting processes and/or management advice.
We utilize an analytical methodology that includes: establishing a mutually agreeable timetable for delivery of the audit; a planning phase to establish a proper foundation for the direction of the audit and coordination with client personnel; interim fieldwork that includes a review of internal controls; year-end fieldwork to prepare financial statements and the auditor’s report.
Building a successful business requires you to wear many hats…
Business risk is often defined as “the threat that an event or action will adversely affect an organization’s ability to achieve its business objectives and execute its strategies successfully.” Risk implies that things don’t always go the way they were intended. When a situation turns sour, it can spell danger. Business risk may be summarized as:
- Strategic environment risks – threats from broad external factors such as changes in the competitive environment, regulations, and capital availability.
- Operating environment risks – threats from ineffective or inefficient business processes, loss of physical or financial assets loss of markets, and loss of reputation.
- Information risks – threats from the use of poor quality or misleading information for operational or financial decisions.
Assessing the risk – At Daniells Phillips Vaughan & Bock, we work with you to find ways to identify, manage or transfer risk. Let us assist you by reviewing your business’ potential risk. Our detection process:
- Identifying the primary potential risk that you have already identified especially the likelihood and magnitude of possible adverse events.
- Assessing the risk that you have already identified especially the likelihood and magnitude of possible adverse events.
- Evaluating the systems that you have in place to identify and limit risk.
Providing the Solution – By identifying, evaluating and limiting risk, you put your business in a better position to prevent events or actions that could severely threaten the existence or growth of your business
- After the evaluation of your potential risk, we will present a report with suggestions on how to rectify those weaknesses.
- Solutions always have a basic control system; no business is too small to have preventative measures in place to limit its liability.
Agreed Upon Procedures
Meeting specific needs –
We provide services uniquely customized to your specific circumstances and needs. We can assist you in many different areas, such as:
- Reviewing subsequent collections of accounts receivable for loan collateral purposes
- Performing and/or observing physical inventory observation
- Observing documentation for fixed asset records, and/or perform physical observation of assets
- Reviewing expense account supporting documentation
- Verifying calculations made in accordance with agreements to determine appropriateness of payments or allocations made
In agreed upon procedures engagement, our standards do not dictate which information we will look at. You determine, with our assistance if desired, what procedures will meet the specific needs of your situation. We perform exactly those procedures, and report our findings to you. If the findings dictate work is desired, we would amend the procedures to include the new information requested.