We provide a full range of assurance services with the approach to understand your organization in order to build a long-term relationship.
MGS LLP provides a full range of high quality assurance service with minimal disruption to your business and staff. In addition, we look to identify issues to improve your bottom line. Let us help you with your financial statement reporting needs; whether you require an audit, review, compilation, or agreed-upon procedures.
An audit is the highest level of assurance service that a CPA performs and is intended to provide a user comfort on the accuracy of the financial statements. Procedures are performed in order to obtain “reasonable assurance” (defined as a high, but not absolute, level of assurance) about whether the financial statements are free from material misstatement.
The review service is one in which the CPA performs analytical procedures, inquiries and other procedures to obtain “limited assurance” on the financial statements and is intended to provide a user with a level of comfort on their accuracy.
The CPA provides no assurance for compiling financial statements as procedures to verify the accuracy or completeness of the information provided is not performed. The compilation report states that the CPA did not audit or review the financial statements and accordingly does not express an opinion, a conclusion or provide any assurance on them.
An agreed-upon procedures engagement provides the performance of specific tests on financial elements, certain transactions, or other analysis requested by the client. No opinion will be expressed since an audit or review is not performed. However, the results of procedures performed would be presented to the client.
AUDITS OF EMPLOYEE BENEFIT PLANS
We have extensive experience performing full or limited scope audits with a variety of employee benefit plans including large plans with over $2 billion in net assets. We work with plan sponsors to help them understand their fiduciary responsibility and compliance requirements with the Department of Labor and the Internal Revenue Service regulations.
MGS LLP is a member of the AICPA’s Employee Benefit Plan Audit Quality Center which was established to promote the quality of employee benefit plan audits. Our employee benefit plan audit experience includes:
• 401(k) plans
• 403(b) plans
• Defined contribution plans
• Defined benefit Plans
• Health and welfare plans
• Employee stock option plans
• Master Trusts
• Preparation or review of Form 5500
We can also assist plan sponsors in preparation for a plan audit conducted by other accounting firms.
Let us know how MGS LLP can help you