Assurance & Audit
Hunter & Associates assures the solidity of your financial records, evaluating financial procedures and producing strategies that help you face the myriad challenges of business planning and execution. Our assurance services will improve information quality or its context, meaning more success for your business.
Our assurance and audit services include:
Audits, Reviews and Compilations for Businesses
Hunter & Associates, P.A.'s financial statement services comprise all three levels of assurance depending on your company's needs.
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.Request information about Audits-Reviews-and-Compilation-for-Businesses below
Audits & Financial Services for Government Agencies
Audits for Nonprofit Organizations
Effective risk management is within every nonprofit's grasp. Our not-for-profit clients find that our risk-based approach to auditing nicely folds into board governance best practices focused on risk management for not-for-profit organizations. There are mission-critical-processes and procedures that must have the board's, the staff's and the auditor's attention.
We support board governance. In the course of our work, we have accumulated sources of best practices in board governance and gladly share these with you.
We provide metrics and benchmarks. We use comparisons ratios and indicators to assist us in focusing our efforts, and to help you operate more efficiently.
We share common perspectives. Our principal, Lewis Hunter, sits on both sides of the table. Not only is Hunter & Associates the auditor for numerous not-for-profits, but Lewis sits on boards and audit committees of other not-for-profits where he works with the organization's auditors.
Hunter & Associates uses audit programs in compliance with Generally Accepted Auditing Standards and Governmental Auditing Standards, or "Yellow Book" standards as they are commonly known. Audit programs begin with a preliminary risk assessment of the nonprofit that includes, but is not limited to, a review of the board of directors' minutes, interviews with management, industry research, a review of social and economic factors that could influence the entity, and a thorough review of internal controls and the internal control environment.
Technology plays a significant role in the audit, as we emphasize the use of the latest available technology to enhance the quality and efficiency of the audit. Data mining, statistical analysis, and mathematical modeling allow us to audit data and compare against a known sample set, or look for "outliers" in the data that may symbolize a need for more extensive procedures in that area.
Lastly, the firm follows the Governmental Auditing Standards Amendment No. 2 Auditor Communication, and eStatement on Auditing Standards (SAS) No. 114 The Auditor's Communication with Those Charged with Governance. In addition to maintaining a clear line of communication with those charged with governance during the audit, the firm makes a detailed presentation to the Finance Committee at the end of the audit, and then presents the report in a more summarized version to the board of directors as a whole.
In addition to compiling thorough audits that address risks, we also provide a mid year and end of the year meeting to discuss best practices, especially related to not-for-profits of similar size and scope. We focus upon process improvements; implementation and effectiveness of the internal control environment; and the use of benchmarking and key performance indicators (KPI's) as baselines for improvements.Request information about Audits-for-Nonprofit-Organizations below
Florida Single Audit Act
The Florida Single Audit Act requires each not-for-profit and for-profit organization that spends $500,000 or more of state funds in a fiscal year to submit a financial reporting package that includes an auditor's report on internal control and compliance based on an audit of the financial statements. We have performed numerous such audits and can provide one for your organization in a timely manner and at a competitive price, due to our experience.
You would then have 45 days after we deliver our report to you to submit it to the state, but no later than nine months after the end of your fiscal year.Request information about Florida-Single-Audit-Act below
Transportation Consultant Audits
Architectural and engineering firms must provide annual overhead audits to the Florida Department of Transportation (FDOT) to bid on contracts larger than $250,000. Hunter & Associates specializes in performing the required reimbursement rate audits that comply with The American Association of Highway and Transportation Officials (AASHTO) Uniform Audit and Accounting Guide.
The FDOT requires consultants, including service providers such as surveyors, mappers and landscape architects, to submit an audit report prepared by an independent certified public accountant or governmental agency within six months of the end of the contractor's fiscal year. The report must include:
- Verification from a CPA or governmental agency that the contractor's accounting system complies with FDOT requirements, specifically that it can support all billings to the department and other clients.
- Statement of direct labor costs incurred during the most recently completed fiscal year, as well as listings of allocable indirect costs and other direct costs incurred.
- Reimbursement rates for indirect costs (overhead), direct expenses, and Facilities Capital Cost of Money (FCCM) for the most recently completed fiscal year.
- Confirmation that the consultant's method of estimating costs for proposals is consistent with its accounting system.
- Statement that the audit was performed in accordance with generally accepted governmental auditing standards and the FDOT's Reimbursement Rate Audit Guidelines.
Due to our extensive experience performing rate audits, we have developed a well-honed, efficient process that delivers a precise audit at an affordable cost to you. Specifically, in conducting an audit of schedule of indirect cost, Hunter & Associates:
- Confirms that our audit was an independent assessment conducted in accordance with generally accepted auditing standards and the financial audit standards contained in the Government Auditing Standards ("Yellow Book").
- Verifies that the audit of the Schedule of Indirect Cost required us to assess the financial compliance requirements and accounting practices prescribed by Part 31 of the Federal Acquisition Regulations (FARs) and certain other federal and state regulations.
- Tests and documents your company's internal control over financial reporting - per the American Association of State Highway and Transportation Official (AASHTO) Uniform Audit Guide.
- Reviews audit findings with you and recommends any needed changes in rates or policies.
- Outlines any necessary to changes to accounting system or internal control.