Auditing & Assurance Services
About our Practice
Our audit and assurance practice is one of the most reputable in the region. Our approach is to focus on an organization’s risk areas and to work collaboratively with the governing Board of Directors. We regularly meet with the appropriate governing Board or Committee to discuss our report and any issues that may warrant their attention.
Our professional expertise and reputation are demonstrated by the elite organizations we serve. We have extensive experience with governmental, oversight and non-profit organizations. We specialize in highlighting and recommending “best practices” in management and internal controls.
Cover & Rossiter has several long-term audit client relationships, some going back as far as 18 years. We believe that some of the reasons we retain our clients for a period longer than the typical 3-5 year rotation are:
- our practice of appropriate Director rotation and
- the value that we offer which extends beyond the presentation of the financial statements and
- our long-standing audit clients value the analysis that we provide.
Services We Provide:
We regularly publish original articles in the Get Involved section of The News Journal. In addition, our periodic non-profit mailings educate clients about current trends and potential pitfalls.
We have an experienced audit team well-qualified to perform compliance audits, provide written reports and follow up with the performance of investigative audits.
We generally do not charge for routine phone calls; we feel that an open line of communication enhances the value of the eventual year-end audit and makes it a more organized event.
For further information, please contact Pete Kennedy at 302-656-6632 or send him an email.
Audits
An audit is the highest level of assurance we can provide for you. We perform investigative audits as well compliance and financial statement audits. We will express an opinion on your financial statements if they are in accordance with your basis of accounting. Our most valuable service in conjunction with your audit is to provide suggestions for management best practices surrounding internal controls and updates on contemporary regulatory changes. Practical management letter comments are issued for outlining solutions for risk areas.
Our audit approach differs from the industry norm in many respects. We do not send inexperienced personnel to your office armed with a checklist and a laptop. The Partner and Manager in charge will be actively engaged in the planning and fieldwork and will be in your offices performing the higher level tasks. The experience and expertise of the team working on the audit will compare favorably with any firm of any size, local, regional or national. This offers several significant benefits. Experienced personnel will be far more likely to note issues if they are on-site and actively participating in the engagement rather than in their own office reviewing workpapers. The issues identified can range from reportable conditions to simple ideas to improve efficiency or control. Our clients receive a quality audit with tangible results and minimal disruption to their operations.
Reviews
The scope of a review is substantially reduced from that of an audit. A review of financial statements includes making inquiries to management and analyzing financial relationships in the financial statements so that we can express limited assurance on the statements.
Compilations
A compilation is the presentation of information in the form of financial statements that are the representation of management, without expressing any opinion or assurance regarding them. A compilation gives the lowest level of assurance on your financial statements, but may be a cost-effective approach depending on your needs.
Agreed-Upon Procedures
In agreed-upon procedures, the users of the report agree upon the procedures to be conducted by the accountant that the user believes are suitable. We will issue a report of findings based on specified items financial balances and procedures we have mutually agreed to test, but we will not express an opinion on our procedures performed.
Internal Control Reviews
Our experienced associates will review your internal control structure and test the effectiveness of your controls by performing walk-throughs of transactions and evaluating compliance with your internal control policies. We will issue a report of our findings and provide management with recommendations for best practices.
Industries Served:
- Non-Profit Organizations
- Independent Schools
- Publicly Supported Charities
- Private Foundations
- Voluntary Welfare and Benefit Organizations
- Religious Organizations
- Employee Benefit Plan Audits
- Closely-held private companies
- Partnerships and LLC's
- Real Estate Limited Partnerships and Limited Liability Companies
- Investment Partnerships and Family Limited Partnerships
- Construction Contractors