Audit & Assurance

Assurance services are more than an examination of your financial information. They provide an opportunity to evaluate your organization’s business processes and operations and learn how to manage and improve your performance.

Audit & Assurance Services

Knowledge is key to building a foundation for success. You need to have the most accurate, up-to-date financial information about your company or organization to make plans and decisions for the future. 

GYF’s assurance services can help you to improve internal transparency and processes as well as provide accountability to lenders, investors and other shareholders. Our experience and focus on quality service provide the perspective needed to deliver audit and assurance services valued by our clients.

We provide a full range of financial statement services as well as audits of employee benefit plans. Additional agreed-upon procedures are available to clients who may need supplementary expertise.

Financial Statements: GYF performs audits, reviews and compilations. Based on your needs, we can determine the level of services you require and provide these services at a competitive price. Learn more below.

Employee Benefit Plans: Auditing employee benefit plans is complex and requires specialized experience. A comprehensive audit can help uncover not only financial matters, but also compliance issues related to the operation of the plan. Learn more below.

Agreed-Upon Procedures: Not all organizations require a full audit of their financial statements, and agreed-upon procedures can be a cost-saving alternative in some circumstances. Learn more below.

Our clients include corporations, partnerships and not-for-profit organizations, ranging from start-ups to large entities in a variety of industries. Learn more about our industry-specific areas of assurance services. 

When you work with a GYF professional, you get more than just an auditor – you get a trusted advisor. We take great pride in developing a comprehensive understanding of your organization and leveraging this knowledge to assist your management team. We focus our efforts on building relationships and maintaining continuity to allow us to serve as a valuable resource for your team.

In addition to producing reports that meet all technical and ethical standards and ensure compliance with financial reporting regulations, we provide customized recommendations for enhancing efficiency and addressing any areas of concern. Our clients appreciate our responsive communications and collaborative approach. 

You benefit not only from our assurance experience, but also have access to our professional expertise in other service areas including tax, transactions, and ERP solutions to provide further resources.

GYF has established quality control procedures to ensure that our services are rendered at the highest professional level. 

  • Our firm follows specific procedures to ensure that we are independent with respect to our clients.
  • Every engagement includes a high level of partner and manager involvement.
  • All financial statement drafts and reports are subject to a concurring partner review.
  • We utilize practical technology solutions to maximize audit efficiency and effectiveness, including paperless audit documentation stored on our firm’s protected network.
  • Exchange of information between our team and yours is facilitated through a secure client portal.
  • We are committed to providing continuing professional training to our professionals.

Click here for our most recent peer review report.

Employee Benefit Plan Audits

Agreed Upon Procedures

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Financial Statement Services

Our experienced professionals provide a full range of financial statement services. We focus on maintaining an open and constructive relationship by giving attention to important matters and being responsive to your needs. 

Our assurance process includes analyzing financial statements and meeting with key personnel to gain a better understanding of your organization to determine areas that require greater focus. Once identified, our efforts will be directed to addressing these concerns.

At the conclusion of our work, we review our reports and discuss the results of our financial statement analyses with you. We also provide you with meaningful management letter comments, including opportunities for cost reduction, tax savings and restructuring, as well as recommendations of how to implement these suggestions.

Audit Services

Our audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws. The primary objective of every audit is to express an opinion on the fair presentation of the audited financial statements. Our audit services include:

  • Financial statement audits
  • Business acquisition audits
  • Employee benefit plan audits  
  • Special-purpose audits
  • Contract audits
  • Audits of captive insurance companies (DE, UT)

We have developed considerable experience performing audits for a variety of privately-held businesses, including manufacturers, distributors, contractors and service firms, as well as not-for-profit organizations. We provide quality audit services at a reasonable and predictable cost. 

Review and Compilation Services

A review can be a valuable and insightful option in circumstances where outside users of financial statements, such as lenders, do not require an audit. Our review report expresses limited assurance that there are no material modifications that should be made to the financial statements in order for them to conform to generally accepted accounting principles.

A compilation is generally selected by organizations that only need to provide financial statements to outside parties, without any assurance by a CPA firm. We are often engaged for these services to assist in the development of financial statements and disclosures in order to meet stakeholders’ requirements. Financial statements are compiled from client information in accordance with professional standards. No opinion is expressed in regard to the underlying financial information.

Employee Benefit Plan Audits

The GYF team audits numerous employee benefit plans annually, performing full and limited-scope audits for single and multiemployer plans that have as many as 20,000 participants and $700 million in income.

We provide benchmarking information and offer suggestions to help your organization to improve internal controls. Our professionals coordinate with the plan sponsor, trustee and administrator to facilitate the accurate completion of the annual audit process.

Our employee benefit plan audit services include:

  • Audits of single, multi-employer and multiple employer plans, including: 
    • Defined contribution plans, including 401(k) plans
    • Section 403 (b) tax shelter annuity plans
    • Section 457 deferred compensation plans
    • Defined benefit pension plans
    • Health and welfare benefit plans
    • Voluntary employee benefit associations

Our firm’s membership in the AICPA’s Employee Benefit Plan Audit Quality Center assures you that our processes comply with professional standards and regulations for ERISA audits.

Agreed-Upon Procedures

Many situations lend themselves to an agreed-upon procedures format for reporting. Because the scope of services is limited and more focused, your organization can save time and money by using this approach. In these engagements, our professionals perform specific agreed-upon procedures and report on the results in accordance with standards issued by the American Institute of Certified Public Accountants (AICPA). 

Whether the goal is to provide specific information to your organization’s  internal users or to third parties, such as banks, regulatory agencies, investors or prospective purchasers, this type of engagement can be very effective. Areas in which we provide these services include:

  •  Acquisition due diligence
  • Analysis of impact of acquisitions on financial and tax reporting
  • Analysis of tax considerations surrounding certain transactions/entities
  • Comparison of data to a defined standard
  • Corporate business unit planning
  • Confirmation of specific information with third parties
  • Evaluation of business unit’s/investee’s financial reporting practices
  • Inspection of documents or transactions for specific characteristics
  • Litigation support

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