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•Business, mission goals, and objectives
•Financial performance and related ratio analysis
•Accounting policies and procedures
•Assessment of internal controls
•Understanding the strategic plan
•Organizational chart, staffing plans, and resource deployment
•Visit with the prior year auditor
•Calculation of materiality
•Risk of material misstatement (error or fraud)
•Identification of significant fraud risks and material and sensitive accounts
•Tests of controls
•Substantive analytical procedures
•Substantive tests of controls
•Audit evidence
•Uncorrected misstatements
•Evaluation of any journal entries, management letter comments, and communications with management
•Issue reports
•Electronic filing of all reports
Technology Capabilities
CASEWARE Cloud is our auditing software. This provides us with CASEWARE COLLABORATE, a Secure Client Portal (HIPAA compliant portal), and allows us to work in a completely paperless environment. Using the portal, our engagement teams can easily collaborate amongst each other and rapidly access documents for clients. Our teams have convenient access to reports and the ability to easily monitor and manage project workflow which permits us to be effective and efficient. This document sharing is more efficient and secure than email when exchanging sensitive client information and can would also be an alternative to emailing documents that could typically exceed size limitations on email.
The Federal Audit Clearinghouse (FAC) is the place to submit and review federal grant audits.
Our Approach & Advantage
At KVR, we believe the annual audit is an invaluable tool to unlock meaningful insights into your business. We have carefully designed our audit and tax approach to mitigate risk, add value, and avoid duplication by incorporating the following features.
TAILORED APPROACH TO YOUR ORGANIZATION
Your organization is unique, and we will tailor the audit plan to your specific needs and objectives. We will place a strong emphasis on early planning and fully understanding your organization, operations, personnel, goals, and other factors. We will take the time to get to know your team and establish expectations.
RISK-BASED METHODOLOGY
We will focus our audit on areas of greatest risk. We will analyze your structure, systems, internal controls, and transactions and then direct testing to assessed risk areas. Rather than relying on standardized checklists, we will apply industry-specific strategies to improve overall audit quality and efficiency.
SMOOTH TRANSITION & ENGAGEMENT
We recognize that working with a new accounting firm presents a new opportunity as well as a challenge. We will make every effort to ensure this is a seamless transition by arriving prepared, minimizing your workload, and selecting an experienced team that will hit the ground running.
AMPLE COMMUNICATION& EDUCATION
Our audit methodology is based on a foundation of regular, open communication. Accordingly, we will have periodic progress meetings to discuss the status of the work, any findings or open issues, and emerging industry trends or accounting pronouncements. We will keep you up-to-date and knowledgeable.
CONSISTENT TEAM & STRONG RELATIONSHIP
We are committed to delivering a consistent team year-after-year. Our firm has an excellent staff retention rate compared to the rest of the accounting industry. This allows our team members to provide more efficient, in-depth services and develop valuable, time-saving relationships with your team.
CUTTING EDGE TECHNOLOGY
Our firm has made significant investments in harnessing technology to enhance audit quality, improve client service, increase effectiveness, and implement best practices. Key software products used during the audit process include CaseWare, DataSnipper, and Microsoft Teams, among others.