BiggsKofford utilizes a risk-based audit approach that is customized to your organization. By obtaining a thorough understanding of your organization, its goals, business operations and systems, we are able to tailor our audit approach to focus on those areas with the most risk.
We begin by identifying the users of the financial statements and determining key concerns, issues and objectives for the audit, including minimization of certain risks and any assurances you might expect to obtain from the audit process. Based on this assessment, we design effective, efficient and creative audit procedures to address the specific risks and concerns identified for you.
In assessing risk, we consider several factors, including:
- The systems and internal controls in place
- The experience of management and other employees
- The complexity of the accounting principles applicable to the organization
- The level of judgment required to account for specific transactions
- The significance of specific transactions relative to the financial statements
The BiggsKofford audit approach focuses specifically on the risks present within your organization. When we first began using this approach several years ago, it represented a break with the methodology used by most firms. As recent accounting scandals have come to light, our profession has responded with enhanced auditing standards. Many of the new standards represent the risk-based approach we have been using for years.
In addition to audit services, BiggsKofford provides a variety of other services depending on the level of assurance you want to achieve. These services include:
- Historical financial statements
- Forecasted financial statements
- Projected financial statements
- Internal control evaluations
- New accounting standard implementation
- Agreed-upon procedures regarding both financial and non-financial information
- Ballot counting and election certification
Please contact us to discuss which level of service is the best for your organization.
BiggsKofford Peer Review Report
Financial Accounting Standards Board
Accounting Standards Codification
Governmental Accounting Standards Board
American Institute of Certified Public Accountants