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AUDIT & ASSURANCE

Prepare your business for success.

ELO CPAs & Advisors understands how important accurate data, controlled risk and focused compliance is to businesses, shareholders/owners, lenders, investors and other stakeholders.

Our experienced CPAs can provide thorough and efficient auditing and accounting assurance services to insure confidence in your business. We take the time to learn about your individual needs and provide regular updates on financial and regulatory developments that may affect your business. Our commitment is to always deliver accurate and reliable auditing and assurance services combined with valuable advice. 

Professional memberships. Impeccable service.

 

Through our membership in the AICPA (American Institute of Certified Public Accountants) we participate in a rigorous peer review program, which helps ensure the quality of our professional services.


ELO CPAs & Advisors also provides peer review services to other CPA firms throughout the region.

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Compilation and Review Services

  • Interim reporting

  • Annual reporting

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Industries Served

  • Agribusiness

  • Construction

  • Manufacturing

  • State and Local Government

  • Not-For-Profit Organizations

  • Employee Benefit Plans

  • Retail

  • Credit Unions

  • Hospitality

  • Healthcare

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Non-Traditional Engagements

  • Agreed-upon procedures

  • Forecasts and projections

  • Systems (internal control) reviews

  • Forensic Investigations and Audits

Frequently Asked Questions

Do you have any recommendations for improvement in operations or internal controls?

There would not be a specific answer to this question as each company would be different. As part of the audit process, ELO reviews the Company’s internal controls and other processes. Recommendations are made to management as to any deficiencies in systems or processes along with recommendations that could be made to improve those areas. ELO also has a consulting practice that is able to work with management to strengthen and/or improve operational matters that may be identified in the audit process.



Are there areas in our internal controls/procedures/operations that make us susceptible to fraud?

This answer would be similar to the prior question. As part of the audit process, ELO conducts a robust fraud risk assessment process to identify areas susceptible to fraud. ELO has a certified fraud examiner on staff and can assist a company in conducting its own internal risk assessment process.



How does my Company compare to others in my industry? And what areas do I need to improve?

ELO provides comparative financial information as part of the presentation of the Company’s financial report to assist in making financial reporting more understandable and useable.



What is the value of my Company (private companies)?

An audit does not provide a valuation of a Company. It can provide assurance that the values that are being used to value the Company are reliable in building and determining company value. ELO has Certified Valuation Analysts on staff that can perform a valuation of the Company, if desired.



What is the value of an audit?  Why should I have one?

An audit can provide assurance to the governing body, management and those outside the organization that the financial information that they are using to make business decisions is reliable. If you are thinking of selling your company, having at least 2-3 years of audited financials will significantly increase your valuation because your financial statements have been independently certified. In most cases, audited financials will provide a signification return on investment when it is time to complete a sale.



What is the difference between a compilation, review, audit or agreed-upon procedures engagement?

Compilation – This is the most basic accounting service. It is a cover page written by a CPA that accompanies your financial statements. It provides no assurance on the financial statements, but it does show users of the financial statements that you have an association with a CPA. Review – A review consists of making inquiries related to the processes, practices and principles used by the Company along with performing analytical review procedures to understand financial statement items that are outside the CPA’s expectations. A review provides limited assurance on the financial statements. It is generally used to satisfy lenders and/or bonding agencies. Audit – An audit provides the highest level of assurance on the financial statements. An audit provides an opinion that the financial statements are fairly presented (free from material error or fraud) in accordance with basis of accounting used by the Company (normally would be generally accepted accounting principles). Agreed-Upon Procedures (AUP) – An AUP engagement is a consultation with the CPA firm and the company to perform specific procedures in regards to very specific items (for example – it might to test sales amounts used for a lease agreement). This can be a cost-effective alternative if there are key items on the financial statements that management or an outside organization may be concerned about (such as accounts receivable and inventory that a lender may use for lending limits on a line of credit).



How do new accounting standards impact my business?  What changes do I need to make?

ELO provides up-to-date information regarding any changes in accounting standards and the impact on your financial reporting. ELO has industry teams designated to keep up-to-date on the latest standards and the impact on the industry.



What does the cash flow statement mean or tell me?

At its highest level, the cash flow statement provides an analysis of the sources and uses of cash during the period reported upon. It identifies cash flows from operations, investing and financing activities. The cash flow statement also gives you a true analysis of your cash burn, whereas an income statement does not reflect principal payments, new loans, guaranteed payments to owners, purchase of assets, etc.



What does the Uniform Guidance (Single Audit or YB changes) mean to me in managing federal programs?

ELO has a dedicated team of professionals whose expertise is related to federal auditing. They provide our clients with information on changes in the management of federal programs that impact our clients. In addition, we provide information relative to any compliance requirement changes to the programs that our clients currently are administering.



Can ELO CPAs & Advisors provide peer review services to other CPA firms?

Yes, ELO CPAs & Advisors can provide peer review services. Contact Jay Tolsma today for more information.



Contact Lucas

for more information

As an Audit Manager, Lucas Hauert assists in managing the audit and tax operations in Yankton. He provides consulting, audit and attest services, and tax planning and preparation services for ELO clients. Lucas also assists in developing and organizing the audit and attest policies for ELO.

More About Lucas

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