Services
Audit & Assurance
Beck & Ibarra’s Audit & Assurance services provide comprehensive, independent evaluations of financial statements to ensure accuracy, compliance, and transparency for businesses of all sizes. Our team conducts thorough audits, reviews, and compilations that offer stakeholders—whether they be investors, creditors, or management—confidence in the financial integrity of your organization. We focus on identifying potential risks, improving internal controls, and offering insights into areas that could be optimized for better financial performance. Our assurance services go beyond traditional auditing, offering you actionable recommendations to enhance business processes, improve efficiency, and ensure compliance with industry regulations and accounting standards. With Beck & Ibarra, you receive the reliability and trust needed to make informed business decisions, mitigate risks, and meet regulatory requirements with confidence.
* Audits are performed by B&I CPA PC
Risk Assessment and Walkthroughs
By performing a thorough risk assessment and walkthrough of key process, we can effectively identify any gaps in controls, unmitigated risks, and/or improvement opportunities.
Internal Control Review
Assessing your internal control systems to ensure they are effective and reliable.
Transaction Testing
Performing detailed tests on selected transactions to verify accuracy and completeness.
Third-Party Communication
Engaging with your customers, banks, vendors, and attorneys to confirm balances and address any potential issues.
Physical Inspections
Observing inventory counting methods and performing test counts to ensure the accuracy of your reported assets.
Detailed Documentation
Creating a comprehensive audit work program that documents all examinations, tests, and supporting work papers.
Beck & Ibarra’s Audit & Assurance services are designed to provide businesses with a comprehensive, independent evaluation of their financial statements and internal controls, ensuring accuracy, transparency, and compliance with applicable laws and accounting standards. Whether you need a full financial audit, a review, or a compilation, our team of experienced professionals delivers thorough, actionable insights to help your business grow and maintain trust with stakeholders, investors, and regulatory bodies.
Our Audit & Assurance services encompass:
Financial Statement Audits: Our audit services provide a thorough examination of your financial statements, offering a detailed, independent assessment of your company’s financial health. We follow a rigorous process that adheres to generally accepted auditing standards (GAAS) and other relevant regulations. The outcome is a report that assures stakeholders—such as investors, lenders, and regulators—that your financial statements are presented fairly, accurately, and in compliance with accounting principles.
Review Services: A review is a more limited form of assurance than an audit, offering a less comprehensive but still valuable level of scrutiny. Our review services provide a moderate level of assurance that your financial statements are free from material misstatements. While not as in-depth as an audit, our review still helps provide assurance to stakeholders that your financial information is reasonably accurate and reliable.
Compilation Services: For businesses that do not require an audit or review, our compilation services provide you with an organized set of financial statements based on the information you provide. While we do not offer any assurance on the financial statements, our professional team ensures that the statements are properly formatted and follow the relevant accounting standards. This service is ideal for smaller businesses or those not subject to regulatory scrutiny but still in need of clear financial reporting.
Internal Control Assessments: A strong internal control system is essential for any business, and we provide in-depth evaluations of your company’s internal controls to identify potential weaknesses and inefficiencies. Our experts will assess your procedures for handling cash, accounting, data security, and compliance, offering practical recommendations for improving controls, preventing fraud, and enhancing operational efficiency.
Risk Management: Our audit and assurance services include identifying and assessing potential risks that could impact your business, including financial, operational, and regulatory risks. We work with you to develop risk mitigation strategies that protect your business, ensuring that you are prepared for unexpected events and challenges.
Regulatory Compliance: In today’s fast-changing regulatory environment, ensuring compliance with all relevant financial regulations is essential. Beck & Ibarra’s team stays up to date with the latest industry standards and regulations, offering guidance on ensuring your business complies with federal, state, and local tax laws, as well as industry-specific regulations.
Custom Assurance Services: Beyond traditional audit and review services, we offer tailored assurance solutions based on your business’s unique needs. This includes assessing specific aspects of your financial operations or preparing reports for specific stakeholders, such as investors, lenders, or board members.
The goal of Beck & Ibarra’s Audit & Assurance services is not only to provide assurance about the accuracy and compliance of your financial statements but also to offer insights that drive operational improvements, enhance business processes, and help you make strategic decisions with confidence. We are dedicated to fostering trust and transparency, and our deep understanding of accounting principles and auditing standards ensures that your business meets the highest financial reporting and regulatory standards.
By leveraging our expertise, you can mitigate risks, improve internal processes, and maintain strong relationships with stakeholders, giving you the clarity and peace of mind needed to succeed in today’s complex business environment.
Review – Limited Assurance
Compilation – Minimal Assurance
In a compilation, we present financial information based on management’s representations without expressing an opinion or providing assurance. This level of service is often utilized for basic financial reporting needs and can be a requirement for certain bank covenants or funding arrangements.
Agreed Upon Procedures
An agreed-upon procedures engagement is an attestation engagement where a CPA issues a report of findings based on specific procedures performed on the subject matter. The subject matter can be financial or nonfinancial
Audits for Non-Public Entities
Beyond public companies, various non-public entities such as local governments, not-for-profits, and organizations receiving government grants may also require annual audits. Additionally, some financial institutions mandate audits for non-public companies based on risk assessment and financing conditions. Companies with absentee ownership may also opt for audits to ensure effective management oversight.
Choosing the Right Report:
Selecting the appropriate type of financial statement report depends on your specific needs, requirements from financial institutions, and/or budgetary considerations. Whether you need the comprehensive assurance of an audit, the focused insights of a review, or the basic presentation of a compilation, Beck and Ibarra is here to provide expert guidance and support.
