Audit Specializations

We have found that a degree of specialization is necessary to keep up with the modern pace of accounting and business issues. Our approach to specialization is to focus our people on specific industries, bringing a higher level of sophistication and a thorough understanding of our clients' businesses.

We believe we can demonstrate to your satisfaction how Russell, CPAs is best suited to meet your organization's needs based upon our industry experience and qualifications.

We offer the following services to particular businesses, governmental entities and non-profits:

 

For-Profit Businesses

Why would you want an audit if the stock of your company is not traded on an exchange?

Because:

  • You have ambitions to go public and you need to begin establishing a series of audited operating statements.
  • You have concerns regarding the company's accounting systems and want comprehensive, timely financial information.
  • You have questions as to the effectiveness of the internal checks and controls. You want an overhaul of these systems to sharpen the internal review of data input and the checks over the process of collection and summarizing information.
  • You want an independent appraisal of management's fiscal policies and their effect upon the company's operations.
  • Budgets and forecasting are in place but management would like to increase their definition and improve their accuracy.
  • The company's profitability needs a boost from expense restructuring and the benefits to be drawn from comparisons with industry leaders.
  • Because you, the controlling stockholder, would simply like some external validation of your stewardship for your own satisfaction or for the benefit of fellow stockholders and lenders.
  • Your audit must, of course, meet all of the requirements of the AICPA's generally accepted auditing standards. However, as indicated above, it can accomplish far more than providing an unqualified report. It should be constructively critical, giving you a better understanding of your systems and reporting and a greater opportunity to improve performance and increase profits.

Why would you want Russell, CPAs as your auditors if your company is publicly traded?

Seasoned professionals with a combined audit experience of more than 50 years will serve you. Therefore, your staff will not be burdened with inexperienced auditors asking unnecessary questions. Instead, we focus the audit process on high risk areas and fraud risk factors. Communication is also streamlined, as you will be working directly with the decision makers.

We are registered with the Public Company Accounting Oversight Board (PCAOB) and therefore can provide audit and tax services to SEC - reporting companies.

We also have extensive experience working with Board of Directors. We can advise your board on establishing an audit committee or how to increase the effectiveness of the audit committee. Additionally, we can provide training to your board to increase their understanding of accounting and financial reporting. Consultation is also available to provide your Board a "financial expert."

 

Non-Profit Organizations

Your organization's ability to serve the needs of your community and to grow is significantly affected by the quality of the professional advice you receive.

At Russell, CPAs, we have extensive experience advising not-for-profit organizations concerning the financial aspects of managing their operations. Using the latest in technology and resources available, we offer a full range of services designed to meet the specific financial and accounting needs of our not-for-profit clients. We can provide you with information you need when you need it, in a format you can understand and work with. We want to help your organization be more successful.

As your CPA firm we will assist you in:

  • Setting goals for your organization's specific long and short term needs.
  • Implementing a plan to meet these goals.
  • Developing accounting policies, procedures and internal controls as needed.
  • Gathering the information you need to prepare successful grant requests.
  • Preparing any special projects and reports you may need.

Other Specialized Services We Provide:

  • Accounting Services - We can develop an accounting system tailored to your organization and prepare regular financial statements whether audited, reviewed or compiled to meet your specific needs and to provide timely and useful financial information.
  • Tax Services - We can prepare your Form 990 and related tax and information returns as required by the IRS and any state taxing authorities. If your organization has non-exempt income, we can apply various tax planning strategies.
  • Management Consulting Services - We can advise you in such areas as computer systems and software selection and provide the consulting assistance and management training your organization will need as it grows.
  • Not-for-Profit Management - We can help you manage the accounting and daily operations of your non-profit. This is an effective way to reduce the organization's overhead to provide more funds for the programs while having a professional involved in the daily operations. We feel that we become like the chief financial officer to those non-profits that we manage.

Other Services - We can also serve you in these areas: Fund-raising consultation, assistance with grant applications, grant tracking services, cash flow management, training and assistance board meetings, compensation planning, employee benefits services and personnel search assistance.

 

  • Governmental Entities, Special Districts

A team of seasoned and specialized professionals whose experience in auditing governmental organizations is an important segment of our firm. We have completed a variety of audit engagements addressing complex multi-jurisdictional areas involving extensive interaction with federal, state, local and private sector agencies, which includes many counties, cities and special districts that provide sewer and water services to their residents. Our extensive experience has thoroughly familiarized us with all aspects of governmental and A-133 audits.

We have experience beyond the traditional financial statement audit. We have also assisted in consolidating three governmental agencies into one agency. We were recently selected to conduct performance audits as a way to identify process improvements and operational efficiencies to reduce service fees, minimize expenses and strengthen cash reserves.

So, our wide range of experience is an additional bonus when you select Russell, CPAs as your auditor.

Water Districts

You will receive services from professionals who focus a majority of their time on water companies. Our firm has formed this group so individual practitioners' time, experiences and training are concentrated on water clients and the unique accounting and regulatory challenges inherent in the industry. Our focus of resources and talent ensures you work with professionals knowledgeable about the issues and conditions you face. You receive high-level, industry specific advice and consultation. We are genuinely excited about the water industry and have a long-term commitment to the area.

We are keenly aware of the changes, new challenges and demands of providing water. These growing demands and challenges provide real incentives for our clients to align themselves with a firm that commands the resources and specialization to meet these needs. This is the premise behind our niche strategy. It simply allows us to best serve our client's needs through committed and dedicated professionals who care about and thoroughly enjoy the industry they choose.

Our approach to your audit takes into consideration our utility experience tempered by the characteristics unique to you. We understand the unique elements of billing. We understand how inventory plays a very different role for a water company. That is why we rarely observe the counting unless requested by the client. We approach the process by assessing the high-risk areas and focusing the audit time and effort on these matters. For a water district, these areas might include accounts receivable, debt, travel and entertainment expenses and water supply contracts. Analysis of your internal controls, especially billings and cash disbursements, is also very important. This risk based audit approach focuses our efforts on what is important to you and enables us to present you with meaningful suggestions.

What does all this mean for the audit? It means we approach the engagement well aware of the risks and truly important areas to be verified during the audit process. It means the "soft costs" of the audit are minimized. We won't burden your internal staff with unnecessary questions, interruptions and training time to acquaint us with the industry. We are knowledgeable and ready to execute the engagement from day one. It means you receive an efficient and effective process that thoroughly addresses the key areas necessary for a utility to operate soundly. It means you receive relevant business advice and sound recommendations that are in place and operating in the real world.

Additionally, a team of seasoned professionals with a combined audit experience of 45 years will serve you. Therefore, your staff will not be burdened with inexperienced auditors asking unnecessary questions. Instead, we focus the audit process on high risk areas and fraud risk factors. Communication is also stream - lined, as you will be working directly with the decision makers.

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