Financial Reporting, Audit, and Assurance Services
At Draffin Tucker, we understand the importance of reliable financial reporting and assurance for businesses and nonprofit organizations. Our experienced professionals provide audit and assurance services that help clients gain confidence in their financial information, meet outside reporting requirements, and plan for the future.
Our approach to the reporting process is practical and relationship-focused. From our offices in Albany, Atlanta, and Mt. Pleasant, we work closely with clients to understand what is needed, provide timely support, and serve as a trusted resource beyond the final report.
Core Financial Statement Services
Different financial statement services serve different purposes. Our team helps you determine the right level of support based on what you need, who is requesting the information, and how the financial statements will be used.
Financial Statement Audits
A financial statement audit provides the highest level of assurance and is often required by lenders, bonding companies, government contracts, boards, or other outside parties.
Our team approaches each audit with independence, professional skepticism, and clear communication, while also helping clients understand their financial information and any opportunities to strengthen reporting processes.
Reviews and Compilations
When a full audit is not required, a review or compilation may be a better fit. These services can help organizations provide professionally prepared financial statements while saving time and resources compared to a full audit.
We help clients understand which option fits their needs, whether they need reviewed financial statements for a lender or compiled financial statements for planning, reporting, or internal use.
Personal Financial Statements
A personal financial statement provides a comprehensive overview of an individual’s, couple’s, or family’s assets, liabilities, and net worth. This information can be valuable for lending, long-term planning, estate matters, and overall financial management.
We prepare personal financial statements in a clear and organized format, giving clients a stronger understanding of their financial position and the information they need to plan ahead.
Specialized Audit and Compliance Services
Some audit needs involve specific rules, funding sources, or reporting standards. In those situations, experience matters, especially when documentation, timing, and compliance details are closely reviewed.
Single Audit Services
Organizations that receive federal awards may be required to complete a single audit, which includes both a financial statement audit and a compliance audit of major federal programs.
Single audit requirements can be complex, especially as funding sources and regulations change. Draffin Tucker helps clients understand what is required, prepare for the audit, and identify practical ways to improve grant and contract compliance moving forward.
Employee Benefit Plan Audits
Employee benefit plan sponsors have important responsibilities under ERISA, especially when a plan reaches the participant threshold that requires an annual audit.
Our team provides employee benefit plan audits with a focus on meeting compliance requirements, supporting plan sponsors, and offering practical recommendations that can improve plan administration.
Compliance Examinations
A compliance examination helps organizations review whether policies, procedures, and operations are aligned with applicable rules and regulations.
Each examination focuses on high-risk areas, internal procedures, and control processes to help clients identify gaps, reduce risk, and operate with greater confidence.
Agreed-Upon Procedures
Not every situation calls for a full audit or traditional assurance engagement. Sometimes a business needs a more targeted look at specific financial information. Agreed-upon procedures are a limited-scope service in which our team performs specific procedures agreed to in advance and reports the findings, giving you clear, factual information to support informed decisions.
When Do You Need an Audit, Review, or Compilation?
Clients often come to us knowing they need financial statements, but not always knowing what level of service is required. The right fit depends on who is requesting the information, how it will be used, and the level of assurance needed.
You may need an audit, review, or compilation when:
- A lender or bank requests financial statements.
- A bonding company requires assurance for a project.
- A government contract includes financial reporting requirements.
- A nonprofit receives grant funding or federal awards.
- An employee benefit plan reaches the annual audit threshold.
- Leadership, a board, or other stakeholders want greater confidence in financial reporting.
Talk With Our Audit and Assurance Team
If you are unsure what level of support you need, we can help you sort through the requirements and determine the right next step.
Contact our audit and assurance team to schedule a consultation with our Albany, Atlanta, or Mt. Pleasant office.