Audit & Assurance Services
Enhance your audit and external reporting experience by working with our experts to make the reporting process as productive and valuable as possible. We employ advanced, modern audit techniques and robust software to supply us with tools necessary to ensure the deepest understanding of your business in the most efficient manner.
Reporting Audit Approach
Our audit approach starts with an understanding of your operations and the unique aspects which differentiate your Association. This approach follows Generally Accepted Auditing Standards (“GAAS”) and includes planning procedures which comprise obtaining an understanding of internal controls, performing risk assessment, preparing the audit plans, and performing analytical procedures. The audit will also test Balance Sheet accounts and invoices, payroll records, etc. to support our conclusion that the audited financial statements are presented fairly, in all material respects. We firmly believe that the audit procedures must include looking at source documents and making sure that all material transactions are properly authorized and categorized.
How We Communicate
Effective communication is our key to exceeding your expectations. We are diligent about maintaining open communication throughout the engagement and the year. Accordingly, we will communicate with you on topics that may be of interest to you as it relates to your financial and business operations and act as your proactive strategic partner in identifying opportunities that may contribute to the future success of your business, Organization or Association.
Why Choose MHC CPA for Your Audit & Assurance Needs
At MHC CPA, our goal is to make your audit and assurance experience as efficient, insightful, and valuable as possible. We bring decades of experience and a client-focused approach to every engagement, ensuring that you receive not just accurate reporting, but meaningful guidance you can rely on.
Here’s what sets us apart:
- Trusted Expertise: Our team has been providing quality audit and assurance services for more than 20 years, serving homeowner associations, nonprofits, and small to mid-sized businesses across the country.
- Commitment to Quality: As proud members of the American Institute of Certified Public Accountants (AICPA), we adhere to the highest professional standards. Our most recent peer review, completed in 2024, received the highest possible rating with no comments.
- Collaborative Communication: We believe in maintaining open, proactive communication throughout each engagement, keeping you informed and confident in every step of the process.
- Modern Tools and Proven Processes: By combining advanced audit techniques with efficient, technology-driven processes, we deliver precise, timely results that help you make informed financial decisions.
When you partner with MHC CPA, you gain more than an audit. You gain a trusted advisor dedicated to your organization’s continued success.
Our Audit and Assurance Services Include:
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations are usually requested for internal purposes and are based upon information provided by a company’s management. They do not offer assurance but may involve some adjustment to accounting records
Agreed Upon Procedures (AUP) are customized engagements focused on specific financial or operational concerns. These procedures are defined in collaboration with the client and provide factual findings without opinions or conclusions.
Our Audit and Assurance Client Industries Include:
HOAs
Homeowner Association Audits and Reviews including transition audits required by CCIOA in the transition of community association control from developer to homeowner.
Non-Profit
Nonprofit Organization Audits and Reviews
SMBs
Small Business and Franchisee Audits and Reviews
What is the difference between an audit, review, and compilation?
An audit offers the highest level of assurance and involves a detailed examination of financial records to confirm their accuracy. A review provides limited assurance through analytical procedures and inquiries. A compilation presents financial information based on data provided by management without offering any level of assurance.
What are compliance audits, and does my organization need one?
A compliance audit evaluates whether your organization is following specific rules, regulations, or funding requirements. Nonprofits, HOAs, and certain businesses may be required to undergo these audits to demonstrate adherence to laws or contractual obligations. Our audit firm ensures that compliance audits meet all relevant regulatory standards and reporting requirements.
How is a business audit different from a performance audit?
A business audit focuses on verifying the accuracy and reliability of financial information, while a performance audit assesses whether operations are being managed efficiently and effectively. Both are valuable tools that help organizations strengthen internal controls and improve financial accountability.
What is a risk-based audit, and why is it important?
A risk-based audit targets the areas of greatest potential risk within your financial and operational systems. By focusing on key risk areas, such as internal controls or cash flow management, this approach improves audit efficiency and provides greater assurance that significant issues are identified and addressed.
What information will we need to provide for an audit?
You will typically need to provide financial statements, bank reconciliations, payroll details, invoices, and other supporting documentation. Our team may also review your cash flow statement and related schedules as part of the audit planning process.
How do audits relate to financial accounting?
Audits are an integral part of financial accounting because they validate the accuracy and completeness of financial statements. They ensure that the information presented reflects the organization’s true financial position and complies with generally accepted accounting principles.
How long does an audit typically take?
The time required for an audit depends on your organization’s size, complexity, and record-keeping systems. For most small to mid-sized entities, the process takes several weeks to a few months, including planning, fieldwork, and report preparation.
Do audits take into account market conditions?
Yes. During audit planning and analysis, auditors often consider market conditions that may affect asset values, revenue recognition, or overall financial performance. Understanding the external environment helps ensure that financial reporting is accurate and relevant.
How do you protect the confidentiality of our information?
Protecting your data is a top priority. We use secure, encrypted systems and follow strict confidentiality policies that align with professional and regulatory standards. All financial information and client communications are handled with the highest level of care.