We perform audits of closely held businesses, not-for-profit organizations, and retirement plans. All audits are conducted in accordance with Generally Accepted Auditing Standards and are supervised by a partner or manager who work directly with other team members on each audit engagement. Audits provide a higher level of assurance and require a higher level of service than either reviews or compilations, including the use of confirmation letters, legal representation letters, an assessment of internal accounting controls and fraud risk, and a review of events subsequent to the reporting date. Our low staff turnover and well-seasoned personnel maximizes the efficiency of our audit engagements.
Reviews provide a more
limited level of assurance than audits.
Reviews and audits share some procedures and reporting; however, a
review engagement does not require confirmations with outside parties and
relies more extensively upon analytical procedures than detailed account
analyses and tests. Compilations provide no assurance, are derived from client
provided information and are intended primarily for internal use by
We prepare and issue a
financial statement at the culmination of each audit, review and
compilation engagement. Audit
engagements also typically include a Letter of Comments and
Recommendations (“Management Letter”) that communicates deficiencies
noted in accounting and operating systems.
RTA places strong emphasis on developing useful, creative comments
and recommendations in our management letters.
We view this vehicle as a valuable learning and development tool.
During our engagements, the team also notes positive aspects of
reporting and control systems in place.
We are able to parlay our knowledge of system strengths and
weaknesses in one client operation to others.
© Romito, Tomasetti
& Associates, P.C.