Audit and assurances

The focus of the audit and assurance Team is to provide you with a quality product that suits your needs, to provide helpful suggestions that improve your operations, to provide financial guidance when necessary, and to provide a level of service that will result in a long-lasting relationship. Our goal is to be first on your mind when you have a question, and we take the time necessary to build that type of relationship. We provide a myriad of services including, but not limited, to the following:

Audit - Highest Level of Assurance Service

BIKO’s audit service is our highest level of assurance that we can provide to our clients. We use a risk-based approach tailored by our understanding of your business and the technical accounting guidance. This customized approach allows us to focus on the areas that matter to you and your stakeholders. Our audit service will give you the confidence that your financial reporting is accurate and transparent. Further, at the end of each audit, we will provide you with our findings and recommendations to any internal control matters or significant accounting policies.

Review - Limited Level of Assurance Service

BIKO’s review service provides limited assurance that there are no material modifications to the financial statements. Like an audit, we use a risk-based approach customized by our understanding of your business and the relevant technical accounting standards. However, we rely on inquiries and analytics to arrive at our conclusions. Our review service will give you the confidence that your financial reporting is materially accurate and transparent.

Compilation - Lowest Level of Assurance Service

Converting your data into a financial statement can be challenging. Here at BIKO our compilation service simplifies this process to convert your financial data because we understand accounting. As part of our process, we read every financial statement for obvious errors prior to it being issued to you. Our compilation service gives you the confidence that the financial statements accurately reflect your data.
Our clients that select this approach do not need assurance that their financial statements are audited or reviewed. However, they want a Professional to compile their financial data into financial statements

AGREED-UPON PROCEDURES

Agreed-upon procedures can be used in a variety of business situations where the need is to provide independent findings or verify specific information to third parties. BIKO can assist with agreed-upon procedures in:
• Business valuations and property transactions
• Data comparisons to a defined standard
• Reviewing documents for specific transactions
Our Audit & Assurance team can provide guidance on when use of agreed-upon procedures.

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INTERNAL AUDIT

Simply put, our internal audit team looks for ways to help you navigate around potential trouble. You get an external “fresh set of eyes” to examine your processes, controls, and areas that carry the highest risk of fraud or error. At the same time, we’ll help you identify opportunities and cost-saving strategies. One more benefit—we’ve found that our presence in your environment not only helps to detect fraud but ongoing scrutiny and tightening of internal controls deter potential abuse.’
Our goal is to help you manage your risk and streamline your efforts, from accounting operations to IT and security. Whether you need help with a small-scale risk assessment or full internal audit services, we can shine a light on these areas:

• Controls over disbursements and receipts
• Compliance with laws and regulations
• Financial reporting
• Best practice opportunities
• Workflows and efficiencies

We offer a wide variety of internal audit resources that will fit any budget, from small scale one-time engagements to internal audit assistance or supplemental management staff, to training to fully outsourced internal audits.