Audit and Assurance Services
We offer a variety of audit and assurance services to Coeur d’Alene and North Idaho area businesses to help ensure your entity is meeting requirements and in the best position for meeting goals.
Our approach is straightforward … with thorough planning and expert staffing, Magnuson, McHugh & Company is committed to delivering timely, efficient and effective audits and assurance services.
AUDIT ASSURANCE SERVICES
- Financial statement audits: Government organizations, non-profit organizations, small businesses
- Employee benefit plan audits
- Single audits
OTHER ASSURANCE SERVICES
- Preparation engagements
- Compilation engagements
- Review financial statements
- Agreed upon procedures
- Peer review
WHY DOES YOUR ORGANIZATION NEED AN AUDIT?
There are many reasons a company may need an audit. Some of the most common are lender requirements, company sale, and good business practice.
In some cases, a lender may require an audit. This can be for lines of credit or bank loans. Organizations seeking capital may also find that potential lenders or investors have high expectations and are interested in seeing audited financial statements. Additionally, these statements can also make a difference on loan interest rates as well.
Audited financial statements are also a good idea if you’re looking to sell your company. A well-kept history of audited financials can help you attract interested parties, achieve a higher selling price and help facilitate a smoother sale process.
It’s also simply good business practice. A strong record of audited financial statements sends a strong message to other potential investors, lenders, employees, the government and any other interested parties.
WHY WOULD I NEED A FINANCIAL STATEMENT REVIEW?
Less extensive than an audit, a review will determine if your financial statements make sense. Our experienced professionals will review your statements and data using a tested set of analytical procedures, as well as discuss certain aspects with you and/or your management team.
Magnuson, McHugh and Company can provide your organization with limited assurance using a review to ensure that no modifications need to be made for financial statements so that they are following generally accepted accounting principles. Unlike an audit, a review does not include an opinion on the financial statements. While an audit is not always necessary, a review is beneficial because it can offer peace of mind for your business.
WHAT IS A COMPILATION?
A compilation transforms your unaudited financial information into financial statement format.
In compiling financial statements for our clients, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations rely on your knowledge of accounting principles and a general understanding of your business.
Considering the need for audited financial statements is a decision that warrants careful evaluation. In some situations there may be less costly options that may get you were you want to be. Either way it is important to keep solid financial records and document your processes and controls of all of your transactions.
Are you ready to get the audit and assurance help your Coeur d’Alene or North Idaho area business needs? No matter which level of audit or assurance you need, our local experts can help. Click below to contact one of our team members directly, email us at firstname.lastname@example.org or call us at 208.765.9500.
OUR AUDIT AND ASSURANCE SPECIALISTS
Michelle Schini Haneline, CPA
Michelle is a third generation Coeur d’Alene resident and proudly serves as President of Magnuson, McHugh & Company. She graduated from the University of Arizona in 1990, and joined Magnuson, McHugh & Company in 1995. Her current areas of focus include individual and business taxation as well as developing a practice in medical, dental consulting and business valuations. Michelle also has nearly 20 years’ experience in governmental accounting and auditing.
She currently serves as Treasurer of the North Idaho College Foundation. In her free time, she enjoys golfing, snow skiing, traveling and spending time with her husband and children.
Lisa has been with Magnuson McHugh & Company since 1991 and is an Idaho native.
Tad Johnson, CPA
Tad joined the firm in October 2018 and came to the team with over seven years of experience in public accounting. He also has experience in financial reporting. Tad holds a CPA license in both Idaho and Minnesota.
His education includes a B.S. in Accounting from St. Cloud State University and an M.S. in Accountancy from the University of St. Thomas. Originally from Minnesota, Tad relocated to North Idaho in 2017.
He enjoys being involved in the community and is currently a member of the Coeur d’Alene Sunrise Rotary, a board member of the Idaho Fish and Wildlife Foundation, and volunteers with Backcountry Hunters & Anglers.
Laura Parasida, CPA & CFE
Laura joined our company in 2020 after working with a Spokane Accounting Firm. Laura is a proud graduate of the University of Idaho, with a B.S. Degree in Business Accounting and a Master of Accountancy Degree.
Korby joined the firm in 2010. She graduated from the University of Idaho with a Bachelor of Science in Business.
Sydney joined our firm in 2021 after serving on our staff as an Audit Intern for two years. A Boise native and a Summa Cum Laude graduate of Boise State University, she is also a Summa Cum Laude Business graduate of Idaho State University. Aside from her duties at Magnuson McHugh, Sydney is also involved in Coeur d’Alene’s Women In Business organization.
Mike joined the firm in 2020. He graduated from Lewis & Clark State College with a degree in Business Administration with an emphasis on Management Accounting. Originally from Las Vegas, Nevada, he’s been an Idaho resident for 15 years. He was previously a Warehouse and Operations Manager for H&H Company.
Dan is a 4th generation North Idaho native that joined our firm in January 2022.
With a BAS degree in Accounting, Dan was formerly employed by Myer & Stauffer LC in Kansas City, Missouri, specializing in Medicare and Medicaid Auditing.
Jeannette is a Coeur d’Alene native who joined the firm in October 2022. She graduated Magna Cum
Laude with a Bachelor’s in Accounting from Lewis-Clark State College and was formerly a Corporate
Accountant for a publicly traded company.
Donna has been with Magnuson McHugh & Company since 2008.