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 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.
Kris Mayhew, CPA
He has been with the Firm since 2013 and has a Bachelor of Arts in accounting and a Bachelor of Arts in business management from Whitworth University.
Korby Baker has been with the Firm since 2010 and has a Bachelors of Science in business from the University of Idaho.
Tad Johnson, CPA
Tad has been with the Company since October 2018 and comes to the team with over seven years of experience in public accounting. He also has experience in financial reporting. Tad holds CPA license in both Idaho and Minnesota.
His education includes a B.S. in accounting from St. Cloud State University and a 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 both the Backcountry Hunters & Anglers and Rocky Mountain Elk Foundation organizations.
Madison McNett, EA
A native of Liberty Lake, Washington, McNett joined the firm in February 2016. She’s been working in both the tax and assurance departments.
She’s a 2012 graduate of the Musicians Institute and a 2014 graduate of Eastern Washington University with a B.A. in business administration with a focus in management & marketing. Her prior experience includes four years at an accounting firm in Liberty Lake.