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
Korby Baker has been with the Firm since 2010 and has a Bachelors of Science in business from the University of Idaho.
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.
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.
MM G Morshed, CPA
Morshed joined the firm in January 2017. His prior experience includes serving as Audit Senior Assistant at Deloitte & Touche LLP. He is skilled in performing integrated audit engagements for publicly traded companies under the PCAOB guidance. He’s a member of AICPA and a Certified Public Accountant, with a master of accountancy in financial accounting and reporting from Gonzaga University.
Steve Flerchinger, CPA
Steve Flerchinger has been with Magnuson, McHugh & Company since 1980 after graduating from Saint Martin’s College in 1976. His primary charge has been in the audit department but he also has a wide range of client responsibility including corporate taxation, financial statement presentation and employee benefits.
Steve has served as President of the Post Falls Chamber of Commerce and President of Kootenai County United Way. He is an active member of the Rotary Club of Post Falls, and serves at his church in many capacities. Steve enjoys fly fishing, coaching Fastpitch Softball and spending time with his wife and children.