AUDIT AND ATTEST SERVICES

At NICHOLS & ASSOCIATES, we begin every audit by devising a cost-effective plan that is specifically tailored to your organization. Our firm has audit experience in a wide range of industries, including non-profit organizations.

NICHOLS & ASSOCIATES conducts independent audits in conformity with U.S. generally accepted auditing standards. We continually monitor and maintain standards compliance through ongoing training and development.

Our audit engagements are intended to obtain reasonable assurance that the financial statements are free of material misstatement. To accomplish this, we examine, on a test basis, evidence supporting the amounts and disclosures in financial statements. We also assess the accounting principles used and significant estimates made by management.

We believe that the independent audit is a vital tool and platform to understand and assess financial practices and internal controls. We design the audit process to help our clients manage risks and improve practices, as well as to provide meaningful financial reporting that reflects the organization.

NICHOLS & ASSOCIATES auditing approach tailors the audit engagement to best meet the financial reporting needs of each client. Through a combination of interviews with management, review of processes and internal controls, and other assessments, we focus our audit approach on the organization's specific areas of risk (e.g. financial, regulatory, internal growth, personnel, technology).

This approach combined with management's objectives and concerns not only shapes our audit procedures but also leads to an independent opinion on the financial statements.

1. Analyze operations by obtaining a thorough understanding of the organization's policies, practices, and processes and systems of internal control. Conduct interviews, complete checklists, perform analytical procedures, and evaluate risks including fraud risks.
2. Assess information obtained during the assessment process, conduct further walk through and testing procedures to evaluate internal control strengths and weaknesses, and conduct audit team brainstorming.
3. Audit Plan is developed based on identified risks and mitigating controls by defining levels of risk, determining timing of audit and determining the scope of audit procedures.
4. Audit work is done, typically through the completion of preliminary and final fieldwork. We then provide initial drafts of reports to management for review.
5. Audit Review procedures to assure conformity with generally accepted auditing standards and generally accepted accounting principles.
6. Audit Report is communicated to the audit committee and/or board.

Using this approach, we deliver:

• Audited financial statements in conformity with U.S. generally accepted accounting principles
• A management letter communicating to the board significant matters identified during the audit
  

NICHOLS & ASSOCIATES provides other assurance services. Please contact us for more information.