Audit and Assurance
Nawrocki Smith offers a full array of audit and assurance services to all types, sizes and industries. Our highly skilled and knowledgeable audit team will take the time to understand each situation and create an audit experience that fits your overall objectives, industry, and region-specific concerns. Entities need professionals who understand their industry, their long-term goals and any risks that need to be managed while providing commitment, trust, and confidence. Our professionals provide a one-on-one relationship and service to give you complete confidence and trust in our auditing and assurance services through quick turnaround times, smart decision-making, meaningful insights, and solutions-oriented consulting. We thoroughly review every business we work with, evaluate its accounting systems and controls, document all findings/suggestions, and provide necessary reporting. Our experiences with clients of all shapes and sizes has given us insight into best practices, along with the ability to recognize opportunities for improvements that we openly share with our other clients.
Our financial statement audit process examines financial statements, including related disclosures, to give our opinion on whether they fairly reflect, in all material respects, the entity’s financial performance over a given period and financial position as of a particular date in accordance with relevant GAAP. We offer the following types of audit services:
- Audits in accordance with Generally Accepted Accounting Principles (GAAP)
- Audits in accordance with Generally Accepted Auditing Standards and Government Auditing Standards(GAS)
- Audits in accordance with the Uniform Guidance
- Audits in accordance with PCAOB standards
- Employee benefit plan audits in accordance with ERISA Section 103(a)(3)(c)
Review and Compilation Services
Our financial statement review process is less extensive than an audit. It relies primarily on inquiry, analytics and an understanding of the entity and any contractual arrangements, in order to provide limited assurance.
Our financial statement compilation process involves assembling data from your records and presenting it in an appropriate financial statement format. Compilations provide the lowest level of assurance.
Peer Review Services
The AICPA’s peer review program requires accounting firms that provide assurance work to have a peer review performed once every three years to ensure quality control. We offer the following types of peer review services:
- Systems reviews
- Engagement reviews
- Internal monitoring
- Pre- and Post-issuance reviews
Benefit Plan Audits
No matter the size of your organization, whether you have 100 employees on your benefit plan or 10,000, our benefit plan auditors are experienced and equipped to audit the following types of plans:
- 401(k) or 403(b) plans
- Profit sharing plans
- Employee stock ownership plans (ESOPs)
- Defined contribution plans requiring Form 11-L filings
- Health and welfare plans
- Defined benefit plans
- Master trust investment accounts
Our firm has been an active member of the American Institute of Certified Public Accountant’s (AICPA) Employee Benefit Plan Audit Quality Center since its inception. This membership promotes the highest level of quality control and oversight in the industry. Our dedicated team of benefit plan auditors receive comprehensive training annually, providing you with knowledgeable, competent individuals who can audit your employee benefit plan effectively and efficiently.
Peer Review Report of Nawrocki Smith LLP
As a member of the AICPA Center for Audit Quality, we undergo triennial reviews covering our audit, review and compilation practice conducted by our firm. We have passed all such reviews with pass reports. Our most recent review was conducted in March 2022 for the period ended September 30, 2021. The firm’s peer review report is available here.