Audit & Assurance
Gain trusted financial insights into your business.
We offer any level of assurance based on our clients’ requirements. From compiling financial statements to full audits, our team can support whatever level of assurance you require.
Audits
Providing the highest level of assurance, an audit is a methodical review and objective examination of your financial statements. It includes the verification of specific information as determined by the auditor or as established by general practice.
Compilation
In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations rely on our knowledge of accounting principles and a general understanding of your business.
Agreed-upon Procedures
Agreed-upon procedures engagements generally arise when clients need CPA involvement, but do not want a standard compilation, review, examination, or audit service because those services are not as targeted to what is needed. An example of such an engagement is when a company needs its expenses tested for grant reimbursement.
Review
Less extensive than an audit, a review engagement consists primarily of analytical procedures we apply to your financial statements and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
Examination
Examination engagements is when a CPA is engaged to provide an opinion about the conformity of the subject matter with certain criteria. It requires the CPA to reduce the risk of undetected material misstatement to a low level. An examination is analogous to an audit of historical financial statements as it provides the same level of assurance as an audit and involves substantial evidence gathering.
Employee Benefit Plan (401(k)) Audit Services
At Bowers CPAs & Advisors, we understand the unique challenges and compliance requirements associated with employee benefit plan audits, particularly 401(k) plans. Our dedicated audit team brings deep experience and a thorough understanding of the Employee Retirement Income Security Act (ERISA), Department of Labor (DOL) regulations, and IRS reporting standards to ensure your plan remains in full compliance.
We provide high-quality, efficient, and independent audits for a wide range of plan sizes and structures. As a firm that undergoes regular peer reviews and adheres to the AICPA’s Employee Benefit Plan Audit Quality Center guidelines, we are committed to delivering excellence and maintaining the highest standards of quality.
Our 401(k) Audit Services Include:
- Comprehensive audit of plan financial statements
- Review of plan operations and internal controls
- Verification of participant data and plan contributions
- Ensuring compliance with DOL and IRS requirements
- Assistance with Form 5500 filings
Navigate with Clarity and Confidence
We work closely with plan sponsors, administrators, and third-party service providers to make the audit process smooth and minimally disruptive, providing clear communication and timely reporting from start to finish. If your plan has reached the audit threshold (generally, plans with 100 or more participants with account balances at the beginning of the plan year), or you're unsure whether you need an audit, our team can help you navigate the requirements with clarity and confidence.
Our audit and assurance division specializes in these industries:
- Railroad
- Construction
- Governmental
- Municipalities
- NYS School Districts
- Manufacturing & Distribution
- Not-for-Profit
- Transportation
- Small Businesses
"Working with Carl Austin of Bowers has been transformative. When introduced to Carl by the seller of a company I was in the process of buying, I was wary that his support might be one-sided. However, my concerns were swiftly dispelled! Carl not only facilitated our deal but his team has provided comprehensive financial services and business advice that has been instrumental in my journey as a business owner. Their team cares as much about our success as I do. They are vested in us personally, and that means a lot. Their personalized approach and vast resources make them more than just advisors—they're true partners in success."
Michael Bower, Eagle Metalcraft
