Zack, P.C. - Services

Audit Services

Internal Auditing

Internal auditing is an ongoing process that focuses on a variety of preventive and detective activities aimed at maximizing an organization's internal controls relating to financial reporting, compliance, and operational efficiency. Internal auditing supplements, but does not duplicate, the annual audit service performed by an organization's independent CPA firm. Unlike the annual audit, whose focus is solely on determining whether the financial statements are free of material misstatement, internal auditing can focus on any functional area within an organization.

Zack, P.C.'s internal audit services can serve as either a completely outsourced internal audit function for your organization or as a supplement to an existing internal audit function. A wide variety of services can be covered under an internal audit. Services often involve assessing and testing the design and operation of internal controls, not just in the accounting and financial areas, but in all aspects of an organization. Some internal audit work is designed to focus on internal controls over financial reporting, while some focuses on compliance with laws, regulations or contract terms. Sometimes the focus of internal audit work is on process effectiveness and efficiency. Often, these different areas of focus are addressed on a cyclical basis. Internal audit can also aid in connection with any special investigations or one-time projects.

Internal audit work is an ongoing process. With larger entities, this means we are providing services on a regular basis throughout the year. For smaller entities, this means that our services might be provided on a quarterly, semi-annual or even annual basis. Whatever the frequency or scope of services, internal audit services are always performed in accordance with a detailed plan that we develop with the entity's audit committee. Reports are always issued directly to the audit committee.

Zack, P.C.'s internal audit work can be provided for all types of entities, from commercial businesses to not-for-profit organizations and government agencies.

Audits of Financial Statements

Perhaps the most straight-forward, though not necessarily the simplest, of our services is the financial statement audit. Performed in accordance with AICPA standards, Zack, P.C.'s audit services are specifically tailored for not-for-profit organizations, including charities, private foundations, trade and professional associations, cultural institutions, and social welfare organizations.

Compliance Auditing

Zack, P.C. also provides compliance auditing services, which focus on compliance with grant and contract provisions. Compliance auditing services may be performed in accordance with OMB Circular A-133 and the Single Audit Act for recipients of federal funds. In these cases, our services are provided in accordance with AICPA, standards, OMB Circular A-133, and Generally Accepted Government Auditing Standards. Other compliance auditing services may focus on a particular contract or vendor relationship.