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Assurance

Skilled audit and accounting professionals can help you examine and attest to the financial performance of your business. Beyond audit and review services, you may need other services, such as assistance in merger due diligence, reviews of internal controls or performance reporting.

Your organization will always need to provide third parties with financial information, and an experienced professional can support you to better understand how to economize your operations.

The Ericksen Krentel team is ready to help you with that process to position you for continued financial growth and success while improving your community. That includes everything from agreed-upon procedure engagements to single and annual audits, employee benefit plan audits to comprehensive annual financial reports audits. Perhaps it’s a report that requires Yellow Book compliance or one that needs to be conducted in accordance with Uniform Guidance. Or maybe you need something less thorough such as a preparation, review or compilation of your financial statements. With nearly 60 years of experience, we are ready to help with your attest and assurance needs.

While communication has rapidly changed with social media, the assurance, advisory and accounting industry is facing its own seismic technological evolution, one that will forever impact – for the better – how accountants and their clients work together in a more efficient and effective partnership.

As technology continues to advance, so does the audit process by incorporating data analytics, leveraging big data and adopting a continuous/virtual approach to your audit. With the advent of blockchain, artificial intelligence, machine learning and other new technologies, your business needs informed, responsive professional service advisors now more than ever.

Humans aren’t going anywhere, but these advances are allowing advisors, such as the team at Ericksen Krentel, to provide you with increased value-added services that are real time and forward looking.

Our experienced business advisors have provided timely, accurate and comprehensive assurance, advisory and accounting services for businesses and governmental agencies of all sizes for nearly 60 years. Our goal is to truly understand your business to help you economize your operations and develop strategies for minimizing future liabilities.

That is what we mean by value-added. A successful audit requires ongoing communication with our clients, and that performance doesn’t stop when the report is issued – we’re here with you now and beyond.

Audits

Peer Review

Reviews / Prep / Comps / Agreed-upon

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Are You Ready? Changes Coming to Form, Content of Auditor’s Reports

The form and content of auditors’ reports will change substantively, effective for audits of financial statements for periods ending on or after December 15, 2020.

Contractors: How Are You Doing With the New Revenue Recognition Standards?

Every couple of years, the Accounting Standards Board believes accountants and businesspeople are getting too comfortable and throw out a curveball to make CPAs and their clients a little uncomfortable for a while. That’s what the Financial Accounting Standards Board did in 2014 with ASC 606, Revenue for Contracts with Customers and did again at the end of 2017.