Assurance

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E.C. Ortiz & Co., Assurance Services Group provides financial audits, Yellow Book and Single Audits, and attestation engagements to various State governmental entities, not-for-profit organization, and small to medium size private companies.

At E.C. Ortiz, we work hard to maintain high standards of professional practice, including a strong system of quality control emphasizing independence and objectivity. Each of our professional team is committed to excellence in client service.

Audits

An audit is the highest level of assurance that an accounting firm can provide on a set of financial statements.  At the conclusion of an audit, E.C. Ortiz & Co. will express an opinion as to whether your financial statements are fairly presented, in all material respects, in accordance with an applicable financial reporting framework.

An audit can also provide much more than an opinion on your financial statements. At E.C. Ortiz, we also view the audit process as an opportunity to have an in-depth understanding of your business and to provide management and decision makers with quality information and recommendations in areas where there may be opportunities to improve your operations.

Organizations that rely on funding sourced from the U.S. federal government in any fiscal year are subject to governmental audit reporting requirements. Known as the Yellow Book, these stipulations require auditors to perform additional testing of internal controls as well as a confirmation of compliance with federal program rules and regulations. In addition, any organization with at least $500,000 ($750,000 starting December 26, 2015) of funding sourced from the federal government is subject to additional single audit requirements. A single audit is administered according to the guidelines established by the Office of Management and Budget (OMB) that are released annually in the form of Circular A-133 documents.  Effective December 26, 2015, the new Uniform Grant Guidance (UG) supersedes OMB Circular A-133.  The provisions of OMB Circular A-133 are now found in Subpart F of the UG.

Reviews

A Review engagement obtains limited assurance that there are no material modifications that should be made to the financial statements.  In the review engagement, we will report that the financial statements have no material modifications in accordance with applicable reporting framework, primarily through the performance of inquiry and analytical procedures.

Compilation

A compilation engagement does not provide assurance that there are no material modifications that should be made to the financial statements.  In a compilation engagement, we apply our accounting and financial reporting expertise to assists management in the presentation of the financial statements.

Agreed-Upon Procedures

You don’t need something as detailed as an audit, but perhaps you need something more than what a review can offer.  This is when an agreed-upon procedures engagement might make more sense. In an agreed-upon procedures engagement, we will issue a report of findings based on specific procedures performed on the subject matter.