AssuranceAlmost every organization—whether it is a privately-held business, a publicly-held corporation or a not-for-profit organization—must prepare reports on its financial performance. The financial statements help owners and managers make operating decisions, enable creditors to evaluate loan applications and provide individuals with information to make investment decisions.
Somerset’s Assurance Team can provide the financial data your organization needs to make internal budgeting decisions and for outside reporting. We can provide internal control reviews along with recommendations that can result in a more efficient operation, stronger financial structure and improved accounting and administrative controls.
Somerset is committed to quality and competency, which are crucial in today’s business world. Our firm is approved and registered with the Public Company Accounting Oversight Board and participates in the Center for Public Company Audit Firms’ Peer Review Program. The primary rules governing independence are found in the American Institute of Certified Public Accountants Code of Professional Conduct, the Securities Exchange Commission under Regulation S-X, including modifications generated from the Sarbanes Oxley Act of 2002, and the codification of Financial Reporting Policies.
Somerset wants to be certain that clients understand our commitment to integrity and ethics and our sense of responsibility to sustaining confidence in the assurance services we provide. We provide a written engagement letter that establishes an understanding of the responsibilities of both management and our Assurance Team. We also monitor, on an ongoing basis, all the services provided by our service teams to be certain that no conflicts exist to impair the independence and objectivity we know our clients expect and deserve.
- Financial statement audits, reviews and compilations
- Forensic studies
- Feasibility studies
- Internal control reviews
- Agreed-upon procedure engagements
- HUD and Yellow Book compliance
- Privately-held firms
- Publicly-traded entities
- Employee benefit plans (Please visit our Employee Benefits Team page for additional information.)
- Not-for-profit organizations
- Governmental entities
Andy Rayl, COO, Fortune Industries, Inc.
“We selected Somerset based on the talents of their people. Compared with the other firms we’ve analyzed, Somerset has continually offered a high level of service and business insight while maintaining reasonable pricing structures. Somerset has been very cooperative and supportive of our goals and initiatives as we’ve met the challenges of a young high-growth company. They have been able to look outside the standard black and white issues of the accounting world and provide valuable contributions to the day-to-day operations and long-term strategic focus of our business. Somerset has continually provided the high service levels expected of a major accounting firm evidenced by great response times, technically strong and professional staffing and consistent overall focus on both our accounting and operational requirements.”
Financial Reporting Newsletter - Significant Developments in Financial Reporting
What You Need to Know About Your Audit is a guide published by the American Institute of Certified Public Accountants and the Indiana CPA Society about the CPA profession’s new risk assessment standards. Click here to read the guide.
Our compilation and review clients have been affected greatly as well with the addition of new accounting pronouncements—such as FIN 46 requiring consolidation of certain related parties for example. Many of these standards are updated periodically via a number of sources and are updated many times prior to implementation of the original one. All indications are that this will not slow down anytime soon. Click here for a summary.