My audit approach provides a reasonable basis for expressing an opinion on the fairness of financial statements. This involves a thorough understanding of internal controls and risk assessment, coupled with rigorous testing of accounting records and procedures.
Key Audit Skills:
- Maintaining Professional Skepticism: Critically evaluating audit evidence to identify potential misstatements and ensure objective conclusions.
- Internal Control Review: Assessing the design and effectiveness of internal controls.
- Transaction Testing: Examining selected transactions for accuracy and completeness.
- Third-Party Communication: Independently verifying information through direct communication with customers (receivables), banks (cash/debt), vendors (payables), and legal counsel (litigation).
- Physical Inspections: Observing inventory counts and performing test counts to verify inventory accuracy.
- Operating Cycle Analysis: Documenting and testing key cycles, including sales/receipts, expenses/disbursements, and payroll.
- Detailed Documentation: Maintaining comprehensive audit work papers that clearly document procedures, testing, and client supporting documentation.
Beyond Traditional Audits:
- Agreed-Upon Procedures: Performing specific, agreed-upon procedures and reporting factual findings without expressing an opinion.
- Compliance Reporting: Conducting engagements to report on compliance with specific regulations or management assertions.
- Project Close-Out Audits: Extensive experience in performing Federal and State government contract close-out audits to meet contractual obligations.
Non-Profit Focus:
My audit and review services are tailored to the unique needs of non-profit organizations, focusing on:
- Financial Auditing:
- Evaluating internal controls over financial reporting.
- Reviewing financial statements (balance sheet, income statement, cash flow) for accuracy.
- Ensuring proper revenue recognition, especially for grants and donations.
- Verifying appropriate expense allocation.
- Reviewing the classification of net assets according to donor restrictions.
- Compliance Auditing:
- Ensuring adherence to federal and state laws governing non-profits.
- Verifying compliance with grant agreement terms and reporting requirements.
- Ensuring compliance with IRS regulations (Form 990).
- Confirming that funds are used according to donor restrictions.
Review Process:
My systematic review process includes:
- Planning: Defining scope, objectives, risk areas, and developing an audit plan.
- Fieldwork: Gathering evidence through on-site visits, record review, and staff interviews.
- Reporting: Summarizing findings and identifying any control deficiencies or non-compliance.
- Follow-Up: Collaborating with the organization to address issues and implement corrective actions.
Contact Information:
For more information, please contact Adel Elgoneimy at:
Tel: +1 609 2332807
Email: elgoneimy@goneimycpa.com
Website: http://goneimycpa.net
Adel Elgoneimy, Certified Public Accountant 