When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return.
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Auditing and Accounting
Hugh Scott has developed highly trained and experienced professionals that provide high quality audit services to our clients. Our firm and staff are committed to a high level of audit independence and integrity, while maintaining our role as a trusted adviser to our clients.
We work with you to understand your business so that we can provide an efficient and quality audit.
Our staff has access to the latest audit and accounting resources and tools, which translates into a quality risk based audit engagement. Through our international correspondents we are able to provide a coordinated global audit, tax, and advisory practice for our clients’ benefit. We have broad industry experience, and practical knowledge that we bring to every engagement. The audit and accounting services we provide include:
Audit quality begins with a well thought out audit approach which is client specific, understandable, and valuable.
We develop our audit approach plan after a thorough understanding of your business operations, processes, and risks. Our audit approach is customized with the goal of applying our audit testing to the areas of highest risk. Just as no two companies are the same, no two audit engagements are the same. Hugh Scott has an array of computer assisted risk assessment and audit program tools that are as sophisticated as the large “Big 4” international firms. We design our audit procedures to deliver a client-focused and industry specific audit process.
Hugh Scott provides explanations, interpretations, and analyses so you may better understand our accounting and audit process. We inform management, the board of directors and audit committee of our audit approach and take their special concerns into account when we perform our audit procedures. We take great care to see that financial statements present financial position and results of operations in an understandable and meaningful way to shareholders, management, and external users.
Accounting and auditing should be viewed as a contributing factor to better business and administrative practices. Our experience with medium-sized, growth oriented companies permits us to address client services from a broad perspective, taking into account the relative strengths and weaknesses of the business as a whole. We believe that accounting and auditing services, when properly performed, should evaluate financial practices, identify inefficiencies and potential problem areas, and highlight service opportunities.
Compilations and reviews and can be cost effective and efficient methods to add credibility to and determine the reliability of financial statements. Both are less intensive and substantial in scope than an audit.
A compilation is the simplest service conducted on a client’s financial statements. It presents financial information in the form of financial statements without undertaking procedures to provide any assurance that there are no material modifications to be made. Compilations are used by management for internal-use purposes as well those situations where an audit or review is not needed.
A review engagement requires all of the procedures necessary for a compilation plus additional analytical and inquiry procedures. Hugh Scott uses analytical procedures applied to the financial data such as comparing current to prior period financial statements as well as inquiries of company management and personnel to determine that the financial statements are in conformity with generally accepted accounting principles. The purpose is to ensure that no material modifications need to be made to the financial statements.
Both compilations and reviews are used by business owners and management for internal-use purposes when an audit is not necessary. External parties such as banks, suppliers, regulatory bodies will often need at least this level of involvement by external CPA’s in the financial reporting process. Find out how the Hugh Scott experts can assist you with your compilation and review needs.