Fulton & Kozak’s audit team has 25 years experience with companies in the private sector, performing reviews and audits of financial statements for a variety of purposes: shareholder agreements, loan covenants, buy/sell agreements, business valuation, franchisee/franchisor agreements.
While audits or reviews are typically compliance driven, internal control review can provide bottom line savings to the business.
Internal Controls Review
When the numbers add up but feel wrong, an internal controls review can discover inefficiencies in operations, opportunities for better management of assets, and uncover potential fraud situations.
The Fulton & Kozak audit team will take the time to understand your business, review the operations and recommend changes to resolve the problems.
If your loan requires the annual submission of financial statements that have been audited, reviewed or compiled by an outside CPA, turn to the Fulton & Kozak audit team for support. They will review the covenants and provide the required statements, assist in getting a short-term waiver for the covenant if necessary, and develop a plan to comply with the requirements for future years.
Employee Benefit Plan Audits (401K Audits)
When the Fulton & Kozak audit team begins an employee benefit plan audit, they do more than validate the financial statements. They review the plan operations — through all the internal departments and independent service providers — and determine whether the plan is operating as defined and whether it is in compliance with regulatory requirements.
The audit team will synthesize plan goals and regulatory requirements, and help plan administrators mitigate risks. Their involvement will eliminate ERISA violations and ensure timely 5500 filing.
The franchisor wants to protect the franchise system by ensuring that every franchisee meets the operating requirements, including the financial standards defined by the franchisor.
For the franchisee, Fulton & Kozak will provide the assurance service necessary required for compliance with the franchise agreement.
For the franchisor, Fulton & Kozak will define the audit requirements and provide oversight for the review of each franchisee’s audit report.