Accounting & Assurance

Developing key insights into our clients’ businesses enables us to offer business-specific knowledge to their key personnel.

Our senior professionals and local CPAs assigned to each engagement possess years of experience and in-depth training in attestation, tax, and general business matters. This blend of competence, judgment, and creativity allows us to serve our clients not only for compliance but as trusted business advisors.

In today’s business environment, it is critical that assurance and accounting services are performed by qualified, credentialed, objective professionals. You can rely on DiSanto, Priest & Co. to deliver high-quality services.

For over 50 years, DiSanto, Priest & Co.’s approach to client service and the delivery of assurance services in particular, is to approach each engagement from three different points of view: the technical, practical, and business approaches.

Based on each client’s individual needs, our dedicated team of accounting and assurance professionals can support the various levels of assurance that are needed, as follows:

  • Audit – Our highest level of assurance that yields an opinion on all financial statements and required disclosures
  • Reviews – Provides limited assurance that no material modifications need to be made to financial statements
  • Compilations – Presents, in the form of financial statements, information that is the representation of management

Audits

On each and every assurance engagement we first begin with aligning our planned procedures with the client’s financial and operational risks.  Our audit methodology and approach, in particular, is designed to align with the client’s business functions but go beyond just the financial. Businesses need auditors and advisors who understand their industry, their long-term strategy and any risks that need to be assessed and managed. Businesses need advisors who can apply this knowledge into all phases of the audit process.

Reviews

A review can be a cost-effective way to meet the requirements of third parties (such as lenders). By conducting a review, DiSanto, Priest & Co. can provide limited assurance about a client’s financial statements.  To do so, we utilize a variety of analytic tools, both specific and detailed inquiries, as well as other procedures.

Compilations

A compilation involves assembling data from your records and presenting it in an appropriate financial statement format. For some businesses, this statement is sufficient enough to meet management needs, as well as the needs of certain third parties.

Corporate fraud is a growing risk in today’s business environment and culture. Consequently, today more than ever management has a responsibility to deter, detect and prevent it.

At DiSanto Priest & Co., we help our clients understand their exposure to fraud risk, identify high-risk fraud areas, develop a fraud control plan, monitor the effectiveness of that plan and respond to actual instances of fraud.

Using our in depth experience, we help companies find ways to manage fraud risk, investigate alleged misconduct, and measure the financial implications of disputes.

What’s more, we investigate unusual financial activity, perform evidence discovery, review financial reports, and provide experienced witness testimony as necessary to explain our findings.

We Offer

  • Audit Review Support
  • Fraud Awareness Training
  • Fraud Control Advisory
  • Fraud Risk Assessment & Diagnostic
  • Fraud investigations
  • Forensic technology and discovery services
  • Anti-fraud services
  • Corporate compliance
  • Insurance claims services

As a business owner or professional, are you sure that all of your business concerns are being properly addressed? Do you have specific concerns about how a process is running? Are you certain that all of those contract terms are being complied with? Or, are you simply trusting a “gut feeling” that all is going according to plan?

Perhaps an “Agreed Upon Procedures” (AUP) engagement is what you need to focus your time, energy, and professional fees in the right direction. AUP engagements are a cost effective, targeted, and efficient approach to answer specific questions that you have about your business.

Traditionally, the business world has relied upon financial statement audits to provide a comfort level that “everything is okay”. While an audit does provide reasonable assurance over the financial statements in general, in an increasingly regulatory environment, it may not be able to answer the specific concerns that you have about your business. Although not all-inclusive, the following illustrates some situations where we may be able to offer solutions through an AUP engagement.

Potential AUP Solutions

  • Internal Controls – Have you invested time, energy, and professional fees into carefully crafting an internal control policy? Do you know if those controls are consistently being adhered to by your employees? We can help by providing you with a written independent analysis of the internal control environment surrounding specific financial statement accounts and operational processes, and document whether or not your employees are adhering to the system.
  • Third Party Contracts – Do you place full trust in a third party to adhere to the terms of a contractual agreement? How do you know that you are getting your fair share of payments in accordance with the contract provisions? We can help you by performing an AUP that will tell you if you are due additional monies or if your business is in compliance itself. We can do this for just about any type of significant contracts (e.g. royalty, construction, etc.).
  • Business/Asset Acquisitions – Are you looking to acquire a competitor or an ancillary line of business to expand your operations? We can perform an AUP that specifically addresses your financial due diligence concerning the validity of financial information provided by the target company. Gone unchecked, unconfirmed financial data has the potential to impact purchase price and/or asset valuations.

As the name implies, an AUP engagement is tailored to a client’s specific needs. It places the client in control by providing a comfort level and value-added service that readily addresses the most pressing concerns. If you have concerns regarding your business or a new venture, we would be delighted to discuss them with you.

Whether it’s an employee benefit plan, a not-for-profit organization receiving grants, or a low-income housing development, we understand that each of these entities has unique goals, issues, and requirements. We work with these organizations to obtain a complete understanding of their situations in order to address their unique audit and tax requirements.

Employee Benefit Plans

  • Compliance auditing and reporting under he Department of Labor’s Rules and Regulations of the Employee Retirement Income Security Act of 1974 (ERISA)
  • Retirement plan audits including defined contribution (401[k] and 403[b]) and defined benefit pension plans
  • ERISA and retirement plan consulting services to improve the operating effectiveness and to address regulatory compliance requirement needs

Not-For-Profit Organizations

  • Compliance auditing and reporting under the Governmental Auditing Standards (Yellow Book Standards)
  • Auditing and reporting under Generally Accepted Auditing Standards (GAAS)
  • Reporting under Uniform Guidance
  • Form 990 reporting

Are you a business owner looking for ways to more efficiently and cost-effectively run your company?

DiSanto, Priest & Co. knows that as a business owner, you have many responsibilities and often wear many hats. You’re busy growing your business and need to rely on subject matter professionals to assist with the other aspects of running a business. We can help alleviate your concerns so you can do what you do best – run your business. DiSanto, Priest & Co. and our team of small business accounting professionals can serve as an extension of your small business team with a variety of accounting services.

Is cloud-based accounting the right solution for your business? Cloud accounting is simple, convenient, and cost-effective. When you work with DiSanto, Priest & Co., you can be confident that any and all questions or concerns will be handled promptly and professionally.

With our Business Resource Advisory Group (BRAG) team and our cloud accounting service, you’ll have access to the real-time data you need to make smart, informed business decisions. All you need is an internet connection to access your data at any time. Setup is quick and easy. We can provide you with everything you need to start experiencing the benefits right away.

As part of our comprehensive cloud accounting solutions service offering, we can assist you and your team with any additional common business accounting requirements.

Bookkeeper

  • Accounts Receivable/Collections
  • Accounts Payable/Bill Payment
  • Bank Reconciliations
  • Cash Management
  • Sales Tax Reporting
  • 1099s

Controllership

  • Virtual & On-Site
  • Financial Dashboards
  • Budgeting
  • Comparative Reporting
  • Month-end Closing

Project Based Services

  • Business Process Outsourcing
  • Financial Strategy, Including Detailed Business Plans
  • Financial Modeling
  • Systems Conversions
  • Systems Training

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