Auditors since 1964
Since 1964, Anstiss & Co. has been providing businesses and non-profit organizations with quality accounting services from our Merrimack Valley office. Whether you require a commercial, not-for-profit (including Single Audit or Yellow Book Audit), or an employee benefit plan audit, our professional staff has the expertise to accurately conduct your audit.
Our professionals work directly with our clients, with the goal of developing long-term, positive and productive working relationships. We are determined to maintain a personal approach, which has been the hallmark of our firm since 1964. The diversity of the organizations with which we work gives us a depth of experience that makes us better auditors. Every financial statement audit is different, and even the same organization changes from year to year and presents us with new and interesting challenges.
Understanding Regulations
At Anstiss & Co., we are proactive in monitoring regulatory activities because regardless of whether there is new tax or other legislation or changes to existing rules, these changes will likely affect our clients’ organizations in some way. We believe that is our responsibility to our clients to ensure that we fully understand the tax and other implications of changes to current rules so we can continue to be effective advisors, making a difference for our clients’ organizations.
Not-for-profits and government organizations that expend more than $750,000 in federal funds must submit to a Single Audit. At Anstiss & Co., we have a team of specialists dedicated to handling not-for-profit audit, accounting and regulatory reporting services. Our accounting staff undergoes extensive training beyond the mandatory requirements of the Commonwealth of Massachusetts. We are highly skilled in Single Audits and Yellow Book Audits, and have a deep understanding of regulations specific to your not-for-profit.
A Team Approach
At Anstiss & Co., we believe in a team approach to each of the audits we perform, which means that every professional assigned to your engagement is held to a high standard of competency, technical expertise, and responsibility to all other team members. Our expertise encompasses auditing services for closely held businesses, not-for-profits, and government organizations with a level of expertise found at national firms, but we maintain the personal approach that is so important to us.
For organizations not requiring an audit, our professionals are also available to perform reviews of your financial statements which provide limited assurance, and compilations which are designed to assist you with financial statement preparation but do not provide any level of assurance. Because we are members of the American Institute of Certified Public Accountants (AICPA), you can rest assured that all work performed will be in accordance with the Statements on Standards for Accounting and Review Services issued by the AICPA.
Audits & Financial Reporting Services
Financial Statements
The objective of an audit is to express an opinion and report on the fairness of the presentation of the business or organization’s financial statements. Our professional standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. We accomplish this by obtaining evidence that is sufficient and appropriate to provide a basis for our audit opinion.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Every three years, Anstiss & Co. is subject to the American Institute of Certified Public Accountants (AICPA) Peer Review Program, which assumes a benchmark of quality over the audit of your financial statements and related records.
At Anstiss & Co., we believe in a team approach to our clients’ audits, providing years of experience and personal service that are hard to match. We have the expertise of national audit firms, but still handle each case with the personal dedication we have built our reputation on.
Single Audits
All non-Federal entities that expend $750,000 or more of Federal awards in a year are required to obtain an annual audit in accordance with the Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly called “Uniform Guidance”). A Single Audit is intended to provide a cost-effective audit for non-Federal entities in that one audit is conducted in lieu of multiple audits of individual programs. At Anstiss & Co., we have extensive experience conducting Single Audits.
Organizations receiving federal funds are required to maintain effective internal controls system, which focuses on the following five areas:
- Control activities
- Risk assessment
- Monitoring
- Information and communications
- Control environment
As a part of the audit process, Anstiss & Co. will perform a test of your internal controls. We have an in-depth understanding of all laws and regulations associated with the expenditure of Federal funds. This expertise, coupled with our commitment to providing the best value for our clients, makes Anstiss & Co. the easy choice to handle your Single Audit.
Our Quality Commitment
As a member of the American Institute of CPAs Governmental Audit Quality Center, our audit firm is committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include designating a partner responsible for the quality of our audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report publicly available.
At Anstiss & Co., our goal is to deliver the highest quality accounting services possible.
Yellow Book Audits
Most audits required by a government organization need to be conducted according to Yellow Book standards, which is a financial statement audit conducted in accordance with Government Auditing Standards. The focus of a Yellow Book audit is oriented towards the financial reporting, but there is also an assessment made of internal controls and compliance with laws and regulations.
It takes a highly trained audit firm with a dedication to continued education in Yellow Book auditing practices to perform such an audit. At Anstiss & Co., we take the necessary steps to ensure the members of our team fulfill the proper training requirements needed to qualify as a Yellow Book auditor.
We are committed to gaining a full understanding of your organization’s internal controls and procedures, while maintaining the objectivity necessary to perform a quality audit. As members of the AICPA Governmental Audit Quality Center, we hold ourselves to a high standard of audit services.
Uniform Financial Statements and Independent Auditor’s Report (UFR)
The Uniform Financial Statements and Independent Auditor’s Report (UFR) is an annual filing submitted to the Massachusetts Operational Services Division (OSD) by organizations which contract to provide human and social service programs directly or indirectly funded by the Commonwealth of Massachusetts.
Our team has been assisting organizations with the preparation of the UFR for many years and we regularly send our audit staff members to the annual UFR Federal and State Compliance Training course provided by the MSCPA. Additionally, we have developed a template that interfaces with our audit software to assist in completing the UFR, which can ease the burden on your accounting staff.
Reviews & Compilations
For organizations not requiring audited financial statements, Anstiss & Co. also performs reviews and compilations.
Because we are members of the American Institute of Certified Public Accountants, you can rest assured that all work performed as a part of your review or compilation will be in accordance with the Statements on Standards for Accounting and Review Services issued by the AICPA. We have a long and successful history of providing quality business consulting services, which is a source of confidence to all of our clients.
At Anstiss & Co., we take the time to learn your organization, and also the people who are a part of its daily operations. You will appreciate the personal touch in our approach to working with our clients, and will also benefit from recommendations we may make based on what we find while performing reviews and compilations.
Reviews
A review is substantially less in scope than an audit, and requires us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We obtain this level of assurance primarily by applying analytical procedures to management’s financial data and making inquiries of Organization management.
A review is best suited for family and closely held businesses, not-for-profit public charities operating in Massachusetts with less than $500,000 in annual revenue, and other organizations that require a lower level of assurance for financial statement reporting.
Although a review does not provide the high level of assurance that a financial statement audit provides, our accounting firm performs a significant amount of analysis, which often results in recommendations which provide real value to your organization.
Compilations
The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.
In addition, compilation reports do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America.
In order to perform a quality compilation, Anstiss & Co. will gain an understanding of the accounting practices and principles of your industry and the nature of your business. We take a personal and team-focused approach to the compilations we provide, setting us apart from other accounting firms.
Employee Benefit Plans
Offering tax-deferred retirement plans like 401(k) and 403(b) programs to your employees comes with stringent compliance and regulatory requirements from the Department of Labor (DOL) and Internal Revenue Service (IRS), including audit and plan testing requirements. It takes a firm with expertise in dealing with employee benefits plans to ensure that your plan meets these requirements.
Anstiss & Co. is a member of the AICPA Employee Benefit Plan Audit Quality Center (EBPACQ). This voluntary membership subjects our staff to certain additional training requirements and internal and external inspection requirements over the quality of these audits. Our membership in the EBPACQ demonstrates our commitment to both the employee benefit plan industry and to a quality employee benefit plan audit practice.
401(k) Audits
The IRS and DOL’s regulations regarding 401(k) compliance are becoming increasingly complex, and an inaccurate or incomplete audit could be costly to your business. It is crucial to hire an accounting firm with comprehensive and extensive experience handling employee benefit plan audits. Anstiss & Co. has performed a significant number of these audits and our staff members participate in regulatory and audit update programs provided by the AICPA and other regulatory agencies.
Our qualified professionals can assist you with issues such as qualifying for an exception to the audit requirement through an understanding of the proper use of the 80-120 rule allowed by the DOL. Paying attention to the details that save you money and help keep your plan compliant is the primary focus of the professionals at Anstiss & Co.
We will also keep you informed on the changing laws and regulations that affect welfare and retirement plans and work in conjunction with your third-party administrator to submit required information to the Department of Labor’s Pension and Welfare Benefits Administration. Our approach facilitates an efficient audit with minimal disruption to your company’s staff, while protecting the business and its employees from any unnecessary risk of noncompliance.
403(b) Retirement Plan Audits
Certain tax-exempt organizations, public school systems, cooperative hospital service organizations, and other entities that fit within specific parameters may offer their employees a 403(b) retirement plan.
Generally, the administrator of a 403(b) retirement plan that has more than 100 eligible participants is required by law to have the plan audited each year under the Employee Retirement Income Security Act (ERISA) as part of the required Form 5500 filing.
Our team of employee benefit plan specialists remains up-to-date on all of the latest changes to provide you the best quality accounting services.