Our audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws. Smith & Associates, professionalism in the audit process stems from our dedication to the public trust. We serve the interests of our clients and other stakeholders, in compliance with the appropriate professional standards. The primary objective of an audit is to express an opinion on the fair presentation of the financial statements and operational results of the entity concerned.

The service characteristics of our audit team include hands-on, year-round contact with our clients, who benefit from our commitment to service continuity and the utilization of our most experienced professionals during their audits. In our firm, we have auditors specializing in specific industry sectors. This allows us to perform each audit with a unique knowledge base and value-added perspective. In order to accomplish our audit objectives in a highly effective and professional manner, Smith & Associates employs a risk-based approach to auditing. Adequate planning, testing and reporting, with a strong emphasis on risk assessment, define our audit philosophy.

Review of internal controls
An integral part of our audit services to our clients is the performance of an internal controls review. Our evaluation of internal controls is designed to identify the areas of greatest risk- where controls are weak or missing altogether. We develop our audit plan to address these areas and reduce time spent in other non-critical areas. We utilize analytical procedures to determine whether the trends of the entity being audited are in line with internal expectations, as well as with comparable organizations. As a consequence, issues can be addressed in a more cost effective manner. Smith & Associates believes strongly in the importance of structured systems and works with our clients in developing, implementing and integrating such systems. We are available to assist in formulating or refining projections and implementing meaningful budgetary controls that can be used as operational tools.

Management letter
A product of each audit is our management letter detailing our specific findings, recommendations and suggestions indicating possible ways our clients could improve their business systems, processes and procedures. The management letter addresses issues of internal controls, tax planning and other matters which we believe will increase the effectiveness and profitability of an organization. We continue our communication throughout the year to correct potential weaknesses, maximize opportunities and assist with any internal problems management may have in implementing our recommendations. We believe this proactive approach demonstrates one of the more important aspects of our superior client service practices.