CERTIFIED AUDITS

Economic decisions are continually made based upon information available. Accounting is the process of identifying, recording and summarizing economic data. To obtain maximum benefit, economic information should be both relevant and reliable. Relevant information makes a difference in decision making. Reliable information must be accurate. Auditing is the process of testing accounting measurements and disclosures for propriety. The audit process enhances the credibility of financial statements through independent verification. The end result of this verification is the audit report.

Auditing is defined as a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. Auditing is a structured, logical and systematic approach to decision making.

As discussed above, the audit process encompasses evidence gathering regarding assertions about economic events and actions and the recording thereof. Auditing can include a variety of types. The most common are financial audits, compliance audits and operational audits.

FINANCIAL STATEMENT AUDITS

Financial statement audits are performed by auditors independent of the audit entity's management and owners. The objective is to add credibility to the financial statements for owners, stockholders, lenders and prospective buyers. A financial statement audit is directed toward the discovery of material misstatements no matter what causes the potential misstatement.

COMPLIANCE AUDITS

Most organizations have formal, written policies and procedures. Some companies are required to comply with policies and procedures established by an outside regulatory authority. Compliance audits determine if a company adheres to these policies and procedures. Sometimes this compliance must be according to applicable federal or state law.

OPERATIONAL AUDITS

Operational audits measure the effectiveness and efficiency of an organization. Effectiveness measures how well an organization achieves its goals and objectives. Efficiency measures how well an organization uses its financial resources and personnel to achieve its goals.

INTEGRITY AND CONFIDENTIALITY

Users of financial statements cannot always be expected to understand auditing, the audit process and other complex areas of accounting knowledge. This is the reason the American Institute of Certified Public Accountants created the AICPA Code of Professional Conduct. All of the staff and partners of Briscoe, Burke & Grigsby LLP adhere strictly to the AICPA Code of Professional Conduct. As your professional firm, you can rely on our expertise, integrity, objectivity and confidentiality.

Mr. Briscoe and Mr. Grigsby are the audit partners of the firm and always participate in the on-site field work as well as office reviews and oversight functions.

Your audit engagements will be staffed by professional, experienced partners and personnel. The audit tasks will be performed to the highest degree of efficiency and professionalism required of CPAs. The subsequent year's audit will be staffed with the same partner and personnel from the previous year's audit to minimize the introduction and training time of our staff to your records.

We provide audits and director's examinations for financial institutions and have helped companies file initial public offerings with the Securities and Exchange Commission. We also perform the annual audits of publicly traded companies according to SEC regulations.

OTHER SERVICES

In addition to certified audits we also provide a more limited service known as a review engagement. A review engagement is less comprehensive than an audit. The objective of a review engagement is to provide limited assurance that the financial statements are in conformity with Generally Accepted Accounting Principles or another comprehensive basis of accounting. A review consists of making inquiries and performing analytical procedures to enable us to express limited assurance that the financial statements are free of a material departure from the basis of reporting being used.

With all of our audit and review services you will be kept up-to-date on all aspects of your business. We will communicate with you continually throughout the year, not just during your engagement.