Not All Audits Are Created Equal

Not all audits are performed by experienced CPA’s. Richard F. Paulmann, CPA, MBA offers over 25 years of audit experience. Additionally Richard has expertise finance and marketing coupled with accounting principles to deliver a more thorough audit. Richard F. Paulmann is extremely experienced, notices the little things, and sees problems other companies do not. An audit from Richard Paulmann will have the highest level compliance with all levels of government.

Highest Level of Assurance

An audit by Richard F. Paulmann offers your organization the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

Richard’s work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on his findings, he will issue a report on whether the financial statements are fairly stated and free of material misstatements.

An Audit allows your organiation to…

• Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
• Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
• Comply with banking covenants.
• Help deter and detect material fraud and error.
• Facilitate the purchase and sale of businesses.

Richard F. Paulmann also performs physical inspections by observing your inventory counting methods and perform test counts. He will document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. His audit papers include a detailed work program to document the examinations and testing performed, as well as the client’s supporting work papers.

Governmental Audit

The Generally Accepted Government Auditing Standards, also known as the Yellow Book, provide a framework for conducting high quality audits with competence, integrity, objectivity, and independence. The Yellow Book is for use by auditors of government entities, entities that receive government awards, and other audit organizations performing Yellow Book audits.

Single Audit

Richard F. Paulmann CPA, MBA completes all auditor electronic filing requirements. The single audit is a rigorous, organization-wide audit or examination of an entity that expends $500,000 or more of Federal assistance (commonly known as Federal funds, Federal grants, or Federal awards) received for its operations.

Non-Profit

The examination of the financial statements by an accounting professional to determine whether they conform to accounting standards. An “independent audit” is performed by a public accounting firm or an individual who is a certified public accountant (“CPA”) who is engaged to provide an independent opinion to the management whether or not the nonprofit’s financial statements/records comply with accounting standards known as “GAAP” (generally accepted accounting principles.) In an independent audit the person conducting the audit is not a board member or an employee of the organization being audited, therefore the review is thought to be more objective than if the reviewer were under the control of, or controlled the nonprofit.

HUD

Fulfills compliance requirements for housing complexes and mortgage loan originators with U.S. Department of Housing and Urban Development including electronic transmission and certification.

• Housing Complexes
• Mortgage Companies

401k Audit

Federal law requires the annual audit of a defined benefit or defined contribution retirement plan (including 401(k)) when the plan’s total eligible participants reach 100.

There are three types of eligible participants:

• Active: individuals who are currently employed by the plan sponsor, covered under the plan, and receiving credited service. Note: This includes those eligible, but not participating.
• Retired or separated: individuals who are no longer employed by the company and are either receiving benefits or entitled to receive benefits.
• Deceased: individuals who have passed away and have one or more beneficiaries either receiving benefits or entitled to receive benefits.