Audit and Assurance

In today’s business environment, creditors, shareholders, and business partners require an objective look at both the financial condition and operations of a business so they can make more informed and accurate decisions.

At Kernutt Stokes, we’ve built a reputation for helping clients of every size implement reporting processes that allow them to run more profitable operations and ensure there is an adequate set of controls in place to safeguard their company’s assets. We provide a wide range of expert business assurance services to meet the needs of large organizations, small start-ups, and everything in between.

Our process starts with gaining a thorough understanding of your business. Each business, even if they are in the same industry, might run completely differently. This also allows us to understand any problems you are having, from staffing to supply chain and beyond, so we can identify solutions.

For businesses requiring regular audits, you can expect to work with the same team members each time. We know continuity is important in accumulating knowledge and insight about your business operations. Ultimately, we seek to build real relationships with our clients, not just provide a service.

Looking for information about other audit services? Visit Internal Audit and Employee Benefit Plan Audits.

Members of the Audit and Assurance team, led by Partner-in-Charge Pat Deming (second from left). Pat is supported by teams in all of Kernutt Stokes’ offices.

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Other Services

Learn more about our other services for your business.

Tax Consulting and Compliance
Accounting Software Solutions
Business Consulting

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Information and Resources

10 Benefits of Outsourcing Your Finance Department to a Virtual Accounting Team

by Nicholas Vitale |
Outsourcing your accounting department, including transactional accountants, a controller, or a fractional CFO, to a CPA firm's "Virtual Accounting" practice has become more prevalent in recent years for small and medium-sized organizations seeking financial expertise without the high cost of a full-time employee.

3 Tips for a Successful Financial Statement Audit

by Patrick Deming |
It is that time of year again, and if you are not already deep in financial statement audit requests, you will be soon. As you get ready, it is always good practice to evaluate how to improve the audit process as well as your overall experience and that of your staff. We have found the following three tips to be key to a successful financial statement audit each year.

How to Account for Government Assistance for Various Transactions

by Ethan Doak |
In the United States, generally accepted accounting principles (GAAP) do not give explicit guidance on how for-profit organizations should account for government assistance funding. In the absence of direct guidance organizations generally must choose between using the GAAP guidance for nonprofit entities in accounting standards codification (ASC) 958-605 or the guidance in international accounting standards (IAS) 20.

How to Structure a Related Party Lease to Your Benefit

by Ethan Doak |
Structuring a related party lease to your benefit involves careful consideration of various legal, financial, and tax implications. Organizations looking to structure leases under common control as short-term leases to avoid capitalization must adhere to specific accounting guidelines and principles.