Audit & Assurance Services

We can help you navigate compliance issues and reporting requirements while building shareholder trust.

Dave Van Damme

Shareholder, Advisory & Assurance

Leading the firm's advisory & assurance group, Dave supports closely held businesses with audits, financial reporting and fraud analysis.

Audit & Attest

We offer the level of assurance for your company needs

Audits offer the highest level of assurance to third parties. They are conducted with the objective of forming an opinion on the basic financial statements taken as a whole. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. It also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

Reviews are conducted for the purpose of expressing limited assurance to outside interests that no material modifications should be made for the financial statements to be in accordance with the applicable reporting framework. A review principally consists of inquiries of company personnel and analytical procedures applied to financial data. This service reviews the accuracy of your data.

Compilations are usually requested for internal purposes and are limited to the presentation of materials in the form of financial statements with a written accountant’s compilation report to the client or to an outside party without providing any assurances.

A preparation engagement under SSARS 21 is a non-attest service allowing our CPAs to prepare your financial statements without being under the requirements of an assurance engagement. We are not required to verify the accuracy or completeness of the information provided by your management team or otherwise gather evidence to express an opinion or conclusion on the financial statement, or to report on the financial statements.

For specific services beyond an audit, review or compilation, our team is ready to help. We now have more flexibility than ever to help design and perform agreed-upon procedures for businesses under the Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-upon Procedures Engagements by removing certain responsibilities that were previously required. The SSAE No. 19 allows us to help outline the services needed and propose a plan to help satisfy your objectives.

Generally, federal law requires that employee benefit plans with 100 or more eligible employees include a plan financial statement audit report from an independent auditor with the annual Form 5500 filing. As a service to our clients, we can provide an audit that complies with professional auditing standards, assists you in meeting your responsibility for safeguarding your plan’s assets and complying with the reporting and fiduciary requirements of the Employee Retirement Income Security Act (ERISA).

Overhead Audits

Overhead Audits & FAR Compliance

FAR Audits for Government Clients

If your architecture or engineering firm handles work on behalf of government agencies, you may be required to have an independently audited overhead rate in accordance with the Federal Acquisition Regulation (FAR). Our auditors can help you meet these compliance regulations.

Assist management in properly calculating an overhead rate under FAR Part 31.

Suggest improvements to your accounting system to quickly and efficiently determine your FAR overhead rate.


Review historical FAR overhead rates and compare to industry standards.

Analyze cost structure, accounting systems and negotiated contracts to maximize allowable FAR overhead rates.

Technical Accounting & Reporting

Comply with complex accounting and reporting requirements

Some of our clients are audited by other accounting firms and, due to independence requirements, are unable to provide accounting and reporting assistance. In these instances, we can serve as an objective technical resource to help you comply with the ever-increasing volume of complex accounting and reporting requirements.

  • Evaluating deficiencies in internal controls
  • Supporting the implementation of technical literature or complex issue resolution
  • Audit work paper preparation
  • Employee Stock Ownership Plans (ESOPs)
Technical Accounting
Financial statements

Financial Statements & Reports

The ideal reporting framework for your company

Our team provides financial statements for companies in the U.S. and abroad, based on the needs and reporting framework of your company. Our assurance team is skilled in all common accounting and reporting methods and is attuned to the needs of your lenders.

We can report on financial statements prepared utilizing U.S. Generally Accepted Accounting Principles (U.S. GAAP). U.S. GAAP reports provide investors with a minimum level of consistency in the financial statements used when analyzing companies for investment purposes.

The International Financial Reporting Standards (IFRS) were established in Europe and designed to address the complications faced by multinational and public corporations. Today, the standards have been adopted in more than 100 countries. With over 40 years of international experience and specialized training, our team has become quite adept at utilizing the IFRS framework.

The Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is a special-purpose framework based on the principles of U.S. GAAP but tailored to meet the needs of privately-held businesses and their financial statement users. The framework is focused on cash flow and tailored for private companies so they don’t have to spend time (and money) on financial reporting areas that don’t bring value to financial statement users.

At Clayton & McKervey, we’re eager to help our clients, especially with the special-purpose reporting you might be looking for. Let us know what you need, and we’ll propose a plan to meet those objectives.

Dave Van Damme

Shareholder, Advisory & Assurance

Leading the firm's advisory & assurance group, Dave supports closely held businesses with audits, financial reporting and fraud analysis.

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