Private Company Audits

Private Company Audits are performed on entities owned by a limited number of shareholders or investors and are not traded on a public exchange. Private Companies typically are known as family-run or entrepreneurial-driven entities. The need for private company audits can be for a variety of reasons, including ensuring an entity’s financial condition and results of operations are fairly and consistently reported to interested parties, compliance with lender requirements, compliance with public oversight bodies, and oversight of management for absentee ownership.

At Schultz, Wood & Rapp, our CPA firm’s private company auditing practice consists of “Main Street America” businesses, including manufacturers, wholesalers, distributors and retailers, and range in size from small local businesses to large nation-wide companies.

The majority of our audits express opinions upon the fairness of an entity’s financial statements and related supplementary schedules.

Our financial statement audits are conducted in accordance with auditing standards generally accepted in the United States of America, and will include auditing financial statements reported in accordance with U.S. generally accepted accounting principles or another comprehensive basis of accounting.

Our audit includes obtaining an understanding of the entity and its environment, including internal control. This is used to assess the risk of misstatement of the financial statements and to design the nature, timing and extent of audit procedures. An audit is not designed to provide assurance on internal control or to identify deficiencies in internal control. However, our efforts during the audit process and related services often help us to identify and address issues related to:

• Internal Controls
• Business processes and inefficiencies
• Areas for cash flow improvement
• Company and industry trends
• General business advice and concerns