Assurance Services: Audits and Reviews
We understand the unique reporting requirements and complexities of employee-owned businesses. As experienced ESOP CPAs, we take time to understand your business model, ownership structure, and employee ownership goals so that your audit or review delivers meaningful insights—not just compliance.
Through detailed audits and reviews, we help organizations strengthen internal controls, mitigate risk, and uncover opportunities for improvement. Each engagement is designed to provide clarity, compliance, and the trusted advisory perspective that helps make RP&B CPAs a true source of success for our clients.
Each type of engagement serves a distinct purpose depending on the reporting requirements. Banks, creditors, investors, and trustees often rely on these reports for assurance that financial statements fairly represent the business. Understanding the differences between an audit and a review helps determine the right level of assurance for your employee-owned business.
Audit Engagements
An audit offers the most comprehensive level of assurance. It involves an independent and objective examination of your company’s financial statements, including verification of information, testing of transactions, and evaluation of internal controls.
For employee-owned businesses, our audits go beyond standard GAAP procedures to address the complexities of employee ownership. This includes analyzing leveraged transactions, share release and allocation schedules, compensation expense, and repurchase obligation considerations—all while maintaining compliance with DOL and ERISA requirements.
During an audit, we:
- Assess internal controls and perform substantive testing.
- Verify data with third parties (banks, attorneys, trustees, and valuation firms).
- Review financial disclosures for accuracy and transparency.
Based on our findings, we issue a professional opinion on whether the financial statements are fairly stated in accordance with GAAP.
An audit helps you:
- Comply with banking or lender covenants.
- Build confidence among investors, trustees, and board members.
- Detect and correct potential errors.
- Facilitate mergers, acquisitions, or succession planning.
Our ESOP CPAs combine independence with insight to help leadership and trustees interpret results and implement data-driven improvements that safeguard both the plan and business health.
Review Engagements
A review provides limited assurance that is less extensive than an audit, but involves more than basic financial reporting. We perform analytical procedures and management inquiries to determine whether any material modifications are needed for the financial statements to conform with GAAP.
While reviews do not include testing internal controls or confirming balances with third parties, they still offer valuable insight for lenders, trustees, and management. The resulting report expresses limited assurance:
You would choose a review for the following reasons:
- Provides CPA insight without the scope or cost of an audit.
- Meets moderate assurance requirements for lenders or stakeholders.
- Offers management clarity and confidence when evaluating performance or budgeting.
A review balances efficiency and credibility—an ideal fit for smaller or maturing ESOPs seeking assurance that supports informed decision-making.
Our Process
We know that every ESOP company’s story is unique—shaped by its employee owners and ownership culture. That’s why our assurance services focus on partnership and communication as much as precision and accuracy.
Our process includes:
- Discovery: Learning your ESOP structure, management goals, and financial reporting needs.
- Planning: Identifying risks and tailoring our procedures to your business model.
- Fieldwork: Conducting work efficiently and transparently with ongoing updates.
- Reporting: Delivering clear, timely findings that support management, trustees, and fiduciaries.
- Advisory: Turning results into actionable insights for the next stage of growth.
By blending technical precision with professional guidance from our ESOP CPAs, we help you look beyond the numbers to make informed decisions that strengthen your organization’s future.
A Trusted Source of Success for ESOP Companies
As nationally recognized ESOP CPAs, our team brings specialized experience in accounting and auditing for employee owned businesses, including:
- Leveraged ESOP structures and loan accounting.
- Share release and allocation schedules.
- Compensation expense and repurchase obligations.
- Coordination with trustees, valuation firms, and third-party administrators.
- Compliance with DOL, ERISA, and GAAP reporting requirements.
This combination of technical expertise and ESOP specialization ensures that your financial reporting not only meets regulatory expectations but reflects the shared ownership values that define your business.
Determine the Right Level of Assurance
Every situation is unique for employee-owned businesses. Our ESOP CPAs can help you determine which engagement best fits your reporting requirements, budget, and goals.