AUDIT & ACCOUNTING
About
Knowledge is power, but only if what you know is accurate and received in a timely manner. That’s where Gray, Gray & Gray Audit & Accounting services can make an important difference for your business. We give you the power of access to more information, with more detail and accuracy, on a more consistent basis. It all adds up to a powerful set of business intelligence and data that we can then help you put to work and make better, more informed decisions for the future of your business.
Our Services
Financial audits are an essential measuring stick for the health of your business. But they can be so much more. Understanding and analyzing your accounts and systems, then applying the information uncovered, are important steps toward improving an organization’s performance and efficiency.
Gray, Gray & Gray’s experienced audit team goes beyond standard compliance services to identify opportunities to help improve efficiencies for our clients, and to share industry best practices and benchmarks to help our clients’ organizations advance. Additionally, our unique collaborative approach coupled with our advanced technology helps to ensure minimal disruption, timely and efficient workflow processes, and the highest audit quality as well as service possible. We customize each audit engagement to meet the specific organizational needs and timeframe, and manage the entire audit process, saving valuable time and resources.
We ensure full compliance with the American Institute of Certified Public Accountants (AICPA) and Public Company Accounting Oversight Board (PCOAB) quality control rules and regulations and are subject to peer reviews and inspections on a regular basis. Our firm has never had a single negative review or complaint filed on any audit performed.
Gray, Gray & Gray provides a wide range of services to meet your company’s accounting and financial management needs. Our services allow you to concentrate on what you do best while supporting you and enhancing your critical financial functions. Our attestation engagement services include:
- Internal audits
- External audits, including employee benefit plan audits
- Investment and brokerage firm audits
- Reviews
- Compilations
- Agreed-upon procedures
- Other attestation engagements
We understand that business leaders must move quickly and respond rapidly to overcome challenges and take advantage of opportunities. Having access to the data you need to be more fully informed is essential. Our range of accounting services delivers the information you need to make quantifiable decisions based on facts. From daily business operational and accounting support, to virtual CFO services, we make the numbers work for you.
- Financial statement preparation
- Monthly & year-end closing assistance
- Audit preparation assistance
- Account reconciliations
- Accounting systems design
- Internal control design & implementation
- Accounting software assistance
- Depreciation schedules
- Accounting staff training
- Outsourced Client Accounting & Advisory Services (CAAS)
- Outsourced Virtual CFO & Controller Services
- Controller & Bookkeeper support
Our Affiliations
Our Audit and Accounting practices regularly receive the highest ratings in peer reviews conducted by AICPA certified review teams. We have also been regularly inspected by the PCAOB with no findings.
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Frequently Asked Questions (FAQ)
An audit is the most thorough, involving independent verification of financial statements through testing, sampling, and third-party confirmation, followed by a formal opinion on their fairness. A review is less intensive, using analytical procedures and inquiries without independent verification, providing limited assurance rather than an opinion. A compilation involves preparing financial statements from your information without any assurance. The choice depends on the requester: banks and investors usually require audits; some lenders accept reviews; compilations are typically for internal or informal use.
While audits are often required, they can offer more. Our thorough audit team examines your accounts, systems, and internal controls, uncovering inefficiencies, control gaps, and benchmarking opportunities you might miss. The resulting financial statements provide a clearer view of your business’s position, aiding planning, financing, and strategy. Treat it as mere compliance, and that’s all you’ll gain. Engage fully, and it can deliver benefits beyond the report.
Preparation distinguishes a smooth audit from a difficult one. Auditors require access to financial records, reconciliations, contracts, and supporting documents. The more organized you are at the start, the faster the process. As a trusted partner, we will accommodate your schedule, use technology to streamline document exchange, and communicate clearly about requirements and timing.
The Public Company Accounting Oversight Board regulates audit firms auditing public companies or SEC filers. PCAOB registration and inspection ensure audits meet the highest professional standards and that the firm has undergone an independent evaluation. Not all CPA firms hold this registration. For clients requiring credibility with regulators, investors, or capital markets, this distinction is important.
The need for a formal audit depends on factors such as lender or investor requirements, financing covenants, industry regulations, or the attainment of revenue or asset thresholds. If your annual revenue nears $10 million, or you are raising external capital or seeking significant financing, it’s wise to discuss audit readiness proactively. Preparing in advance allows for proper planning rather than last-minute scrambling.