Assurance and Advisory Services

Audits

An audit's main purpose is to render an opinion about whether financial statements are fairly stated - that is, all significant financial information is included. An audit involves evaluating internal accounting controls, testing financial transactions, and confirming account balances with third parties. Generally, we perform audits because they are required by third-party lenders, regulatory agencies, stockholders of the company, and/or bylaws of the company or organization. While an audit is not designed to catch all errors, irregularities, or fraud, it may help deter fraud. Bober, Markey, Fedorovich & Company provides the traditional audit services with nontraditional methods. Our audit approach focuses on the most important areas of a company’s financial statements. These methods strengthen our audits’ effectiveness while allowing us to focus on the areas that are most important to a company’s continued success. This also allows Bober, Markey, Fedorovich & Company the opportunity to identify management recommendations that can help strengthen a company’s position in their industry.

Also see Employee Benefit Plan Audits.

Reviews

When we review financial statements, our firm issues a report explaining that the financial statements have been reviewed and that the statements are consistent with management's representation (responses to our inquiries). Thus, a review provides some assurance that nothing came to our attention as a result of our inquiries. An example of an inquiry is questioning the inventory-taking process and the methods used to evaluate those inventories. An audit actually tests representations by management, but a review does not. While the required procedures of a review are far less thorough than for an audit, the same level of input provided in the form of management recommendations is present. We strive to provide you with value-added services to help in your continued success.

Compilations

We provide compilation services for companies who are looking for an outside perspective on the story being presented through their financial statements. Though no assurances are provided on the numbers, our input on the apparent health of a company compared to others within its industry can provide valuable information to management.

Bookkeeping Services

Bober, Markey, Fedorovich & Company can maintain the journals and ledgers of original entry.  This is typically done for clients with limited accounting staff.

Special Services

Special or agreed-upon procedures are another level of CPA service. Typically, the report users and CPA firm agree upon certain procedures, including frequency to test a specific accounting function. Special procedures usually are required by regulatory agencies, but also may be useful for many companies and organizations to assist in gaining assurance with regards to specific accounts or transactions.

Internal Control Reviews

Bober, Markey, Fedorovich and Company has decades of experience in reviewing organization’s internal control structures. The intent of a system of internal controls is to prevent errors or irregularities and, if errors or irregularities occur, to detect them in a timely fashion allowing you to take action to minimize their implications. Our professionals can help pinpoint operational deficiencies that could result in lost resources. We generally work with clients in the key areas of cash disbursement controls, cash receipt controls, the purchasing cycle and the sales cycle.

Cash Management and Forecasting

Bober, Markey, Fedorovich & Company has significant experience in assisting organizations determine their proper working capital requirements, i.e. their cash management. Our professionals can help pinpoint capital requirement issues by reviewing the accounts payable payment period, the accounts receivable turnover, the inventory turnover, and short-term versus long-term investments strategies. All of these items, if not under proper control, can lead to cash shortage amounts. Our assistance in development of cash management tools leads not only to an improved cash position for the organization but more cash available to distribute out to the organization’s owners.

Similarly, Bober, Markey, Fedorovich & Company can assist you in determining how much capital you will need to meet reasonable expectations of cash inflows and outflows, i.e. cash forecasts. Our professionals work with you to help you determine your expected necessary future cash requirements. Some of our clients ask us to assist in simple cash forecasting so that they can manage their resources week to week, month to month, etc… Others have more complex requirements, such as needing forecasts to determine how much funding they will need to obtain for capital expenditures. We will formulate, with the input of management, financial projections using "what if" scenarios. Detailed spreadsheets are employed to provide information on financial ramifications based on these scenarios. These projections can be a useful tool for management to assess the impact of business decisions on the future financial health of their organization. Whatever your needs, we can help.

Seeking, Negotiating and Obtaining Financing

Getting the right financing package for your business is a critical success factor to the management of your business. Your outside financing source should be considered a partner in your business operations, and we can help you find the right match in the financing of your business.

Bober, Markey, Fedorovich & Company has been working with growing businesses for decades to assist them with their financing options. Whether you need a mortgage, an asset-based facility, an operating line of credit, industrial revenue bonds, mezzanine financing, or some form of equity or quasi-equity based facility, we can help you find a source that will provide the cash you need to run your business.

We are highly skilled in negotiating with lending sources to help you get a package that fits your needs. For example, we can help you negotiate terms of debt covenants, payment terms with which you can manage, assessments of prime vs. LIBOR-based facilities, amongst other options. Additionally, by working in a team with you and with your legal counsel, we can help you avoid document problems that could cause problems for you down the road.

Foreign Tax Minimization

There are many companies in our region that do business internationally, however, many of the issues related to doing business outside the borders of the United States can often escape scrutiny.

At Bober, Markey, Fedorovich & Company, we can assist you with many of these issues. We have extensive experience with a wide range of matters including transfer pricing, foreign employee compensation planning, ex-patriot tax planning, international asset transfers, the extraterritorial income exclusions, selecting the form of business for foreign operations, and foreign tax systems.

We have the additional resources necessary to accommodate our clients needs regarding their international operations.

Research & Development Credit

To remain competitive in today’s economy, many companies commit significant resources to developing new technologies, processes, or products. Historically, research and development costs are expensed in the ordinary course of business. However, some of these expenditures may be eligible for the Research and Development credit as well. Therefore, in addition to expensing certain R&D costs, a taxpayer may be eligible for the credit on the same expenditures that results in a dollar-for-dollar reduction in tax. Additionally, to the extent the taxpayer is unable to utilize all of the credit against tax in any one year, the R&D credit will carry forward.

In order to qualify for the credit several criteria must be met, including but not limited to qualification of the type of research activity and expenditures and underlying documentation. Bober, Markey, Fedorovich & Company can assist you in determining whether the R&D credit might benefit your company. Additionally, BMFC has a proven methodology readily tailorable to your needs to assist you in qualifying, quantifying and documenting your R&D credit.

Lease vs. Buy Analysis

Most businesses, and those that are especially capital intensive, regularly face the decision of whether to purchase or lease new equipment. Deciding between an operating lease, capital lease, or outright acquisition (either with or without financing) can have a significant impact on current and future operating cash flows and profit margins.

At Bober, Markey, Fedorovich & Company, we can assist with modeling and evaluating the alternatives from a cash flow as well as from an overall strategic business standpoint. We will consider all aspects of the transaction including but not limited to interest rates, internal rate of return, depreciation, lease purchase option, etc., in helping you to determine the best alternative for your business.

Internal Audit

We can establish or even help to improve the performance and operating efficiency of an existing internal audit function.  We provide a full range of services from developing an internal audit plan, establishing departments, reengineering existing departments, or even completely outsourcing the entire internal audit function.  We can provide internal consultation, assist in protecting the value of your business, and enhance shareholder value.

Fixed Asset Outsourcing

Is your business under staffed? Are you having difficulties keeping up with proper maintenance of fixed assets with all of your the responsibilities and demands of your business?  Does your company lack the technological software or expertise that is required to maintain fixed assets, or to obtain the maximum benefit for book and tax purposes?  We can help.  Bober, Markey, Fedorovich and Company specializes in the maintenance of fixed asset files.  We have the software and technical experience to quickly and efficiently manage the fixed assets of your business, making your job a little easier while providing you with the maximum book and tax benefits.

Accounting Procedures and Policies

Do you struggle to obtain consistent business practices within your accouting department due to staff turnover and lack of documentation of policies and procedures?  Bober, Markey, Fedorovich and Company is frequently called on to assist clients in evaluation of existing accounting policies and procedures and where none exist, facilitate the creation of appropriate documentation to help you to avoid inconsistent application of your procedures and inappropriate training of your staff.

Financial Planning

Bober, Markey, Fedorovich & Company can work with you in order to plan for your eventual retirement and transition of the family business to the next generation. These consultations can assist you in retaining your wealth within your family and maximizing the earnings of your investment portfolio.

Risk Assessment and Sarbanes-Oxley 404 Services

Bober, Markey, Fedorovich & Company understands that the corporate environment is constantly changing and emerging for today's businesses. At present, compliance with the Sarbanes-Oxley Act of 2002, including section 404, is a continuing concern for many companies. While this requires only publicly-traded business organizations to implement and document appropriate internal controls, many privately owned companies and non-profit organizations could also benefit by applying certain SOX 404 requirements. See complete details.

 

This Web Site is designed to present accurate and authoritative general information on a broad range of tax and accounting issues. For personalized advice on matters effecting your rights under the law and/or the drafting of legal documents, you should consult a licensed attorney.

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