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Audits
 

Curtis Blakely & Co., P.C., CPAs applies a risk-based audit approach.  Our overall audit approach remains fairly consistent, but our detail plan is dynamic and adapts to the client and specific situations.
 
We gain an extensive knowledge of our clients operations and environment, including internal controls, to assist us in assessing the risk of material misstatement, including the risk of material misstatement due to fraud.  This risk assessment enables us to perform efficient and effective audits by focusing on the areas with highest risk. We perform tests of internal controls in certain areas and, depending on the results of those tests, rely on these controls to reduce substantive testing. In other areas, we rely mainly on substantive tests, including analytical procedures. We find that it is usually most efficient and effective to examine and substantiate the detail of significant balance sheet accounts.
 
We use a paperless audit system and request as much information in electronic format as is reasonably possible for our clients to provide.  We perform a substantial portion of the planning, review and report preparation in our office, which enables us to reduce travel costs and reduces the length of our intrusion in our clients office.  We typically perform preliminary procedures prior to year end and final procedures after year end.
 
Our paperless system allows for the efficient transfer of data between clients and our firm.  We provide a list of items needed prior to our preliminary and final field work.  We know that client personnel are busy with their normal workload, so we strive to utilize information that they prepare for internal use as much as possible rather than burdening them with substantial additional work.  We assess the time that it requires client personnel to prepare schedules versus the benefit it provides to us before requesting information. First and foremost, we need the information necessary to perform an effective audit, but cost versus benefit is considered as well.
 
One advantage that we have over some other accounting firms is our continuity of staff.  The audit team assigned to each audit will have many years of telephony related experience and will change very little from year to year.  This continuity enables us to assist client personnel with helpful suggestions rather than having their staff train our people.

 
Our current audit clients include:
  • Thirty-one telecommunications entities
  • Five water supply corporations
  • One regional wholesale/retail auto parts distributor
  • Eight not-for-profit entities
  • Seventeen employee benefit plans, and
  • Three audits of companies in compliance with SSAE 16 (formerly SAS 70) (audits of service organizations)
  • Six FCC Lifeline Biennial Audits
In the past we have audited:
  • Construction companies
  • Metal fabrication companies
  • Van conversion companies
  • Air conditioning manufacturers
  • County appraisal districts
  • Cities
  • Housing authorities