Accounting and Auditing
ACCOUNTING, AUDITING & CONSULTING – PROVIDING A COMPETITIVE EDGE
“Firms that have multiple clients in the same industry bring a more in-depth understanding to the unique audit risks presented by a particular industry. Firms that have few clients in a particular industry may not have the critical mass to keep up with industry news and practices.”
– A study published in The CPA Journal
Long Term Post-Acute Care Facilities throughout the Eastern United States have come to rely on HMM’s formidable industry insight, trusting the firm’s Audit and Assurance Services division to perform financial statement and employee benefit plan audits.
Six Principles for Success:
- Industry Experience
Staff excels in the processes and procedures unique to the Healthcare industry.
- Experience with the Client – for a Higher Quality Audit
Staff on repeat audits have a better understanding of how the client’s business processes work, their strengths and weaknesses, and areas susceptible to risk and errors from the previous year.
- Partner & Manager Attention
Immediate access to authoritative responses to technical and procedural questions ensures proper supervision and assignment.
- Professionalism, Persistence & Skepticism
Persistent skepticism makes it less likely that insufficient evidence will be accepted, and ensures that audit tasks are performed correctly.
- Proper Planning and Performance of Audit Work
These steps provide a reasonable assurance of detecting material misstatements.
- Communication With Those Charged With Governance
The AICPA (American Institute of Certified Public Accountants) reports that the healthcare industry accounts for over 14% of the U.S. economy, with a total annual volume of over $1 trillion. Independent assurance by CPA firms allows people to make more informed decisions about this most important concern. We are an AICPA, peer-reviewed, certified public accounting firm. Our Peer Review report is available upon request.