Auditing Services
Agreed Upon Procedures
An agreed upon procedures engagement is one in which we are engaged by our client to issue a report of findings based on specific procedures performed on subject matter. Our client engages us to assist specified parties in evaluating subject matter or an assertion as a result of a need or needs of the specified parties. Because the specified parties require that findings be independently derived, our services are obtained to perform procedures and report our findings. We and the specified parties agree upon the procedures to be performed that the specified parties believe are appropriate. Because the needs of the specified parties may very widely, the nature, timing, and extent of the agreed upon procedures may very widely as well; consequently, the specified parties assume responsibility for the sufficiency of the procedures since they best understand their own needs. Our report is issued on the agreed upon procedures performed and our findings related to those procedures. An agreed upon procedures report is restricted to the specified parties.
For more information, please e-mail Brian Bastian at bbastian@swcocpas.com or call 320.251.0286.
Attestations
The accounting and auditing profession in the US is guided by standards established by the AICPA. The AICPA issues pronouncements that address auditing, reviews, and compilations. These are based on historical financial information and generally accepted accounting principles.
Schlenner Wenner & Co. provides a number of services under the attestation standards. These services typically address the need for assurance that certain events or activities are being conducted by an entity in accordance with relevant guidelines. Departments of the state government require these assurance services to obtain assurance that an organization is performing under the terms of contracts they have with the state. Creditors and financial institutions require these services to obtain assurance contract terms are being met.
For more information, please e-mail Al Garber at agarber@swcocpas.com or call 763.295.5070.
Benefit Plan
Generally, Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). If an employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent auditor for the plan. A quality audit helps ensure the financial integrity of a plan and protect plan assets. A quality audit also will help a plan administrator carry out its legal responsibility to file a complete and accurate annual return/report for the plan each year.
Schlenner Wenner & Co. is apart of the AICPA Employee Benefit Audit Quality Control Center, of which provides Schlenner Wenner & Co. with additional resources and training to better facilitate and assist the client during and after the employee benefit plan audit.
For more information, please e-mail Molly Thompson at mthompson@swcocpas.com or call 320.251.0286.
City and Government
Governmental industry is any entity that is regulated or controlled by some form of the government. These entities can be a city, state, town or school district; however, sometimes whether an entity is governmental is not clear. Not-for-profit corporations, joint ventures and special districts such as ice arenas are also examples of government industries.
Some governmental entities, such as villages, towns, cities, townships, districts and joint ventures, require audited financial statements for many reasons. These reasons may be for debt/bond related purposes, to satisfy the requirements of a contract or grant, or to meet the provisions on local, county, state, or federal governments.
Schlenner Wenner & Co. offers report preparation and various financial statement services to governmental entities. We belong to AICPA's Governmental Audit Quality Center as well as various other general accounting and auditing associations.
For more information, please e-mail Molly Thompson at mthompson@swcocpas.com or Elicia Dockendorf at edockendorf@swcocpas.com or call 320.251.0286.
Due Diligence
If a business acquisition is to have a reasonable chance of being successful, it must fit the business strategy of the acquiring company. It must be well planned, the acquisition candidate thoroughly investigated, and if acquired, appropriately incorporated into the private equity sponsor’s portfolio or our client’s business operations. Schlenner Wenner & Co. can assist with a successful match through the use of due diligence services.
For more information, please e-mail Molly Thompson at mthompson@swcocpas.com or call 320.251.0286.
For Profit
Gambling
The services we provide for Lawful Gambling Activities are monthly report preparation, annual audits or reviews, preparation of forms 990 and 990T for the gambling activities, and consultations concerning the activities. Schlenner Wenner & Co has been providing these services since the inception of the annual audits.
For more information, please e-mail Mike Wenner at mwenner@swcocpas.com or Shelley Gaetz at sgaetz@swcocpas.com or call 320.251.0286.
Not-for-Profit
A not-for-profit corporation is a corporation formed to carry out a charitable, educational, religious, literary or scientific purpose. A nonprofit corporation doesn't pay federal or state income taxes on profits it makes from activities in which it engages to carry out its objectives. This is because the IRS and state tax agencies believe that the benefits the public derives from these organizations' activities entitle them to a special tax-exempt status.
Not-for-Profit Corporations need audited financial statements for many of the same reasons as do business enterprises. Schlenner Wenner & Co. can assist you with all your corporation needs.
For more information, please e-mail Brian Bastian at bbastian@swcocpas.com or call 320.251.0286.
School Districts
Schlenner Wenner & Co. conducts financial audits of independent school districts in MN. The independent school districts are controlled by the MN Department of Education and are considered to be local government. The state of MN requires that independent school districts (and many other local government units) have an independent CPA perform a financial audit.
Our professional staff that performs these audits has a high level of expertise in auditing rules and in accounting rules. Our Firm has a high degree of responsibility to make sure the audits are conducted properly. Our Firm takes pride in the teams we have that perform these services.
For more information, please e-mail Molly Thompson at mthompson@swcocpas.com or Jon Archer at jarcher@swcocpas.com or call 320.251.0286.
