Home / About /

Services

Audit

In today’s fast-moving business environment, it simply isn’t enough to offer only a review of historical statements. Auditors now must look beyond the numbers to identify areas where a business can improve internal controls, increase efficiency, and enhance business systems and processes. M. Vail & Associates, PC (VA) provides objective and professional evaluation of a business’s system of internal controls through financial, operational, and compliance audits.

Our audit services can be designed to go well beyond an audit to address the quality of information business owners use to make critical business decisions. We can add audit services based on your company’s unique business issues. All VA audits follow stringent guidelines designed to meet regulatory requirements.

A customized audit approach executed by experienced professionals

M. Vail & Associates, PC (VA) provides external audit services using a customized audit approach designed to address the unique risks and needs of the your business. VA adheres to strict standards of quality control which in turn are also subject to a strict, regular peer review every three years.

VA staffs every engagement with a mix of personnel holding the experience level required to provide superior service. Our professionals look beyond the numbers to identify areas where a business can improve its internal controls, increase efficiency, and enhance business systems and processes.

Because we customize the audit approach with the right professionals, our external audit services can go well beyond an audit to address the quality of information business owners use to make critical business decisions.

Back to top

Financial reporting standards and regulations continue to change

Financial reporting standards and regulations continue to change and companies face increasing complexity responding to these new requirements. M. Vail & Associates, PC (VA) assists companies in meeting changing requirements, providing numerous services including, but not limited to,

  • Financial statement preparation services
  • Regulatory filings, including SEC
  • IFRS conversion
  • Application of complex accounting standards

This is an unprecedented time in the world of accounting and VA is well positioned to assist public and private companies meet changing requirements. Our experienced professionals are certified public accountants and focus on adding value and improving business performance of our clients.

Back to top

ERISA/401(k) Benefit Plan Audits

401(k) Plans are making a comeback

A well designed 401(k) plan can help attract and keep talented employees. In an effort to retain top employees, many U.S. companies that, during the recession, cut back on 401(k) matching contributions – one of the most valuable employee benefits – are beginning to restore them. Employers are entitled to a tax deduction for contributions to employees’ accounts.

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 your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent qualified public accountant. M. Vail & Associates, PC (VA) specializes in performing benefit plan audits for 401(k), 403(b), profit sharing and ESOP plans. Our services include providing written recommendations on improving plan controls, assisting the plan fiduciary in improving the entity and/or executive level oversight, as well as review the plan’s Form 5500's for accuracy and completeness.

VA is staffed with knowledgeable professionals in employee benefit plan auditing standards, Employee Retirement Income Security Act (ERISA) and Department of Labor (DOL) reporting and compliance requirements, and tax filing requirements. This allows VA to deliver the highest quality benefit plan audit services in a cost effective manner.

Back to top

Federal Acquisition Regulation (FAR) Audits

FAR overhead audits to secure federal contracts

Some state Department of Transportation’s (DOT) require CPA audits to be conducted on all overhead schedules that are prepared and submitted by engineering consultants. The CPA auditor is responsible for performing an audit or examination level attestation engagement in accordance with Generally Accepted Government Auditing Standards (GAGAS) to obtain reasonable assurance that the engineering consultant complied with FAR Part 31 and applicable Cost Accounting Standards. The CPA auditor is responsible for:

  • Issuing an independent opinion on the engineering consultant’s compliance with Government regulations, including FAR Part 31 and related laws.
  • Issuing a report describing the extent of the auditor’s testing of the engineering consultant’s internal controls and the results of such testing.

M. Vail & Associates, PC (VA) has performed FAR audits for engineering firms that work on federally funded projects and our experienced professionals are prepared to assist you in meeting FAR audit requirements.

Back to top

SSAE 16 / SAS 70 Audits of Service Organizations

Planning for the new service organization standards

The AICPA issued SSAE No. 16 Reporting on Controls at a Service Organization that is effective for periods ended after June 15, 2011. This standard is very similar and supersedes SAS No. 70, Service Organizations. Under this new standard, sevice organizations have five responsibilities:

  • Prepare and present a complete and accurate description of the system
  • Specify the control objectives of the system
  • Identify the risks that threaten the achievement of the control objectives (not included in the report)
  • Design, implement, and maintain controls to provide reasonable assurance that the control objectives will be achieved
  • Provide a written assertion to accompany the description as to the completeness and accuracy of the information provided and state the criteria used as a basis for making the assertion.

M. Vail & Associates, PC (VA) utilizes a customized audit approach designed to ensure audit effectiveness and efficiency. VA has extensive experience performing SAS 70 audits for service organizations ranging from several million to more than 500 million in annual revenues. We perform both Type 1 and Type 2 audits.

Back to top

Fraud and Investigation

Business areas susceptible to fraud

Many businesses are susceptible to fraud in the following areas:

  • Accounts receivable
  • Inventory
  • Purchasing
  • Payroll and personal expenses
  • Cash
  • Management fraud schemes

M. Vail & Associates, PC (VA) assists companies in identifying the areas that could be susceptible to fraud and recommend appropriate internal control activities that would help protect company assets. VA has a Certified Fraud Examiner (CFE) on staff that can provide anti-fraud knowledge and expertise by performing the following tasks:

  • Investigate allegations against one of your employees
  • Recommend strong anti-fraud internal controls
  • Conduct interviews related to sensitive issues
  • Provide assistance with financial dispute resolution
  • Resolve irregularities discovered during your company’s audit
  • Provide expert testimony on financial and investigative matters

Back to top

For more detailed information, please contact M. Vail & Associates, PC at 214-660-2000 or visit our contact page.

Tax

Reputation for quality and responsiveness to your business tax needs

M. Vail & Associates, PC (VA) understands so many areas of your life are touched by tax implications. We believe planning is key to maximizing tax saving opportunities. The decisions you make today affect your impending tax consequences. We forecast your income tax liability and recommend the timing of your tax payments to keep your money working for you. We identify tax saving opportunities that are consistent with your financial goals. As your tax advisor, we advise on everything from managing a stock option package to distribution planning for your retirement accounts to protecting wealth that is to be passed to the next generation.

Selecting the proper entity type for your business is an important decision – one that affects your entire tax outlook. If you are new business owner or a veteran whose business objectives have changed, it’s critical that you choose the best entity vehicle for your goals. We help clients weigh the pros and cons of various options and discuss potential immediate and long-term tax consequences.

Back to top

State & Local Tax

Technical knowledge with dedicated professionals to help you meet your tax responsibilities

M. Vail & Associates, PC (VA) understands that state income tax, sales tax, property tax, and employment taxes can impact your organization’s cash flow. We provide you with dedicated professionals utilizing consistent tax methodologies that help identify tax savings and help you meet your tax responsibilities. Rely on us to help you meet your state and local tax obligations.

Back to top

Sales Tax

Sales tax filing, audit representation, collection and payment

M. Vail & Associates, PC’s (VA) dedicated tax professionals understand sales tax rules and tax filing requirements and will help you review your tax system and recommend process improvements.

Back to top

International Tax

International tax planning and compliance services

M. Vail & Associates, PC’s (VA) dedicated tax professionals help you meet your international tax compliance responsibilities. We identify the areas you are required to report such as:

  • US shareholders of foreign corporations (Form 5471)
  • US partners in foreign partnerships (Form 8865)
  • US grantors and beneficiaries of foreign trusts (Forms 3520 and 3520-A)
  • US shareholders of Passive Foreign Investment Companies (PFICS) (Form 8621)
  • Reporting for Foreign Bank and Financial Accounts (Form TDF 90-22.1)
  • Blocked income reporting for deferral of tax in currency restriction situations

Back to top

IRS audit assistance

Meet challenges with confidence knowing VA experienced professionals are in your corner

M. Vail & Associates, PC (VA) can help you reduce your stress level and uncertainty when faced with an IRS audit. Let our dedicated tax professionals provide you with expertise to provide you with confidence when dealing with an audit or tax controversy.

Back to top

For more detailed information, please contact M. Vail & Associates, PC at 214-660-2000 or visit our contact page.

Advisory

M. Vail & Associates, PC’s (VA) experienced professionals combine technical and business skills that allow us to deliver solid advice and to provide our clients with the highest levels of service. Through our Advisory Services practice, we add value and help organizations in the face of changing requirements and increasing complexity in the business environment.

Controller/Accounting Support Service

Making you a better and more well informed decision maker

Many organizations lack the time, staffing, and expertise to manage effectively their financial accounting details. Outsourcing your accounting function allows you to focus on your core business, while obtaining the complete and accurate financial information you need to make strategic business decisions. In an environment of rapid growth and change, outsourcing also gives your company staffing flexibility across a spectrum of abilities.

At M. Vail & Associates, PC (VA) we customize our services to fulfill the unique needs of our clients, ranging from high net-worth individuals to emerging and middle market companies. We handle a wide array of financial matters for these clients, including establishing accounting systems, performing monthly transactional services, preparing financial statements, preparing clients for their annual tax and audit compliance, or just providing controller and/or temporary accounting staff.

Back to top

Audit Readiness Review

Experts providing you the tools to ensure a more efficient audit

M. Vail & Associates, PC (VA) CPAs have years of experience in managing audits. Our team members are dedicated to providing you with the best experience by helping manage the audit process to reduce the impact an audit can have on the productivity of your people and on your business’ bottom line. We can assist you in the following ways: administer the audit readiness assessment to identify areas of higher risk in advance of the audit; assist in selecting your external auditor; preparation of account reconciliations and audit schedules; technical accounting advisor; audit liaison with external audit firm; draft financial statements and footnotes; etc.

Back to top

Cybersecurity/General Computer Controls

Establish, maintain and monitor effective IT controls

Protecting your data is a multi-disciplinary activity, requiring expertise in financial systems, security architecture, system level security, and network level security, to name some. At M. Vail & Associates, PC (VA), we have CPAs with extensive expertise in financial systems, IT security experts who are CISA certified as well as certified internal auditors (CIA) with extensive IT audit experience. We utilize the IIA’s Guide to the Assessment of IT Risk (GAIT) methodology to ensure consistent results and outstanding service for our clients. GAIT methodology consists of the following steps:

  • Identify the business objectives for which the controls are to be assessed
  • Identify the key controls within business processes required to provide reasonable assurance that the business objectives will be achieved
  • Identify the critical IT functionality relied on from among the key business controls
  • Identify the significant applications where IT general controls need to be tested
  • Identify IT general control process risks and related control objectives
  • Identify the IT general control to test that it meets the control objectives
  • Perform a holistic review of all key controls to ensure that considerations have been balanced between those controls that rely on IT and those that do not
  • Determine the scope of the review and build an appropriate design and effectiveness testing program

Back to top

SAS 70 / SSAE No. 16 readiness assessment

Dedicated professionals to help you accelerate your preparedness

All service organizations are becoming increasingly aware of the need to compliance with SAS70, and the new standard of compliance, SSAE 16. Both of these focus on ensuring that effective controls are in place to assure integrity and confidentiality of financial data. All of these controls are only as effective as the controls present within the IT systems and processes to mitigate potential threats of cyber-attacks and to ensure that no security holes are present that can be exposed to the outside world. Assessing the Threat, Vulnerability, and Risk (TVRA) present in your IT systems is a critical factor in the foregoing control, and requires expertise both in the financial systems and IT systems.

AT VA, your IT Security Specialists, we have Certified Public Accountants (CPA)/Certified Information System Auditors (CISA) who have expertise in IT governance and controls. We have a proven track record at performing TVRA and helping organizations like yours become more secure and prepare for SSAE No. 16 Reporting on Controls at a Service Organization.

Back to top

Financial Accounting Advisory Services for Public Companies

Financial accounting guidance provided by experienced professionals

Financial reporting standards and regulations continue to change and companies face increasing complexity responding to these new requirements. M. Vail & Associates, PC (VA) assists companies in meeting changing requirements, including providing:

  • Financial statement preparation services
  • Regulatory filings, including SEC
  • IFRS conversion
  • Application of complex accounting standards

This is an unprecedented time in the world of accounting and VA is well positioned to assist public and private companies meet changing requirements. Our experienced professionals are certified public accountants and focus on adding value and improving business performance of our clients.

Back to top

Internal Audit

Increasing the capabilities of your internal audit department

Whether its providing Sarbanes Oxley advisory services, supplementing your internal audit department to extend its reach, or providing specific audit expertise you require to meet business demands, M. Vail & Associates, PC (VA) is ready to provide quality internal audit professionals that know internal audit best practices and can identify business improvements.

Back to top

For more detailed information, please contact M. Vail & Associates, PC at 214-660-2000 or visit our contact page.