Audit Support Services
About Our Audit Support Services for CPA Firms
At Star of Accounting Concepts Pvt. Ltd., we are a dedicated offshore audit support partner for CPA firms across the United States. We work exclusively with CPA firms, assisting them in handling complex and resource-intensive audit engagements. Our mission is to empower CPA firms with scalable audit support that enhances their capacity, helps meet deadlines, and ensures compliance with the highest standards.
Our team is skilled in US GAAP, GAAS, PCAOB guidelines, ERISA, and industry-specific standards. We deliver complete audit work papers, perform risk-based testing, analytical reviews, and internal control documentation. Whether you need full-cycle audit support or assistance with specific sections, our flexible model seamlessly integrates with your firm’s workflow.
We specialize in supporting CPA firms working with clients from Construction, Employee Benefit Plans (EBPs), and Non-Profit Organizations, where complexities require domain expertise. Partnering with us allows CPA firms to increase efficiency, reduce in-house workload, and focus on strategic client relationships.
Construction Industry Audit Support Services:
Scope of Our Support
We assist CPA firms in managing construction audits that involve unique challenges like revenue recognition, project costing, and bonding requirements. Our support extends from preparing audit work papers to performing complex testing, ensuring audit readiness and regulatory compliance.
Key Audit Areas Covered
- Work-in-Progress (WIP) Schedules: Detailed preparation and reconciliation of WIP schedules with job cost records and general ledger, verifying cost-to-complete and accurate profit recognition
- Job Cost Testing: Examination of direct costs, labor, materials, overhead allocation, and subcontractor payments to ensure proper job costing and reporting.
- Contract Evaluation: In-depth review of contract terms, approved change orders, claims, and potential litigation impacts on financial statements.
- Retainage and Bonding: Verification of retainage balances, bonding requirements, and analysis of the impact on financial positions and compliance with contract terms.
- Revenue Recognition: Testing based on percentage-of-completion and completed contract methods in compliance with ASC 606.
- Analytical Reviews: Evaluation of gross margins, overhead rates, and job profitability, identifying variances and potential misstatements.
- Internal Controls: Review of procurement, subcontractor management, and billing cycles to identify process gaps and risks.
Value We Add
- Streamlined audit processes for construction clients
- Technical accuracy in revenue recognition and cost assessments
- Well-prepared documentation reducing partner review time
- Scalable support during busy seasons
Why CPA Firms Partner with Us
- Specialized knowledge in construction industry audits
- Compliance-focused approach reducing risks
- Experienced team delivering consistent, high-quality output
- Confidential handling of sensitive client data
Non-Profit Organization Audit Support Service
Scope of Our Support
We help CPA firms address the unique challenges of non-profit audits, including grant compliance, functional expense allocations, and restricted fund testing. Our team ensures transparency, accountability, and compliance with financial reporting requirements.
Key Audit Areas Covered
- Revenue Testing: Examination of grants, contributions, and program revenue, ensuring proper classification of restricted and unrestricted funds and compliance with donor requirements.
- Functional Expense Allocation: Testing and verification of expense classification among program services, general and administrative, and fundraising expenses.
- Compliance Testing: Review of government funding, adherence to UPMIFA, donor restrictions, and Uniform Guidance requirements for entities subject to Single Audits.
- Internal Controls: Evaluation of controls over revenue collection, fund disbursement, and grant monitoring to mitigate risks.
- Endowment and Investment Testing: Verification of endowment balances, investment returns, and compliance with related restrictions and disclosures.
- Single Audit Support: Assistance with major program identification, compliance testing of federal grants, and preparation of audit documentation required for Single Audits.
Value We Add
- Detailed understanding of non-profit accounting standards
- Accurate handling of grant and donor fund compliance
- Effective support in complex Single Audit engagements
- Strengthened audit quality with well-organized work papers
Why CPA Firms Partner with Us
- Expertise in non-profit sector and federal compliance requirements
- Scalable resources during audit peaks and deadlines
- Secure and professional handling of sensitive data
- Helping CPA firms strengthen client trust through audit accuracy
