John Scrudato CPA a partner in our firm is an approved member of the Public Company Accounting Oversight Board (PCAOB). Since all PCAOB work is performed or supervised and signed as John Scrudato CPA who individually and not Scrudato & Co. maintains the responsibilities, requirements and standards of the PCAOB.
The PCAOB is a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee the auditors of companies in order to protect investors and the public interest by promoting informative, fair, and independent audit reports.
The Act required that auditors of U.S. companies be subject to external and independent oversight for the first time in history. Previously, the profession was self-regulated.
The five members of the PCAOB Board, including the Chairman, are appointed to staggered five-year terms by the Securities and Exchange Commission (SEC), after consultation with the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury.
John Scrudato CPA of our firm follows the following guidlines highlighted by the SEC and PCAOB in the aftermath of the first wave of annual reports required to include management's assessment of internal control over financial reporting and the related audit report by the company's registered public accounting firm.
Our guilines are:
- One Size Does Not Fit All
- Focus Search for Material Weaknesses from the Top-down
- It's Good for Management and Auditors to Talk
- Auditors Can Use the Work of Others
- Reasonable Assurances Are Not Absolute
- Disclosure about Material Weaknesses Should Be Meaningful
- Move up the Learning Curve to Reduce Costs
- Testing Isn't Limited to Year-end
- Not Every Restatement Triggers a Material Weakness
- Section 404 Does Not Implicate All General Information Technology (IT) Controls
SEC Audits
John Scrudato CPA of our firm focuses on serving publicly traded small-sized and emerging-growth companies. Audits are specifically designed for those companies with consideration for their internal controls, systems and personnel.
The audit approach used, is designed to minimize business and audit risk associated with the audit process of public entities by maintaining high quality client acceptance standards and policies designed to seek out relationships with company management who have a high degree of integrity and competence, and where there is a balance between the likelihood that the business will succeed and the risk assumed by the investors.
John Scrudato CPA continually keeps our clients informed of the latest SEC and FASB developments, and maintain an active involvement with audit committees to ensure their involvement throughout the audit process. As a registered firm, we are subject to the rules of the PCAOB, including its periodic inspections of our firm.
Non Audit Services Available
The type of services we provide to our non-audit registrant clients include:
- Outsourced Accounting Department Service
- Preparation Of 10-K/10-Q Financial Statements/MD&A
- GAAP Research
- SEC Comment Letter Response Assistance
- Sox 404 Internal Controls Documentation & Testing
- Outsourced Internal Audit Function
- Tax Compliance
- FAS 109 Tax Provisions/Deferred Taxes
- FIN 48 Tax Position Analysis
- Mergers & Acquisitions Due Diligence
- FAS 141/142 Valuation of Goodwill and Intangibles
- FAS 144 Impairment Analysis for Long-Lived Assets
- Purchase Price Allocations
- Service On Audit Committee As Financial Expert
