Audit Preparation
Compass & Anchor Solutions provides a comprehensive Tribal audit preparation service that encompasses everything from assessing the Tribe’s fiscal year-end trial balance to ensuring the general ledger account balances are supported by accurate account reconciliations. Our thorough approach guarantees a detailed, compliant, and seamless audit process tailored specifically for Tribes.
These are some of the specifics of our audit preparation:
- Assess the Tribe’s fiscal year-end trial balance
- Prepare reconciliations of agreed-upon significant accounts
- This includes the reconciliation schedules and support documents and/or proposed journal entries
- Prepare the annual government-wide and fund financial statements, including the Governmental Department’s Statement of Net Position and Statement of Activities, a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances
- Review and update the Tribe’s prepared Schedule of Expenditures of Federal Awards (SEFA), to agree to the reconciled financial statements
- Determine the general ledger account balances that are supported by current account reconciliations.