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Audit and Assurance
The primary objective of every audit process is to develop an opinion on the fair presentation of financial statements and operational results of clients. Our audit team uses a risk-based audit approach to comply with our audit standards and objectives. We perform a rigorous assessment of risk and, as such, develop an overall audit strategy. Throughout the process, the team will have in-depth conversations to gain an understanding of the client and its environment including internal controls.
In accordance with auditing standards, we will report to management and those charged with governance any significant deficiencies and material weaknesses within the design of their systems. As a value added service, we will also provide management with best practice recommendations to enhance an organization’s operations and performance. Several of our accounting specialists are certified fraud examiners, providing clients with additional knowledge on how to minimize risk and vulnerabilities to fraud. Our professionals work within a paperless environment to enhance efficiencies and timeliness of the engagement process.
We perform audits in accordance with auditing standards generally accepted in the United States and standards applicable to financial audits contained in government auditing standards, issued by the Comptroller General of the United States and the Federal Acquisition Regulations.
Visit our related audit and assurance web pages (listed below) as well as our Compliance page for a deeper understanding of particular services including our experience auditing awards in accordance with Office of Management Budget Circulars A-110, A-122 and A-133, the Federal Acquisition Regulations and other authoritative compliance requirements. Gelman, Rosenberg & Freedman audits a variety of nonprofit organizations and government contractors.
We are members of the American Institute of Certified Public Accountants (AICPA), the AICPA Government Audit Quality Center, the AICPA Employee Benefit Plan Audit Quality Center, the Maryland Association of Certified Public Accountants, the Virginia Society of Certified Public Accountants and the Greater Washington Society of Certified Public Accountants. Our quality control systems have earned us an unqualified report with no recommendations in our peer reviews for the last decade.
If you would like to receive a proposal for audit and assurance services, you can submit an RFP on the sidebar of this page. You may also want to check out our article How to Create An Effective RFP.
- Employee Benefit Plan Audits
While employee benefit plans can provide a sense of security for workers, administrators of such plans are often faced with an array of regulations and compliance concerns that require expert knowledge. A high-quality audit conducted by an experienced financial professional is often the right way to ensure your plan is structured to avoid penalties.
- International Field Office Services
Our professionals have worked with international relief and development organizations for more than 30 years and understand the challenges of maintaining accountability and good controls in country offices where programs are executed. Our accountants and consultants oversee audit services in our clients’ overseas offices and train field office staff to effectively manage program activities in compliance with federal award requirements.
- Nonprofit Audit Services
Gelman, Rosenberg & Freedman is internationally recognized in the field of nonprofit auditing. We currently serve more than 500 tax-exempt organizations in the Washington, DC metropolitan region as well as nationally and worldwide. The nonprofit sector comprises nearly 100% of the firm’s total audit business.
- Other Assurance Services
In addition to financial statement audits, Gelman, Rosenberg & Freedman’s professionals provide other assurance services.
- Reviews and Compilations
Whereas an audit provides the highest level of assurance that financial statements are fairly presented, reviews and compilations are less rigorous and less costly. They also can be more appropriate. Many funders, creditors and state charitable registration requirements, for example, will accept these forms of assurance in lieu of a full audit.
For the past 12 years, the accounting firm of Gelman, Rosenberg & Freedman has consistently provided the Chesapeake Bay Foundation (CBF) with superior services. The Gelman, Rosenberg and Freedman team, led by partner Terri McKnight, is knowledgeable about the nuances of the nonprofit industry, as well as attentive and thorough in their responses to any questions and concerns.
Fay Nance | Chief Financial Officer
Chesapeake Bay Foundation