Attesting the accompalishments, challenges and helping to assure strong foundations for future aspirations
Audit of an overseas client is in no way easier than an audit of an inland client. Being a public accounting firm, we are able to conduct our audits efficiently and cost-effectively throughout the United States as independent auditors. We follow international auditing standards which are more stringent to comply with all necessary regulatory framework and provides our client with highest level of assurance on their financial statements.
MAS is registered with Public Company Accounting Oversight Board (PCAOB), United States since 2009 and can thereby audit public companies (i.e. SEC issuers) as well as broker-dealers in the US. PCAOB Audit is a time-tested, proven audit approach designed to perform an audit of a public company in the United States under PCAOB standards. The Sarbanes-Oxley Act, 2002 established PCAOB to oversee the audits of public companies subject to federal securities law and broker-dealers registered with SEC.
PCAOB Audits: We assist public companies across industries, including entities intended to register with Securities & Exchange Commission (SEC). We understand the difficulties that come with SEC compliances. Our team of professionals has extensive experience working with publicly-traded companies with regard to SEC regulations and compliances. We offer a range of services to assist companies registered with or want to register with the SEC. Our dedicated team of professionals is well qualified to address the full spectrum of your accounting and regulatory reporting requirements. As an independent auditor, we work directly with the client’s audit committee and management to develop an efficient audit plan that provides an objective perspective in an increasingly complex regulatory environment. We assemble an integrated audit team consisting of accountants, finance professionals and tax advisors fluent in client’s industry so we can deliver an audit solution that is tailored to an organization and its particular needs.
Our international alliance with independent accounting firms and accounting networks equipped us to handle global business needs with ease. We have assisted varied publicly traded, mid-sized, and emerging-growth companies with compliance filings (i.e.10Ks and 10Qs) and development stage companies with their S-1 filings, Reg-A, Reg- CF filings. Additionally, we assist with late filings and can help achieve financial compliance if past reporting deadlines were missed. Our turnaround time and costs are considerably low for new companies who want to get registered with Security Exchange Commission (SEC).
Our leadership team members have ‘Big Four’ backgrounds and together, they offer two decades of practical experience with SEC registrant clients. Having worked on numerous audits and SEC registrants, MAS brings a wealth of experience that translates into efficient audits and financial reporting that meets compliance standards.
Broker-Dealer Audits: Broker-dealers in USA operate in a highly regulated environment. They must register with SEC and Financial Industry Regulatory Authority (FINRA). Broker-dealers are required to include their financial statements and supporting schedules, along with audit reports thereon prepared by a PCAOB-registered public accounting firm while filing their annual reports with the SEC and FINRA.
We have an extensive experience of working with broker-dealers in the United States. We have assisted broker-dealer entities in their Form X-17A-5 filings with FINRA. One of the key benefits we provide our broker-dealer clients is our in-depth expertise with regulatory requirements. In addition to being a PCAOB-registered firm, industry-specific experience enables us to proactively plan the filing requirements and provide a flexible approach to audit timing. Our team uses a focused audit approach and the latest staff trainings to ensure that we remain sensitive to budget concerns while providing phenomenal client services. Our audit services include:
- Audit of the financial statements in accordance with PCAOB standards
- Internal control review procedures
- Agreed Upon Procedures (SIPC) under Rule 17a-5(e)(4)
- Net Capital Rules Compliance under Rule 15c3-1
- Exemption Report under Rule 15c3-3
Audits, Reviews and Compilations: Whether an audit, review or compilation, we provide financial reporting services on all three levels of assurance depending on the client’s need. Our approach to financial reporting begins with gaining an understanding of your business – its operations, risks, and internal control environment. It includes:
- Audit: Its the highest level of financial statement services that includes providing a reasonable assurance whether the financial statements are presented fairly, in all material aspects, in accordance with generally accepted accounting principles in US (US GAAP).
- Review: A review is an analytical procedure conducted with limited assurance. It gives a lesser degree of assurance than an audit.
- Compilation: While compiling the financial statement, we rely on our knowledge of accounting principles and a general understanding of client’s business, present the available information and express no opinion or assurance on the statements. It is used primarily for internal use of the management. Banks may often require compilations from an independent accountant as part of their lending covenants.
IFRS Audits: The International Financial Reporting Standards (IFRS) are widely regarded as the global language of accounting in numerous countries around the world, including all of Europe currently requiring or permitting IFRS reporting and some purely requiring IFRS reporting for all domestic listed companies.
MAS has vast experience in the adoption and consulting of the adoption, including the first-time adoption of International Financial Reporting Standards. Our consultants help companies on various financial reporting matters. Our financial reporting professionals are qualified Chartered Accountants with extensive practical experience in IFRS audits across multiple jurisdictions and under different accounting frameworks. Our team is proficient in the most up-to-date IFRS and we take pride in our capability to apply our knowledge to the organization’s transition. We focus not merely on accounting and disclosures, but also on how the transition to IFRS can affect the information system and business processes of the company. This full-scale approach enables us to reduce the likelihood of unpleasant surprises in the transition process. We rely on the expertise that allows us to provide customers with exceptional quality of service. We proactively monitor new accounting rules, alert our clients to changing requirements and offer assistance with addressing complex accounting or reporting challenges, including the conversion to International Financial Reporting Standards (IFRS).
In addition to the above, we also assist clients in:
- Conversion of financial statements to generally accepted accounting principles in the US (US GAAP) & IFRS from any other financial reporting framework
- Preparation of annual (10K) and quarterly (10Q) filings to be done periodically with SEC
- Preparation or furnishing of an audit report by playing a substantial role in an audit engagement such as assisting a parent entity’s auditor of a multinational corporation in performing audit procedures in accordance with PCAOB standards