Welcome to Kevin E. Fordyce, CPA's website. Our firm primarily serves the audit, tax, and advisory needs of the not-for-profit sector, including charitable organizations, foundations, and charitable trusts, but we also serve individuals and small enterprises. We believe in the importance of relationships and consider each client to be a partnership. We honestly think that our success is dependent on your success. We have a devoted team of specialists that are committed to giving each of our clients carefully and personal attention. Kevin E. Fordyce, a certified public accountant with over 25 years of public accounting experience with both Big 4 and local companies, leads our firm. We have a very talented team of CPAs and other experts on board, the majority of whom previously offered audit and tax services at large companies but now work with us to give our clients with top-tier service in a firm dedicated to personalized service.
We provide a variety of services including:
- Financial statement audits, reviews, and compilations
- Compliance audits including yellow book and single audit engagements
- Income tax preparation
- Financial Statement Preparation
- Consulting and advisory services
- Not-for-profit education
Please email us with any questions or comments you may have; we would appreciate hearing from you. We have locations in California and Texas, but we can serve clients anywhere in the world.
Audits, reviews, and compilations of financial statements
Kevin E. Fordyce, CPA's audit team is competent at analyzing financial statements and assessing the risk of substantial misstatement. We will provide you with a clear picture of your organization's financial health, as well as best practice advice for improving it.
When we conduct your audit, your company will have access to:
We have substantial experience with financial statement audits, single audits (Uniform Guidance/government audits), IT assessments, internal audits, and employee benefit plan audits. Whatever challenges your business may face, we have faced them before and have information to share with you.
Experience that is unique
Our hands-on auditing technique is available in person or digitally. We tailor the process to your specific requirements. We will collaborate in the manner that you like.
Our CPAs offer:
We have extensive experience working with charitable organizations, membership organizations, trade associations, social welfare organizations, private foundations, and many other types of organizations. We collaborate with a wide range of NGOs, both individually and in groups when they are connected. We are familiar with these organizations and their requirements, as well as industry norms and practices. Our experience will be beneficial to your non-profit.
Our thorough auditing procedure lends credibility to nonprofits and assists groups in raising funds more effectively. You will be able to confidently provide your audit report to the readers/users of your financial statements.
Our nonprofit sector CPAs are enthusiastic about their profession and have dedicated their lives to learning about this specific field. You will collaborate with like-minded experts who are committed to assisting your nonprofit's success.
We assist nonprofit organizations in understanding the various complexity that nonprofit organizations encounter, such as:
- New accounting pronouncements and IRS developments
- Single audit
- Donor restrictions
- Budget review & analysis
- Not-for-Profit and association specific management advisory services
- Establishment of funds
- Employee benefit plan audits
- Accounting assistance
- Special procedures/due diligence
- Grant funding requirements – Federal, state, pass-through & private
- Internal accounting controls
- Internal audit
- Not-for-Profit consulting
Our Auditing Procedure
Auditing entails gathering enough suitable evidence to support the balances and disclosures in the financial statements. Auditors do their duties in accordance with the requirements outlined in your country's auditing standards. Financial statement auditing provides users of financial statements with the confidence of their dependability and quality. Shareholders, bankers and lenders, suppliers, and even customers of the organization use audited financial statements.
The Most Important Advantages of an Audit
While not intended for this purpose, the auditing process may find serious fraud or errors. An audit raises the likelihood of detecting fraud and serves as a deterrent. The cost of an audit is usually significantly outweighed by the potential losses due to fraud. Significant deficiencies in current internal control systems are frequently reported to the entity by the auditor. Such reporting to management enables continual cost-effective enhancements in internal controls, which protects the value and improves the quality of the entity's accounting and financial reporting. Even if it is not needed by third parties, businesses may desire to have their financial statements audited, especially if they are not prepared by a professionally competent accountant.
Financial statement compilation and preparation
Currently, all firms, even dormant and exempt private companies, must prepare statutory financial statements in accordance with the Companies Act and local Financial Reporting Standards. Financial reporting standards compliance is mandated by law. A full set of statutory financial accounts for incorporated corporations includes:
- Report by the directors or Directors’ report,
- Statement by directors,
- Statement of Financial Position,
- Statement of Profit or Loss and other Comprehensive income,
- Statement of Changes in Equity,
- Statement of Cash Flows, and
- Notes to the financial statements
This requirement applies even if the firm is exempt from having its financial accounts audited, has waived the requirement to convene Annual General Meetings, and has requested an exemption from the Inland Revenue Authority from filing income tax reports.
Compliance requirements for businesses
The creation of unaudited financial statements necessitates the use of management / internal accounting. A balance sheet, profit & loss account, basic accounting reports such as a general ledger or transaction listing report, accounts receivable (trade debtors) listing, accounts payable (trade creditors) listing, and schedules of other balance sheet and profit and loss accounts will be included. As part of the accounting process, these reports are created.
Services for Internal Audit Outsourcing
Internal audit services are provided to review compliance with company policies and processes, to establish if internal controls are being carried out satisfactorily, and to assist in determining if resources are being spent efficiently. Internal audit is an essential component of a company's risk management approach.
Internal Controls and Management Reports are being reviewed.
Internally created management accounts, budgets, projections, and other financial information are subject to quality assurance checks, particularly when prepared by insufficiently qualified individuals.
Accounting procedures and internal control systems are reviewed to identify risk areas.
Procedures and controls are being improved in order to eliminate or reduce the risk of fraud and errors.