Anderson, Tackman & Company, PLC

Anderson, Tackman & Co., PLC
Accounting Services and Taxes

Whether a client is using a single-entry manual bookkeeping system or the most advanced computerized systems, ANDERSON, TACKMAN & COMPANY offers an array of products, services and ideas that can streamline accounting procedures, improve accuracy, and produce reliable data.

Accounting Services	Financial Reporting	Payroll Services
Tax Preparation & Planning	Auditing	Management Advisory Services

Accounting Services Include:

Set-up and on-going support of accounting systems
Sales tax reporting
Maintenance of fixed asset and depreciation schedules

Financial Reporting Services:

Financial reporting services � including audits, reviews, and compilations � allow clients to:

Produce timely and accurate financial statements that conform with recognized accounting principles
Comply with financing or regulatory requirements
Protect assets by reviewing internal controls, administrative procedures, and tax policies
Weigh appropriate strategies based on analysis of past, current, or projected results

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Payroll Services

As changes in legislation, compliance, and delivery of benefits make payroll tasks more time-consuming and more costly than ever, many small to mid-sized companies are turning to their business partners at ANDERSON, TACKMAN & COMPANY for assistance. From outright preparation of payroll, to reviews of in-house processing, to the introduction of sophisticated but easy-to-use proprietary software systems, we offer a full array of payroll services that let clients concentrate on their businesses, not payroll.

In this increasingly complex sector, our focus is on systems that streamline and simplify, on the accuracy of data, and on making reports clear and easy to analyze.

Payroll Services Include:

Preparation of payroll checks
Payment service for federal and state payroll taxes, including unemployment taxes
Preparation of all year-end payroll tax reports and forms, including W2s and1099's
Assistance in making annual pension and profit-sharing contribution, including employee benefit reports
Conversion of manual payroll processing to a computer-based system
Set-up of on-line services to provide direct deposit and other benefits

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Tax Preparation And Planning

We can prepare your annual tax returns, whether they are individual, partnership, or corporate. We will answer all your questions about your return(s) and provide you with tax consultation to minimize future tax liabilities. We can also provide you with gift and estate tax advice and planning.

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Auditing

The audit plan utilized by Anderson, Tackman & Company, PLC has been developed through a combination of prior experience, adaptation of new professional standards, emphasis on audit quality and efficiency of approach. The remainder of this section summarizes the audit approach our firm will use to perform the audit and will allow you to compare our approach in relation to the concepts and approach utilized by other firms.

Overview

The emphasis on quality and efficiency places a greater priority on proper planning of the engagement. Through more detailed planning, a better understanding of the system is acquired resulting in concentration of audit effort in the areas of greatest risk of material error or irregularity. During the progress of the engagement, results of procedures performed are continually evaluated to allow for further revision of the audit approach. The approach used consists of four phases:

Initial planning and information gathering
Evaluation of control systems and audit program revision
Performance of compliance and substantive tests
Audit completion and report preparation

Initial Planning and Information Gathering

The initial planning process provides the information needed to design a quality, effective and efficient audit. Based on the results, the direction of the audit is developed. The following steps define this phase:

Information Gathering

We will gather the information necessary to understand the organization, function and needs of the client. Specific information gathered includes documentation of the transaction cycles and document flow and identification of current assistance programs. The information will be gathered through discussions and meetings with client personnel and review of available documentation, including client's policy manuals, budgets, prior financial statements, predecessor's audit workpapers and board minutes.

Identification of Areas of Audit Risk and Concern, Initial Materiality and Objectives

Based on the information gathered in the previous step, preliminary analytical review procedures, and our experience, we will identify the major areas of audit risk, areas needing more attention, and the initial materiality to use for the audit.

As the information is reviewed, our specific approach to the audit and its objectives are beginning to be defined. The objectives are defined to stress the major areas of audit risk and other important areas.

Review Initial Planning

The information gathered during the initial planning phases and anticipated audit approach are then discussed with the client personnel. The topics of discussion, although not limited to the following, include:

Accounting principles
Identified audit risks and potential problem areas
Client identified concerns
Fieldwork dates and report deadlines
Audit objectives
Potential reporting problems
Progress reporting format
Client provided audit assistance
Workspace needs
Data processing reports needed

Final Planning Documentation

In order to facilitate the understanding of the audit between Anderson, Tackman & Company, PLC and the client, the results of the information gathering phase and discussions with the client's personnel are documented into a formal plan. This documentation is available for review by the client to increase the understanding of our audit approach, when it will be performed, and how the client can assist our audit team.

Evaluation of Control Systems and Audit Program Revision

The audit approach developed during the initial planning and information gathering phase is further defined after an evaluation of the internal control system and control environment. Depending on the nature of the existing control systems and our assessment of the level of reliance we can place on the controls, the relative mix of compliance and substantive testing in the audit program is determined. The control system evaluation and audit program revision takes the form of the following steps:

Inquiry and Documentation of Accounting and Internal Control Environment

The understanding developed during the preliminary review performed in the initial phase will be supplemented by discussions with client's personnel responsible for the control systems. The systems will be documented in detail by a combination of flowcharts, narratives and outlines. Included within the inquiries will be the features of the accounting and administrative control system applicable to the tested federal and state financial assistance programs.

Identify and Evaluate Control System Strengths and Weaknesses

Both the strengths and weaknesses identified are important to the design of the audit program needed to achieve the audit objectives. Areas of strong controls require less detailed procedures and can be tested through compliance testing, whereas areas of weaker controls require more attention and are normally tested through a substantive approach. During this step the appropriate mix is determined. The information gathered also provides the foundation for developing the management letter.

Revise and Customize the Audit Program

Based on the control system strengths, compliance tests will be performed to determine whether the identified system is working as designed. Depending on the level of compliance, the nature and extent of substantive tests will be determined. The main goal of the audit program revisions is to expend the greatest amount of audit effort in areas of concerns or where the risk of material errors is highest.

Two types of testing are performed during the audit: compliance and substantive.

Compliance Testing

The purpose of compliance testing is to determine whether the expected strength of the system of working as intended. A sample will be selected utilizing either statistical sampling methods or non-statistical depending on the nature of the sample and objective of the compliance test. The purpose of using statistical sampling methods is to quantify the results of our testing utilizing the minimum number of transactions. Non-statistical sampling carries with it the uncertainty of performing either too little or too much audit work. Compliance tests are normally directed towards common control systems.

Substantive Testing

These tests are designed to provide evidence related to the validity of the information produced by the financial system. Substantive tests include: confirmations of balances with independent third parties, review of supporting documentation for transactions, observation of assets, and comparison and evaluation of relationships between financial statement items. Substantive tests are normally addressed to individual items on the financial statements.

Audit Completion and Report Preparation

The final phase of the audit includes review of the audit work by the engagement manager and partner. These reviews assure that the audit evidence is sufficient to meet the audit objectives and complies with firm and professional standards. The draft reports are also reviewed by the engagement manager and partner at this time. We will review the draft copies with appropriate client personnel during the exit conference.

We approach the management letter as being one of the most important features of our audit. As a result, our auditors are specifically trained to identify potential areas for increasing revenues, minimizing costs, improving efficiency, protecting assets, and improving management information. The experience of Anderson, Tackman & Company, PLC in the governmental areas and the expertise of the auditors assigned to the engagement audit allow them to recognize problems or potential problems, weaknesses, areas for improvement and other items. The process starts with the initial planning phase and continues through the audit.

Our experience with audits has allowed our firm to develop a format for presenting audit comments and findings in the most effective manner. We make a special effort to write the management letter in a manner that minimizes the likelihood of misinterpretations. Furthermore, all comments will be reviewed with appropriate client personnel prior to issuance of the management letter. If the interested parties agree with the facts presented, understand our comments and realize the potential benefits, implementation is more likely.

Automation of the Audit Process

Anderson, Tackman & Company, PLC has implemented computer assisted auditing techniques in all of its offices. The Green Bay office uses software designed specifically for auditing to aid in the evaluation, review and operation of the entire audit. Portable computers are utilized in the field.

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Management Advisory Services

As you start a business, we can help you select the proper organizational structure and secure adequate financing . We will work with you and your banker, lawyer, insurance agent, and other advisors to solve your business problems. We will also assist you in specialized areas like preparing personal financial statements, bank financing packages, financial planning, business valuations and succession business planning

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