The Gallagher, Flynn Approach
Our focus is on private, closely held businesses ranging from family or investor owned companies to non-profit organizations. We work with many industries, but have particular knowledge in manufacturing and wholesale distribution, hospitality and service industries, as well as not-for-profits. We also have significant experience working with foreign-owned companies, including those requiring IAS reporting. Our professional team works with you to ensure the end result meets your requirements. Prior to completion of any financial statement engagement, we review draft statements with your management team, audit committee, and/or board of directors as required. We discuss trends and patterns and highlight situations that may merit future attention.
Levels of Our Services
Depending on your needs, whether internally driven or externally driven, (banks, investors, et al.), we provide three types of assurance services:
We organize your information into acceptable industry format, which may include explanatory footnotes and/or disclosures; however, no inquiries or analyses are performed.
Not a formal opinion, but provides negative assurance to the reader that the financial information is in conformity with relevant accounting principles. We systematically analyze and inquire about the information you provide. We may review your budgets and compare data specific to your company, as well as industry-wide.
Our most comprehensive service, offering the highest level of assurance. We observe, test, confirm and independently verify your financial information, then help draft or audit your financial statements and also issue a letter to management detailing our findings. We may recommend ways to help your business run more smoothly and point out any weaknesses in your internal control systems. We can also arrange special audit engagements to satisfy third party needs for specific account balances and can perform other procedures for any account you may wish to have independently verified.
GFC provides a broad range of value-added services to entrepreneurial, mission-driven, not-for-profit organizations and their leadership. We understand the unique challenges of building human and technological infrastructure, developing reliable and consistent funding mechanisms, maintaining a strong cost control culture, and creatively navigating the tax code.
We have designed our services to meet the needs of not-for-profits ranging from value-added audits of general purpose financial statements, including audits of organizations that receive significant federal funding, to consulting services that build strong accounting systems that enhance the value and usability of financial data to internal and external stakeholders. In short, it is our mission to help you achieve yours.
Benefit Plan Audits:
Gallagher, Flynn & Company has been performing benefit plan audits for many years. As a result, we have developed a seasoned benefit plan audit practice that currently performs over 40 benefit plan audits each year for many leading companies. We are a member of the AICPA Employee Benefit Audit Quality Center. In addition, our technical specialists in the benefit area attend ongoing national conferences and all staff that are involved in benefit plan audits are carefully trained.
Budgets and Projections:
For businesses in need of financial projections and forecasts, we assist you in determining the impact various scenarios may have on cash flows and other financial data, information that may be especially useful when buying a business, financing or renegotiating loans.