Financial Statements and Single Audits

Financial Statements Audits

A successful audit helps businesses create value and mitigate risk. DRIVEN’s Audit professionals has assisted clients in navigating the many complexities of financial reporting, both in the Puerto Rico and abroad. DRIVEN offers the depth of resources to address complex technical issues – as well as the guidance of professionals who are recognized leaders in their fields. Our partners are invested in our clients’ success, giving you unparalleled access to senior professionals and decision makers.

Yellow Book and Compliance Audits, including Single Audits under the Uniform Guidance

Yellow book and compliance audits have a significant public interest component as they are relied on by federal agencies as part of their administrative responsibilities for determining compliance with the requirements of federal awards by non-federal entities. Our professionals have the skills, knowledge and experience required to conduct Yellow Book audits and single audits under the Uniform Guidance.

Employee Benefit Plans Audit

No matter what your company’s employee benefit plan (EBP) looks like, we can perform comprehensive audits to ensure regulatory compliance and complete, accurate annual filings. From performing plan audits in accordance with Employee Retirement Income Security Act (ERISA), to advising on regulatory and reporting requirements, to providing consulting services across the entire ERISA spectrum, we understand the fiduciary responsibilities and risks that plan sponsors face.

Our employee benefits professionals participate in frequent focused training sessions, enabling them to stay ahead of the ever-changing regulatory and compliance environment and to deliver on our promise to continually meet and exceed the highest standards of our profession.

Our staff has experience with various plan types, including defined contribution retirement plans, such as 401(k), and profit-sharing, employee stock ownership arrangements, and defined benefit pension plans.

Our Employee Benefit Plan Audit Services include:

  • Full-scope audits of pension and 401(k) plans
  • Limited-scope audits of pension, health, and welfare, and 401(k) plans
  • Consulting services related to employee benefit plans and Department of Labor regulations

Agreed Upon Procedures

We have found that clients dealing with complex structures and transactions require reassurance that critical matters are being dealt with appropriately. They also wish to demonstrate this to stakeholders.

Audit or more formal assurance reporting may not be the right approach. In these circumstances, an “agreed upon procedures” engagement can be a useful solution. Under such an arrangement we carry out very specific work to cover your areas of concern in a laser-focused manner.

The advantages of ‘Agreed upon approaches’ are that the work will be limited to what is strictly necessary and will deliver the precise outcomes that you require.

These types of reports may be of use for:

  • Specific Certifications
  • Tourism Tax Credits
  • Development Tax Credits
  • Compliance with Contractual Requirements

Computer Application Audits – SSAE 18

SSAE 18 governs the way organizations report on their various compliance controls. These reports usually come in the form of a Service Organization Control (SOC) report, which provides the information needed to accurately evaluate the risks associated with outsourced vendors. When assessing data center certifications, these reports provide attestations of compliance.

SSAE 18 ensures that when someone enters into a relationship with a service provider of any kind, they can trust that any vendors the service provider works with meet the same compliance standards. SSAE 18 is designed to avoid a situation in which a customer might unknowingly expose their business to risk because a vendor partnered with a subservice organization that lacked appropriate risk management policies. Organizations entrust data centers with some of their most valuable data assets, and they also deserve to have a business partner like Driven who knows and has the experience in doing these reports.

Our professionals have worked in SOC Reports in its three forms: SOC 1, SOC 2, and SOC 3.

Reviews, Examinations, and Compilation

Small companies that are not required to be audited may be required by lenders, contractors, and other third parties to submit compiled or reviewed financial statements in accordance with the AICPA Statement on Standards for Accounting and Review Services (SSARS).

In a compilation, accountants do not express an opinion, a conclusion, nor provide any assurance on the financial statements.

In a review, SSARS requires the accountants to perform procedures to obtain limited assurance as a basis for reporting whether they are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America.


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