Filomeno & Company Offers Agreed-upon Procedure Engagements to Audit Specific Areas of Business

WEST HARTFORD, Conn., July 27, 2011 /PRNewswire/ -- For businesses that have reporting needs, but aren't necessarily in the market for a full financial audit, Filomeno & Company, a proactive CPA and business advisory firm, offers Agreed-Upon Procedures engagements.

"Oftentimes business owners have hunches," said George Thomson, Director of Accounting and Auditing Services for Filomeno & Company.  "Sometimes it's about a particular segment of their business, a business function or a certain employee and they want a firm to come in and take a more in-depth look at the specific area or areas of their business that may be causing them concern."

In these instances, Filomeno & Company offers what are known as Agreed-Upon Procedures engagements where, in accordance with the standards issued by the American Institute of Certified Public Accountants (AICPA), an audit specialist offers feedback regarding internal controls in an institution's areas of highest risk.

The client selects the procedures he or she wants the auditors to perform in advance, so only areas of concern are examined without the cost or invasion of a full financial audit.  Auditors provide clarity in the form of findings that result in suggestions for improvement or simply provide peace-of-mind.

Businesses work with Filomeno & Company's audit practice in these types of engagements to take an in-depth look at areas such as: cash/security balances, inventory controls, accounts payable/receivable, company acquisition, benefits claims, collateral, etc.

"These are just a few examples of the many things we can bring to light for business owners in this flexible model," Thomson said.  

For more information about Agreed-Upon Procedures engagements, contact Filomeno & Company at 860.561.0020 or visit www.filomeno.com

About Filomeno & Company

Filomeno & Company is a proactive business advisory firm offering a wide range of services including: accounting & auditing, business advisory, business valuations, corporate tax, individual tax or strategic tax, qualified plans and fraud prevention.  Located in West Hartford, CT, the company's mission is to passionately serve our clients, our community, our firm and each other.  For more information, contact Filomeno & Company at 860.561.0020 or visit www.filomeno.com.

Press Contact: Jessica Lyon, [email protected], 860.676.4400  

SOURCE Filomeno & Company