Our firm offers a wide range of services to our clients. We have extensive experience in all areas of audit, tax and consulting work, including local governments, homeowners associations, small business and nonprofit organizations. We believe in providing our clients personalized, quality service that is beyond comparison. Below we have listed the services that we offer to our clients along with a brief description.
As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Audits differ from reviews and compilations, as they are an intensive examination of your company's systems and records providing the highest level of assurance that your financial statements accurately reflect your organization's financial position.
Our areas of expertise include Local Governments, Condominium and Homeowners Associations (including audits designed to comply with the Colorado Common Interest Ownership Act), Not for Profit Organizations, For Profit Organizations.
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your organizations operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
- General ledger & financial statement preparation
- Accounting system setup for new businesses
- Business tax return preparation (Sales & Use/Business Property)
- Personal financial statements
- Litigation support
Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your organization's financial health and efficiency. We provide financial reporting on all three levels of assurance:
Audit- an intensive examination with the highest level of assurance. Auditing entails providing an opinion that financial statements are free of material misstatement and presented in accordance with generally accepted accounting principles ("GAAP"). An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
Review- some analytical procedures conducted with limited assurance. A review consists of providing limited assurance that the financial statements are presented in accordance with generally accepted accounting principles. A review is substantially less in scope than an audit and consists principally of inquiries of company personnel and analytical procedures applied to financial data.
Compilation- based upon client information provided and used primarily for internal use. A compilation is limited to presenting in the form of financial statements and supplementary schedules information that is the representation of management. No assurance is provided.
We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions.
Reviews & Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
- Review - some analytical procedures conducted with limited assurance
- Compilation - based upon client information provided and used primarily for internal use.
We gauge our worth by the personal and business successes of our clients. We can help your organization identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your organization. The following is just a few of the areas in which we provide consulting services:
- Accounting software selection and implementation
- Type of entity selection
- Business valuations
- Buying/selling a business
- Computer systems
- Financial & retirement decisions
Fraud Prevention & Detection
We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
If you suspect fraud within your organization or have become aware of fraud in your professional capacity, McMahan and Associates is a valuable resource to assist your investigative process. We can also work with you to proactively develop and implement internal controls to deter fraud.
Our Certified Fraud Examiner (“CFE”) has expertise in fraud prevention, detection and deterrence. CFEs have a unique set of skills that are not found in any other career field or discipline. They combine knowledge of complex financial transactions with an understanding of the legal environment, and how to resolve allegations of fraud. Our fraud examination services include:
- Analyzing data, transactions and financial statements
- Examining financial documents and other records for signs of fraud
- Interviewing witnesses and suspects
- Presenting investigative reports and findings
- Evaluating and advising on internal accounting controls and processes
- Reconstructing accounting records
Debt & Financing Services
Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.
Whether you are contemplating the addition of new computer hardware or overhauling your network, our experienced staff can assist you with many of the difficult decisions that must be made when designing your business' computer systems.
All organizations have differing objectives when undertaking capital projects. Regardless of the type of project undertaken, success is measured by those to whom you are accountable. A construction services audit will help you meet your obligations to your constituency which may include shareholders, management, or the electorate.
Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, many of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
- Mergers & acquisitions
- Asset protection
- Investment review
- Litigation support
- Cash flow forecasting
- Employee benefit plans
- Expert witness services
- Internet commerce
Employee Benefit Plans
The accounting and tax issues involved with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation and administration of your employee benefit plan, including ERISA Section 103(a)(3)(C) audits.
Peer review services (i.e. a System Review) are performed in accordance with standards established by the Peer Review Board of the American Institute of Certified Public Accountants (AICPA), including compliance with the reporting requirements of the AICPA and the Colorado Society of Certified Public Accountants.
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
- Tax planning & return preparation
- Not-for-profit organizations
- Taxing authority representation
- Tax effects of buying/selling a business