Anchin’s Business Risk Services Group helps companies manage their risk at a strategic and operational level. While you work closely with a small team that is well versed in every discipline of business risk services, you also have access to the support and expertise of dozens of renowned specialists and the experience of more than 300 professionals. Anchin as a firm is segmented into teams of industry experts, reflecting all of the major business sectors in the metropolitan area. This affords us the attention to detail and flexibility of a boutique firm and the intellectual capital of a national firm.
Our team of professionals enables businesses to design and assess the internal controls of their financial reporting systems. Our clients include publicly held companies that we assist in complying with Section 404 of the Sarbanes-Oxley Act of 2002. This section requires that management and their auditors certify that their system of internal controls has been evaluated against a recognized internal control standard that will be effective in preventing a material misstatement in a company’s financial statements.
In addition, Anchin applies these same skills to our privately held and not for profit clients. These companies have seen and experienced how the best practices required by Section 404 can help them improve business operations and secure their assets as well.
Anchin maintains best practices in performing our assessments. Our top-down, yet cost effective approach affords our clients a complete solution in a timely manner and is favorably opined by the Big Four and second tier audit firms.
Anchin also consults with audit committees and boards of directors on ways in which they can strengthen the corporate governance over their businesses. By doing so they ensure that their principles and policies will flow throughout the organization to achieve the integrity and standards with which they want the company to operate. It also allows them to monitor their business to identify deviations from the policies they establish.
Anchin is available to provide consulting services to the Board of Directors, Audit Committees and Management including internal financial investigations, review of new Accounting policies, due diligence audits, tax compliance and reporting, and special projects.
The Business Risk Services Group performs reviews to determine the effectiveness of our clients’ overall business operations in three key areas: operations, information technology and financial management. The process that we use to evaluate each area includes:
- Interviews with selected employees from each stage of the company’s work and information flow
- Interviews with key vendors and clients
- A dry run through key business processes
- Analysis and testing of findings
- Practical recommendations based on our research
This comprehensive examination of the company’s personnel, business processes and infrastructure, inclusive of the information technology department, not only uncovers and corrects inefficiencies within or between these elements but also extends to interactions with suppliers and feedback from customers or clients. By extending our review to every facet of our clients’ business model, we help establish or enhance their competitive advantages. In those instances where we detect significant control weaknesses in the Information Technology Department, we may recommend a more comprehensive examination of that department in the context of an IT Audit.
We have conducted these reviews for companies in a wide range of industries, including: Advertising and Public Relations, Collectibles, Construction, Direct Mail, Energy, Entertainment, Financial Services, Healthcare, Health Clubs, Hospitality, Import/Export, Licensing and Trademarks, Manufacturing, Packaging, Pharmaceuticals, Printing, Professional Services, Publishing, Real Estate, Rental Equipment, Retail, Shipping and Wholesale. At the conclusion of each engagement, the client received recommendations that enabled them to improve their operations, systems, efficiency, and cost-effectiveness and emerge as a more competitive player in the marketplace.
Construction Cost Reviews
As a creative, solutions-driven firm, we play an active role in helping owners and developers effectively oversee the financial aspects of their construction projects. Anchin’s professionals have developed a comprehensive approach to reviewing payment applications, change orders and budgets for construction projects of all sizes. Our unique approach can be tailored to fit any construction budget. We have successfully assisted owners and developers in controlling costs of their construction projects ranging in size from $10 million to over $1 billion.
We assist our clients by identifying issues early so that they can be resolved as quickly as possible, helping our clients minimize their costs and avoid costly litigation. Our role can be specifically limited to tracking progress against the construction budget and identifying potential cost overruns as early as possible. Our team can also be involved at a higher level, overseeing the bidding process and ensuring that every payment application is accurate and properly supported by all required documentation, only including charges permitted under the applicable contract. Our requisition review can be performed pre or post payment.
When performing a detailed payment application review, our most common findings include:
- Unapproved change orders
- Change orders for work that is within the scope of the original contract
- Duplicate billings
- Billings for items unrelated to the project
- Insufficient documentation to support billings
- Labor hours/rates charged do not match the contract or time sheets
- Miscalculation of insurance charges and overhead allocations
Our clients view this service as a valuable tool to help them achieve their goals.
The Anchin Touch
The professionals in Anchin’s Business Risk Services Group have a big picture perspective as certified public accountants, certified fraud examiners, certified information systems auditors, valuation experts and operational management specialists. We are trained to look beyond the numbers and help companies optimize their operations and value through the effective use of information, manpower and strategic planning. Our experienced consultants identify cost-effective, pragmatic solutions to our clients’ business concerns.
Business Risk Services Group helps companies:
- Strengthen the effectiveness of their corporate governances including their system of internal controls
- Strengthen the effectiveness of our clients’ overall business operations through risk assessments and the operational reviews of critical business processes
- Strengthen the controls, security, operation and selection of technology of our clients’ IT systems and environment
- Maximize the efficiencies of our clients electronic information management and E discovery requirements
- By providing internal audit functions