Matheney Stees has implemented stringent quality control procedures designed to assure clients that our practice meets the highest standards. Our audit process ensures that application of superior, uniform standards applicable to all audits performed by Matheney Stees staff and our reference materials give guidance to enable personnel to apply our policies.
Our procedures are designed to identify concerns before they become significant. For example, we are concerned not only with the adequacy of the current allowance for possible losses from accounts receivable, but also the trend that present credit policies and sales philosophy will have on the allowance in the future. In addition, we orient our internal control studies to those areas where problems have occurred in the past.
Recent audit failures have increased auditors awareness of the risk of material misstatements in client financial statements. Matheney Stees and Associates has embraced this heightened risk sensitivity and has tailored its audit procedures to address these risks. Our associates are given extensive training in risk management and awareness through a combination of internal and external training forums. We encourage our associates to enhance their knowledge of the risk guidance provided by the AICPA and other regulatory bodies. Our audit approach is designed to assure that various risk factors are addressed from the planning stages through the issuance of the audit report.
Matheney, Stees has made a commitment to effectively utilize the most current audit technology available. Computer-assisted audit techniques are used to enable the most efficient and effective engagement possible. Capitalizing on the most recent mobile technology, we are able to complete substantial portions of the audit engagement at the clients office. The additional time gained through the increased efficiency allows use to provide more advice to the client for improvement of their processes and controls. This changes the audit from a commodity service to value-added assistance. We have also moved to a paperless workflow which enables staff to travel with mulitple files on laptop computers. Utilizing this process we can ensure a more efficient flow of work and multiple parties can have access to engagement documets at one time. The use of portable document scanners enables copying of client documents which reduces the amount of paper we use and carry around.