Helping Businesses with Foreign Ownership
Foreign companies with subsidiaries in the United States increasingly turn to us for a wide range of accounting and financial services. Our services to the U.S. subsidiaries have included providing attest services, like audits and reviews, as well as compiling financial statements. Many engagements require that we perform income tax preparation to keep the U.S. subs in compliance with state and federal income tax regulations. We also provide very customized consulting and agreed-upon procedure engagements to satisfy the unique needs of our clients.
AUDITS AND REVIEWS We prepare certified audits and reviews of the financial statements of the U.S. subsidiaries. We bring the same client-focused approach to the audits and reviews of foreign subs that we bring to any of our other attest engagements with the financials of U.S. entities. Much of our interaction is with the foreign auditors of the parent subsidiaries, or with the controllers of the foreign parents. The accounting and tax regulations of foreign countries often include nuances or reporting needs that are different from our own, and we offer the flexibility and team-oriented approach to make sure the parent’s and subsidiary’s needs are met.
COMPILED FINANCIAL STATEMENTS, TAX, CONSULTING SERVICES, & AGREED UPON PROCEDURES In some cases, foreign companies need assistance in monitoring the activities and finances of their U.S. subsidiaries. Often we are engaged to prepare compiled financial statements, based on the client’s books and records. We also prepare state and federal income tax returns.
However, in many cases we are called on to conduct engagements where we effectively act as the “eyes and ears” of management with regard to the accounting records, processes, and compliance with tax regulations. Many of our engagements entail going beyond the obvious accounting work to delve into monitoring internal controls, processes, or to dig deeply into the U.S. subsidiaries’ accounting records. Because there often is no substitute to a face-to-face meeting or hands-on approach, we have some engagements that include making visits to client sites, regardless of their location throughout the U.S. – our location near major airports ensures that we can reach virtually any destination in the U.S.
