Services to Public Companies

As defined by the Sarbanes-Oxley Act of 2002, many services are “unlawful” for an audit firm to provide contemporaneously with a company’s audit. These services include (but are not limited to): bookkeeping or accounting services; financial information systems design and implementation; appraisal or valuations services; actuarial services; internal audit outsourcing services; management functions or human resources; investment advisor or investment banking services; and legal services and expert services unrelated to the audit.

In addition to the prohibitions listed above, the Act requires an increase in the documentation and testing of internal controls and management reporting on the internal control systems based on management’s testing and evaluation of internal control. (Act Section 404)

At RINA, we have the experience and training to assist management with the design, documentation and testing of internal controls in compliance with Section 404 of the Act. As an independent firm not involved in the financial audit of the company, we can provide expert targeted assistance on specific issues in a cost effective way. Examples of these services are as follows:

• Tax accounting accruals (deferred taxes, accounting analysis, audit preparation)
• Financial statement preparation (cash flow statement and notes)
• Business valuation services
• Valuation of intangibles (FASB 141 and 142 related to mergers and acquisitions)
• Due diligence services (mergers and acquisitions)
• Unconsolidated subsidiaries (accounting services, reconciliation services)
• Special projects (This could include advice on new FASB pronouncements and their implications)
• Audits of employee benefit plans (If the Board directs this to “2nd CPA” firm)
• Corporate income tax return preparation and tax planning
• Personal tax and estate planning for executives
• Sarbanes Oxley Act Section 404 compliance assistance
• Litigation support and expert witness services
• Advise and assist the Audit Committee
• Corporate fraud services (800 number for anonymous tips and agreed upon procedures)

For more information about our services, contact:

Pamela Raumer, Business Development Director
praumer@rina.com