About The Firm

Independent audit and accounting, New York, since 2001.

Founded in 2001

Silverstone Audit is an independent practice auditing financial statements and supporting the accounting of companies and projects in New York and across the United States.

Founded in 2001, Silverstone Audit has spent more than 25 years as an independent audit and accounting practice, and we are based in New York. We were established to provide financial statement audits, project and grant audits, and related accounting support to companies and organizations that need numbers they, and the people who rely on them, can stand behind.

Over that period the U.S. reporting environment has continued to develop — including the application of U.S. GAAP, generally accepted auditing standards, PCAOB standards where they are relevant, and the federal, New York State and local tax rules that apply to the entities we serve. Our work has remained focused on the same core: planning the engagement carefully, obtaining sufficient evidence, and reporting in language that a board, a lender or a funder can use.

Today we serve private companies, groups, project vehicles, professional practices and non-profit organizations, including entities in private equity, construction, real estate, renewable energy, oil and gas, legal services, tourism and education. The industries differ; the standard of care does not.

We are based in New York, at W 36th St & 7th Ave, New York, NY 10018, and we work with clients across the United States. Leadership names and professional memberships are published on this site only once they can be stated accurately. Until then, those details remain clearly marked as placeholders.

2001

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Engagements

Firm facts

  • Founded2001
  • Experience25+ years
  • Memberships[verified only, e.g. AICPA or state board]
  • Leadership[partner names]
  • OfficeNew York, NY 10018
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Mission and vision

What we are here to do

Our mission

To provide independent audit, accounting and related advisory services that help companies, projects and organizations in the United States present financial information that is complete, fairly stated and useful to the people who rely on it — boards, owners, lenders, funders and regulators.

Our vision

To be a practice known for careful work, clear reporting and professional independence: the firm a board or a finance lead in New York can appoint when the numbers have to stand up to scrutiny, and when the process of getting there should be orderly rather than chaotic.

Our values

The standards we hold ourselves to

These values shape how we accept work, how we perform it, and how we speak about our findings. They are not slogans; they are the tests we apply when an engagement becomes difficult.

Independence

We accept work only where we can remain objective. An audit opinion, and any advice that accompanies other services, has to be reached without a conflict that would undermine it. If a requested combination of services would put independence at risk, we will say so and propose a scope that does not.

Professional care

Our work is planned, documented and reviewed. We follow the auditing and reporting frameworks that apply to the engagement, and we take the time needed to understand the entity before we test or conclude. Care is not hesitation; it is the discipline of getting the evidence before the report.

Clarity

Findings are raised as they arise, in language a board or a finance lead can act on. Reports, management letters and advisory memoranda are written to be read, not only to be filed. We would rather explain a difficult point carefully than hide it in jargon.

Confidentiality

The records, judgments and conversations we see in the course of an engagement are treated as confidential, and are used only for the purpose for which we were appointed, subject to any legal or professional duty to disclose.

Integrity

We do not issue a report we cannot stand behind, and we do not omit a finding because it is inconvenient. Where the evidence is incomplete, we say so. Where we have reached the limit of a scope, we say that too.

Why choose us

What you can expect from the firm

We do not claim awards, client lists or staff numbers on this site. What we can state, and stand behind, is the following.

A practice established in 2001

We have been an independent audit and accounting practice for more than 25 years, and we are based in New York. That tenure is not a substitute for careful work on the engagement in front of us, but it does mean we have seen reporting and regulatory cycles come and go, and we plan our work with that perspective.

Sector familiarity

We audit and advise organizations in private equity, construction, real estate, renewable energy, oil and gas, the non-profit sector, legal services, tourism, education and other industries. We do not treat every entity as the same: contract accounting, donor rules, partnership reporting and seasonal revenue each need a different emphasis.

A disciplined process

Planning, risk assessment, fieldwork, reporting and follow-up are distinct stages, agreed with you in advance. Questions are raised during the work, not only at the closing meeting, so that the timetable remains realistic and the file is in good order.

Clear communication

You will have a named point of contact, a written scope and a timetable. We explain what we have found and why it matters, and we distinguish between issues that need prompt attention and those that can be planned into the next period.

Our approach

A clear path from planning to follow-up

Every audit or similar engagement follows five stages. The depth of each stage depends on the entity and the terms of reference, but the sequence does not change: we plan, we assess risk, we obtain evidence, we report, and we remain available after the report is issued.

1. Planning

Every engagement begins with planning. We take time to understand the entity or project, the applicable reporting framework, the people who will rely on the report, and the dates that matter to the board, lenders or funders. Scope, responsibilities and a realistic timetable are agreed in writing before detailed testing begins. We also agree the information we will need from management, and the points at which we will update you as work progresses. Good planning reduces last-minute pressure and helps both teams work in an orderly way.

2. Risk assessment

Once we understand the entity, we assess the risks of material misstatement in the financial statements or, for a project review, in the expenditure and compliance areas covered by the terms of reference. This includes considering the business and its environment, the design of relevant internal controls, and areas that typically require judgment — such as revenue recognition, estimates, related-party transactions and going concern. The audit or review plan is then focused on those risks, so effort is concentrated where it will make the most difference rather than spread thinly across every account.

3. Fieldwork

Fieldwork is the stage at which we obtain the evidence that will support our report. Depending on the engagement, this may include inquiry of management, inspection of documents, analytical procedures, confirmations, observation and substantive testing of transactions and balances. We work as far as possible from records that are already organized, and we raise questions and interim findings as they arise so that surprises are dealt with during the assignment, not in the final week. Fieldwork may take place at your premises, at our office in New York, or through a combination of on-site and remote work, agreed during planning.

4. Reporting

When testing is complete, we evaluate the evidence as a whole, form our conclusions and discuss significant findings with management and, where appropriate, those charged with governance. For a statutory audit, the formal deliverable is the independent auditor’s report on the financial statements, usually accompanied by a management letter that records control observations and recommendations. For project or special-purpose work, we issue the report format required by the funder or the agreed terms of reference. We aim to explain our findings in clear language, so the report is useful as well as compliant.

5. Follow-up

Issuing the report is not the end of a useful engagement. We walk management through the observations in the management letter or project report, distinguish between matters that need prompt attention and those that can be planned into the next cycle, and remain available to clarify our findings. Where we are reappointed, lessons from the current period inform planning for the next one — including information requests, cutoff procedures and any control improvements you have made. Follow-up is practical: the aim is a clearer file, fewer recurring adjustments, and a more orderly engagement the next time around.

Standards and regulation

The frameworks we work to

We plan and perform our work with reference to recognized professional frameworks used in the United States. Mention of a body or a standard describes the environment in which we practice. It is not a claim of a specific accreditation, license or membership; those are stated on this site only when they can be verified.

U.S. GAAP

The financial statements we examine are commonly prepared under U.S. GAAP. For international clients and groups that also report under IFRS, we work with that framework as well.

GAAS (AICPA)

Our audits are planned and performed with reference to generally accepted auditing standards (GAAS) issued through the AICPA. Mention of those standards describes the professional environment in which we work; it is not a claim of membership or of a specific accreditation.

PCAOB

Where an engagement relates to a public company, or is otherwise within the PCAOB’s remit, we plan the work with PCAOB auditing standards in mind. This describes the regulatory environment; it is not a claim of PCAOB registration.

IRS & NY State tax

Tax computations and filings, where they are in scope, are prepared with reference to federal IRS requirements and to New York State and, where relevant, local tax rules.

Uniform Guidance

For nonprofits and other entities that expend federal awards, we work with the Single Audit requirements of the Uniform Guidance (2 CFR 200, Subpart F), as they apply to the engagement.

SOC reports

Where a service organization’s controls matter to user entities or to their auditors, we can discuss SOC 1 or SOC 2 reporting as part of a clearly scoped engagement. Mention of SOC reports is not a claim of a specialist accreditation.

Our team

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What clients say

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