Numbers you can stand behind

Private equity and investment structures often involve funds, holding companies and portfolio entities, each with its own reporting calendar, valuation questions and investor reporting needs. Audits in this sector have to look carefully at the substance of transactions, the treatment of investments and fair value, management fees and carried interest where they arise, and the way group information is assembled for investors and lenders.

We audit and review financial information for funds, portfolio companies and related investment vehicles, and we coordinate work across entities when a group or parallel set of reports is required. Our aim is to give those charged with governance, and the investors who rely on the figures, a clear view of whether the financial statements are fairly presented under the applicable framework, typically U.S. GAAP, or IFRS where that is the framework required by international investors or a foreign parent.

Construction and contracting businesses are shaped by long-term contracts, mobilization payments, retentions, variation orders, claims and the timing of profit recognition. These features make cutoff, work in progress and contract asset or liability balances some of the more judgemental areas in an audit, and they often sit alongside performance bonds, advances and project-level cash controls.

We audit contractors, subcontractors and project vehicles with these contract-accounting issues in mind. Our work typically addresses how revenue and costs are measured on contracts, whether retentions and claims are recognized on an appropriate basis, and whether project records support the balances in the financial statements. The result is reporting that a board, lender or joint-venture partner can read with a clearer understanding of contract performance.

Property companies, developers and real-estate investment vehicles hold assets whose value, rental income, development costs and financing structures need careful measurement and disclosure. Inventory versus investment-property classification, borrowing costs, related-party lettings and the timing of revenue on property sales are recurring points of focus in this sector.

Our audits of real-estate businesses pay particular attention to the recognition and disclosure of property assets, rental and service-charge income, development work in progress and the debt that often accompanies a portfolio. We also consider the disclosures that users need in order to understand valuation bases, commitments and related-party arrangements, so that the financial statements present a coherent picture of the property operation.

Renewable energy projects — including solar, wind and other power structures — are frequently set up as project companies with construction phases, offtake arrangements, financing covenants and, later, operating revenues. Reporting has to capture capitalization of project costs, the point at which assets are ready for use, tariff or offtake income, and the terms of the financing that underpins the project. In the United States, investment and production tax credits, tax-equity structures and related disclosure are often material to how a project is financed and reported.

We provide audits for project companies and operators in the renewable energy sector, from development and construction through to operations. Engagements are planned around the stage the project has reached, the reporting required by lenders or investors, the treatment of renewable energy tax credits where they apply, and the framework under which the financial statements are prepared, typically U.S. GAAP. The work is designed so that sponsors, boards and financiers can rely on figures that reflect the substance of the project.

U.S. oil and gas operators and service companies deal with joint interest arrangements, well or contract costs, lifting or service revenue, royalty and production taxes, and, in many cases, complex group or contractual structures. Measurement of property, plant and equipment under U.S. GAAP, asset retirement obligations where they exist, and related-party or joint-venture balances often require particular care.

We audit operators and service companies across oil, gas and related project structures, focusing on the transactions and balances that matter for the entity in front of us rather than on a generic industry checklist. The work is carried out with reference to generally accepted auditing standards and the financial reporting framework adopted by the entity, typically U.S. GAAP, so that boards and other users receive an independent opinion on a consistent basis.

U.S. nonprofits, including 501(c)(3) organizations, foundations and implementing partners, are commonly accountable both for financial statements and for donor or grant reports prepared under specific financing agreements. Restricted funds, contribution revenue, procurement rules, and the cutoff of program expenditure are typical areas of attention. Organizations that expend federal awards may also be subject to a Single Audit under the Uniform Guidance, and the audience for the report often includes boards, donors and, in some cases, regulators.

We undertake financial statement audits and project or grant audits for nonprofit organizations, including Single Audit work under the Uniform Guidance where federal awards are expended. The terms of each funder agreement are kept in view alongside the applicable financial reporting framework, typically U.S. GAAP. Our reports are written so that boards and the partners who fund the work can see how funds have been accounted for and whether the financial statements or the special-purpose report are fairly presented in accordance with the agreed basis.

Law firms and legal practices often operate as partnerships or professional companies, with revenue recognized on billings or work in progress, client accounts that must be kept distinct from office funds, and partner or director remuneration that needs clear presentation. Users of the financial statements may include partners, lenders and, where relevant, regulatory or professional bodies.

We provide financial statement audits and accounting support for legal practices, with attention to fee income, work in progress, client trust account (including IOLTA) presentation and the way drawings or remuneration are reflected in the financial statements. The engagement is planned around the firm’s structure and reporting needs, so that partners and those charged with governance receive financial statements they can use for decision-making as well as for compliance.

Hospitality, travel and tourism operators often have seasonal revenue, advance deposits, multi-location operations, inventory and a high volume of cash or card transactions. Revenue cutoff, agency versus principal presentation, loyalty or package arrangements, and fixed-asset maintenance programs are among the issues that can affect the financial statements.

We audit hotels, travel operators and other tourism businesses with these operating patterns in mind. Procedures are designed around the revenue cycle, deposits and advances, location-level reporting and the assets used in the operation, so that the financial statements reflect a full season of activity rather than a narrow snapshot. Boards and owners then have a more reliable basis for reviewing performance and financing.

Schools, colleges and other education providers typically receive tuition fees, sometimes alongside grants, donations or government support. Deferred income on fees billed in advance, scholarship or concession arrangements, payroll, and the stewardship of restricted funds are common reporting issues, and a wide group of stakeholders may rely on the accounts.

Our audits of education providers address tuition and related income, grant or donation accounting, payroll and the presentation of restricted and unrestricted funds where these distinctions apply. The work is planned so that boards, proprietors and, where relevant, funders receive financial statements prepared on a consistent basis and independently examined under generally accepted auditing standards.