Auditing & Assurance

Freja & Co delivers financial assurance services tailored to meet the needs of organizations seeking transparency, reliability, and compliance in their financial reporting. By adhering to US GAAP, IFRS, and PCAOB standards, we ensure financial information is accurate, consistent, and actionable for decision-making.

Audits

• Conducting independent audits of financial statements to provide stakeholders with assurance on compliance with US GAAP, IFRS, and regulatory standards.

• Evaluating internal controls and governance structures to identify risks and recommend improvements aligned with COSO frameworks.

• Performing audit testing for key financial areas, such as revenue recognition (ASC 606/IFRS 15), lease accounting (ASC 842/IFRS 16), and asset impairment (ASC 360/IAS 36).

• Offering industry-specific audits, including audits for non-profits, government agencies, and publicly traded companies under PCAOB requirements.

• Preparing audit-ready documentation for seamless compliance with SEC and state-specific regulations.

Reviews

• Conducting analytical procedures to provide moderate assurance over financial statement accuracy and alignment with accounting principles.

• Identifying trends and variances to highlight potential risks in financial reporting.

• Reviewing compliance with key accounting standards, including ASC 740 (Income Taxes), ASC 450 (Contingencies), and ASC 815 (Derivatives).

• Assisting management with interim financial reporting requirements for quarterly filings and other periodic disclosures.

• Providing clarity on going concern analyses and assisting with proper disclosures.

Compilations

• Preparing accurate financial statements based on client-provided data for internal management or informal reporting.

• Ensuring compliance with SSARS (Statements on Standards for Accounting and Review Services) for private company financial statements.

• Assisting small businesses and start-ups in organizing financial data to meet bank and investor requirements.

• Offering insights into improving chart of accounts, accounting systems, and internal financial processes.

• Supporting clients in transitioning financial statements to accrual-based accounting for greater accuracy and comparability.

Freja & Co’s regulatory and compliance assurance services help organizations navigate the complexities of ever-changing regulatory landscapes. Our team ensures alignment with industry standards, federal guidelines, and specific contractual obligations.

Regulatory Compliance Audits

• Verifying compliance with regulations set by agencies such as the SEC, EPA, OSHA, and FINRA.

• Reviewing financial reporting practices for public companies to ensure adherence to Sarbanes-Oxley Act (SOX) requirements.

• Conducting environmental compliance audits to meet EPA standards for emissions, hazardous waste, and sustainability reporting.

• Assessing compliance with healthcare-specific regulations, such as HIPAA and Medicare/Medicaid reimbursement standards.

• Preparing comprehensive compliance reports for industry certifications and regulatory filings.

Contractual Compliance

• Reviewing compliance with loan covenants, service agreements, and vendor contracts to ensure obligations are met.

• Conducting audits of royalty agreements, licensing contracts, and joint venture terms to verify accurate revenue sharing.

• Identifying and addressing gaps in contract management systems to prevent disputes or financial penalties.

• Ensuring alignment with procurement and supply chain agreements, focusing on performance metrics and cost efficiency.

• Providing assurance to stakeholders that contract terms are followed, fostering trust and transparency.

Grant and Funding Assurance

• Reviewing fund usage to ensure compliance with grantor guidelines, federal funding requirements, and donor restrictions.

• Conducting audits for Uniform Guidance (2 CFR Part 200) compliance for federal grants, focusing on allowable costs, subrecipient monitoring, and performance metrics.

• Assisting non-profits in preparing for grant application audits and ongoing compliance monitoring.

• Validating the alignment of program spending with grant objectives to maximize funding opportunities.

• Helping organizations manage and track restricted funds, ensuring accurate and transparent reporting to funders.

Operational assurance services from Freja & Co focus on enhancing internal controls, IT systems, and risk management frameworks to strengthen governance and operational efficiency.

Internal Controls Assessments

• Evaluating internal control systems for financial reporting, including design, implementation, and operational effectiveness.

• Providing guidance on compliance with COSO frameworks, SOX, and industry-specific governance standards.

• Identifying control weaknesses and recommending actionable improvements to mitigate fraud risks.

• Reviewing segregation of duties to prevent unauthorized transactions and conflicts of interest.

• Assisting in designing controls for cash management, procurement, and revenue cycles to enhance accuracy and accountability.

IT Systems Assurance

• Assessing IT general controls (ITGCs), including access management, change management, and data integrity.

• Ensuring compliance with GDPR, CCPA, and other data protection regulations to safeguard sensitive information.

• Conducting cybersecurity audits to identify vulnerabilities and ensure resilience against threats.

• Evaluating the effectiveness of ERP systems like SAP and Oracle in financial and operational reporting.

• Recommending enhancements to system controls to improve efficiency and reduce downtime.

Risk Management Audits

• Conducting comprehensive risk assessments to identify vulnerabilities in financial, operational, and strategic areas.

• Providing guidance on implementing Enterprise Risk Management (ERM) frameworks to address emerging risks.

• Analyzing fraud risks using forensic techniques and recommending strategies to strengthen fraud detection and prevention controls.

• Assisting with disaster recovery and business continuity planning to ensure resilience in unforeseen circumstances.

• Developing customized risk mitigation plans that align with organizational goals.

Freja & Co’s specialized services address industry-specific and emerging challenges, delivering assurance that builds trust and demonstrates commitment to stakeholders.

Sustainability and ESG Reporting Assurance

• Validating the accuracy of Environmental, Social, and Governance (ESG) disclosures, ensuring compliance with SASB, TCFD, and GRI standards.

• Advising organizations on achieving net-zero goals through transparent and credible sustainability reporting.

• Conducting ESG gap analyses to identify areas for improvement and alignment with stakeholder expectations.

• Assisting in integrating ESG reporting with financial statements under IFRS Sustainability Disclosure Standards.

• Preparing assurance reports for investors, regulators, and rating agencies to enhance credibility.

SOC Reports (Service Organization Control)

• Providing SOC 1 reports for financial reporting controls (ICFR) and SOC 2 reports for data security, availability, and confidentiality.

• Assisting service organizations in designing controls that align with AICPA Trust Service Criteria.

• Conducting readiness assessments to identify gaps before formal SOC audits.

• Supporting SOC 3 reports for broader stakeholder assurance and transparency.

• Advising on best practices for vendor risk management and third-party compliance.

Freja & Co offers customized and investigative engagements designed to meet the specific needs of clients, addressing unique risks and challenges with precision.

Fraud Investigations

• Analyzing irregularities in financial records to detect fraudulent activities.

• Conducting forensic accounting reviews to uncover misappropriation of assets or financial manipulation.

• Assisting legal teams with expert witness services and detailed fraud reports for litigation.

• Reviewing employee expense reports, vendor payments, and procurement systems to identify fraudulent patterns.

• Recommending internal control improvements to prevent future instances of fraud.

Agreed-Upon Procedures (AUP)

• Designing procedures to test compliance with specific agreements, regulations, or financial metrics.

• Delivering focused findings reports to support stakeholder decision-making.

• Conducting customized engagements for areas such as inventory counts, royalty audits, or revenue testing.

Pre-Audit Readiness Assessments

• Evaluating documentation, internal controls, and financial processes to ensure audit readiness.

• Providing recommendations for improvements to align with GAAS, PCAOB, and regulatory requirements.

• Offering training to staff on audit best practices and preparing for external engagements.