Servimer audits provide a thorough review of the effectiveness, efficiency, and economy of an operation
Parking Surprise Audits
These surprise visits are conducted by a team of specially trained auditors who gather and analyze data for various aspects of the operation focusing on loss prevention and risk management. Moreover, they expertly conduct critical observations of adherence to, or lack of adherence to, operational policies, personnel integrity and corporate organizational objectives. Depending on the desired scope of analysis, Servimer audits take anywhere from two hours to three full days of onsite observations.
When corrective recommendations are implemented, Servimer audits regularly yield increases in annual revenue of $40,000-$125,000 per facility. A record savings was realized by a single parking operation in Baltimore, MD, where annual revenue increased by $2.8 million after Servimer’s operational review.
Servimer audits are suitable for compliance reviews as required by Sarbanes-Oxley, and are usually more affordable than audits done by a company’s internal auditing department. All operational audits are presented through Servimer’s online database, Shopmetrics, featuring state-of-the-art reports and on-the-go connectivity through mobile apps.
In additional to the operational reviews, Servimer auditing services include:
Level of assurance. The level of assurance that the financial statements of a client are fairly presented is at its highest for an audit and at its lowest (none at all) for a compilation, with a review somewhere in between.
Reliance on management. In all three cases, the auditor begins with the account balances provided by management, but an audit requires in a significant amount of corroboration of this information. A review requires some testing of the information, while a compilation almost entirely relies on the presented information.
Understanding of internal control. The auditor only tests the internal controls of the client in an audit; no testing is conducted for a review or a compilation.
Work performed. An audit requires a significant number of hours to complete, since there are many audit procedures to be performed. A review requires substantially fewer hours, while the effort associated with a compilation is relatively minor.
Price. It requires vastly more effort for an auditor to complete an audit, so audits are much more expensive than a review, which in turn is more expensive than a compilation.
What Are Audits For?
There are very limited reasons for having a financial audit performed. A few are:
1. You’re a public company and required by the SEC;
2. You’re a non-public company, but required to by your investors;
3. You’re accepting funds or grants from a governmental entity at the federal, state or municipal level
4. You’re required to by a bank on the condition of a loan you received;
5. You’re looking to join the Forbes 100 list or something similar;
6. Someone is requiring you to conduct an audit and you’ve agreed.