External Auditing The importance in today's economy of borrowing funds, mergers and acquisitions, regulatory reporting, and reporting of financial information to the public has placed an ever increasing importance on the issuance of financial statements or other financial information that has been examined by independent certified public accountants in accordance with generally accepted auditing or attestation standards. Recognizing these needs, our staff is thoroughly trained in utilizing current audit techniques to efficiently examine financial information and express an opinion thereon. Our "Customized" Audit Approach Selden Fox has conducted external audits that literally number in the hundreds. Yet, for each one of those audits, we have customized our audit approach to focus on those areas that represented the most significant business risks to each client and respective users of the financial information. This Risk-based audit approach destroys the myth that one audit is just like the next. We will always place special emphasis on areas that may be of concern to you or the users of your financial information. In addition, emphasis is placed on thoroughly understanding each business's components of internal control. Highly effective internal control can be tested and relied upon in order to reduce the amount of account balance work necessary. This can result in an extremely efficient and effective audit. Overall, our customized audit approach will allow us to: Run a highly efficient, focused audit Save your people time Simplify the audit process and make it much less of a distraction from everyday work for you and your people Give you prompt advice and responses to your questions or concerns We also believe in completing all audit work at the client's offices, if at all possible. This approach allows for effective communication even through the end of the audit, as well as greater efficiency in wrapping-up the audit process. We encourage management conferences during the planning phase of each audit, periodically during the audit fieldwork, and a "closing" meeting near the conclusion of fieldwork to discuss any items of interest or concern. Therefore, there are no surprises at the end of the audit or upon issuance of the audit report.

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