Audits
Whether you are a private company looking to satisfy a lender, a bonding company, an investor, or shareholder, or a nonprofit organization, including local governments, striving to provide information to grantors, donors, or government agencies, we are able to provide audit services that will meet your needs and objectives.
Audits can be very overwhelming, we understand the importance of your time and as a result our audit services are tailored to maximize efficiencies with minimal staff disruption. Shareholders, banks, government agencies, donors, grantors, board members and other stakeholders need confidence in your financial reporting. We take the time to understand your business and develop an audit approach that is tailored to your organization. You can expect well trained professionals on every engagement.
Our clearly defined audit process helps us perform an effective audit while also allowing us to identify opportunities to improve your internal controls. We provide reliable and objective professional advice for sound decision-making. It is important to us to consistently meet or exceed your expectations.
Audits can be very overwhelming, we understand the importance of your time and as a result our audit services are tailored to maximize efficiencies with minimal staff disruption. Shareholders, banks, government agencies, donors, grantors, board members and other stakeholders need confidence in your financial reporting. We take the time to understand your business and develop an audit approach that is tailored to your organization. You can expect well trained professionals on every engagement.
Our clearly defined audit process helps us perform an effective audit while also allowing us to identify opportunities to improve your internal controls. We provide reliable and objective professional advice for sound decision-making. It is important to us to consistently meet or exceed your expectations.
What is the difference between an Audit, Review or Compilation?
An audit is the highest level of assurance that financial statements present fairly the entity’s financial position, results of operations and cash flows in accordance with U.S. generally accepted accounting principles or another basis of accounting. In an audit, the CPA must be independent of the client and the financial statements must contain all required disclosures.
A review consists of inquiry and analytical procedures applied to financial data without outside verification. A review provides limited assurance that the financial statements present fairly the entity’s financial position, results of operations and cash flows in accordance with U.S. generally accepted accounting principles or another basis of accounting.
A compilation consists of obtaining information from management and putting it in the form of financial statements. A compilation provides no assurance on the financial statements. A compilation does not require the accountant to be independent and does not require disclosures.
With respect to reliability and assurance, a review is less extensive than an audit, but allows more reliance than a compilation.
A review consists of inquiry and analytical procedures applied to financial data without outside verification. A review provides limited assurance that the financial statements present fairly the entity’s financial position, results of operations and cash flows in accordance with U.S. generally accepted accounting principles or another basis of accounting.
A compilation consists of obtaining information from management and putting it in the form of financial statements. A compilation provides no assurance on the financial statements. A compilation does not require the accountant to be independent and does not require disclosures.
With respect to reliability and assurance, a review is less extensive than an audit, but allows more reliance than a compilation.
Reviews
We understand that you have varying needs of financial reporting and understand that an audit is not always necessary. Although our review services don’t provide the level of assurance as the audit, we have methodology and quality controls in place to deliver you a valuable financial tool.
A review is helpful for entities that must report their financial position to third parties, such as regulatory agencies or creditors. Reviewed financial statements may also be useful to business owners who are not actively involved in managing their companies. A review report provides limited assurance that material modifications to the financial statements are not necessary.
A review is helpful for entities that must report their financial position to third parties, such as regulatory agencies or creditors. Reviewed financial statements may also be useful to business owners who are not actively involved in managing their companies. A review report provides limited assurance that material modifications to the financial statements are not necessary.
Compilations
Compilations are designed to assist management in presenting their financial results in the form of standardized financial statements. It could include converting your financial statements from cash, tax, or other basis of accounting to reporting in accordance with U.S. generally accepted accounting principles (GAAP).
Agreed-upon Procedures
Agreed-upon procedures allow our professionals to be engaged to carry out and report independently derived findings on specific predefined procedures on a subject matter.
Peer Reviews
Peer reviews are designed to evaluate a CPA firm's quality control system in accounting and auditing and is part of the AICPA's practice monitoring program. As Certified Peer Reviewers, we can perform engagement or system reviews for your CPA firm. Any firm providing attest services, including audits, reviews compilations, agreed upon procedure engagements, is required to be enrolled in the practice monitoring program. These peer reviews are performed periodically by Certified Peer Reviewers. For more information about your requirement for enrollment in the CPA practice monitoring program, visit:
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