AUDIT & ASSURANCE SERVICES
Our firm provides four levels of assurance service for private and closely held companies, as well as non profit organizations.
The services we provide include:
Audit. The highest level of assurance that financial statements are presented fairly in all material respects, with generally accepted accounting principles (GAAP), is an audit. It is a methodical and objective examination of the financial statements and the verification of specific information. The audit considers internal controls, testing of selected transactions and communication with third parties. The results are reported as to whether the financial statements are fairly stated and free of material misstatements. The audit gives both management and external parties the assurance that the financial data are accurate in order to make informed decisions.
Review. Similar to an audit, but less in scope,
a review consists of performing an inquiry into financial statement related matters. These include: accounting principles and practices, record keeping practices, accounting policies, actions of the board of directors and changes in business activity. The review studies performance related to previous years, ratio analysis and reasonability. The report states that it provides a reasonable basis for expressing
limited assurance that there are no material modifications that
should be made to the financial statements to conform with GAAP.
Compilation. The preparation of
monthly, quarterly or annual financial statements is compilation. It provides
the lowest level of assurance and represents information provided by
management without any express assurance on the statement, presented in the
form of a financial statement. Compilation provides a "common sense" review
of the company's financial system.
Agreed-Upon Procedures. This procedure is a review of specific financial elements to determine their accuracy or functionality. The CPA is responsible for an analysis that would involve a specific review of a procedure within the organization. Examples of agreed-upon- procedure engagements include:
- Review of internal controls within an organization
- Apply procedures to accounts receivable, inventory, accounts payable
- Reconcile cash and review aging of accounts receivable in connection with a merger or acquisition
- Verify cash and securities
- Examine gross sales
No matter what type of assurance services we provide, you will receive a thorough and meaningful document combined with the expertise to interpret the data.
For more information on Audit & Assurance Services, please contact