We view our role in the financial reporting process as an opportunity to provide our clients with accurate financial information that is comparable to others in the same industry and to recommend constructive solutions for maximizing your company's profitability and efficiency.
Since accounting needs vary from business to business, we offer different levels of financial statements services, each with its own degreee of assurance.
*Audits - An audit is the most in-depth financial statement service we provide. The benefits of a financial statement audit include:
- to study your internal controls, evaluate risks and report our findings to management
- to issue a report that provides the highest level of assurance possible that your financial statements are presented fairly in conformity with GAAP
Audits are appropriate for business that must offer a higher level of assurance to outside parties. An audit begins with a study of internal controls and an evaluation of risks. Based on these procedures, we design audit tests to overcome these risks. These tests often include direct confirmation of account balances with third parties such as banks and other financial institutions, customers and vendors. We also review significant contracts and agreements in addition to examining the source documents supporting these transactions. Our report to management offers recommendations for improvements for your internal controls, insights into business risk, industry trends, and regulatory issues while highlighting opportunities for savings throughout the organization.
*Reviews - Reviews are often needed for companies that must report their financial results to third parties such as creditors, regulatory agencies, or business owners who are not actively involved in the management of the company. During a review, we make inquiries concerning financial statement-related matters, interviewing company management and personnel as needed. We use analytical procedures designed to identify unusual items or trends in the financial statements that may require further analysis. A review provides limited assurance that material changes to the financial statements are not necessary.
*Compilations - Compilation involves preparing financial statements based on information provided by company's management, and will often involve some adjustment to the accounting records. A compilation provides no assurance that the materials submitted by the company are valid or were prepared in conformity with Generally Accepted Accounting Principles (GAAP). However, it does provide management with a set of trained eyes looking at your company's financial statements.
