Audit, Review & Compilation Services:
Audits of not-for-profit and for-profit entities
Reviews of financial statements
Budgetary planning and forecasting
Personal financial statements
For a growing business that needs bank financing, a financial statement audit is a critical part of that process. Other CPAs can certainly conduct a technically correct audit of your financial statements. My approach is to go beyond that and tell you what your financial statements are saying about your business, what numbers you should be monitoring, and where your risks and opportunities lie. In addition to bank financing, financial statement audits can also be required by capital investors, for the purchase or sale of a business, and by contributors, managers, and boards of directors. Depending on your requirements, I offer four different levels of financial statement assurance:
- Audited Financial Statements - Audited financial statements are the highest level of financial reporting available. This service is provided by CPAs and is used when owners desire a higher level of assurance in their financial statements. This includes testing transactions, invoices, confirmations to third parties and other procedures. This service is used for year end reporting, to comply with loan covenants, bonding requirements, to obtain a contractor's license and other reporting requirements. These financial statements require full financial statement presentation and footnote disclosures.
- Reviewed Financial Statements - Reviewed financial statements do not involve the testing like the audited financial statements. The focus in a review is analytical procedures, trends and analysis and other procedures. These financial statements require full financial statement presentation and footnote disclosures.
- Compiled Financial Statements - Compiled financial statements reflect the representations of management that are compiled into the correct format for reporting purposes. These financial statements can include full financial statement presentation with footnotes, or include only the compilation report, balance sheet and income statement without footnote disclosure.
- Management Reporting Financial Statements- Management reporting financial statements are presented for management use only and are not for disclosure to the public or third parties. The financial statement presentation in these reports reflects the reporting requests of the owners and managers of the company. These reports are often used for interim financial reporting since they are typically used internally.
- Agreed-upon procedure statements - These statements look at only specific pieces of a financial statement or control system and is usually the result of a request by a bank or funding source or the board to gather specific information on a particular aspect of the business.
Not-For-Profit Audits: Most funding sources and boards of directors require annual audits. My Firm serves over 50 non-profits ranging from trade associations, public and private foundations, health and welfare entities, religious organizations, private schools and country clubs.
Benefit Plan Audits: I provide government-required benefit plan audits for businesses with 100 or more employees. Although often thought of as routine, government-required audits, unintentional oversights in the routine administration of a benefit plan could create serious tax liabilities for the plan sponsor or fiduciary liabilities for the plan trustees. I can pinpoint problem areas for you and arrange for immediate solutions.