Attestations help affirm the accuracy and authority of an organization’s financial statements and overall financial positioning.
They are generally required by banks, board of directors, creditors, bonding companies, stockholders, and sometimes also by local governments, nonprofits, and other agencies receiving federal grants.
There are three different types of reports that can be generated
Each type of financial statement report may suit specific circumstances, depending on
requirements from your client’s bank or other parties, as well as meeting budgetary needs
Understanding each report’s unique strengths and weaknesses can help you choose the
most appropriate one
Audits are intended to provide creditors, investors, and other outside parties with a high level of comfort in the accuracy of financial statements.
Audits might also be needed in case of consolidations, foreign investments, bank financing etc.
We will issue a formal report that expresses an opinion on whether the financial statements are presented fairly, in all material aspects, in accordance with the applicable financial reporting framework.
Our audit service professionals start by getting a clear understanding of your marketplace and your goals.
We have experience with the specific challenges and opportunities within your industry.
Our audit procedure typically includes getting an understanding of your accounting system by reviewing internal controls, performing testing, communication with lenders, bankers and attorneys and physical inventory observation.
At the end of the engagement, not only do you get the audit report, but also receive a recommendation letter, as part of our audit, that helps improve the financial system and performance for the following years.
With a boutique CPA firm like ours, even an engagement like audit becomes easy, knowing you are working directly with experienced personnel, who have been in the field for many years.
A Review is intended to provide lenders and other outside parties with a basic level of assurance on the accuracy of financial statements.
A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets.
Rather, a review report expresses limited assurance and is based primarily on analytical procedures applied to the financial statements, and various inquiries made to your company’s management team.
Reviews are typically appropriate as a business grows and is seeking larger and more complex levels of financing and credit.
It can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit.
Compilations are intended for use by lenders and other outside parties who may appreciate the business’s association with a CPA without requiring a level of assurance on the accuracy of financial statements.
Compilations don’t require inquiries of management or analytical procedures.
It is typically appropriate when initial or lower amounts of financing or credit are sought, or significant collateral is in place.
With growing reliance on technology and virtual connections, you will also have the assurance of knowing that your data is secure when you work with us.
We adhere to the data security regulations as required by various compliance agencies.
These regulations ensure that your data is securely maintained and transmitted to the appropriate agencies.
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