Financial Statement Services
We can compile your financial records into professional GAAP (Generally Accepted Accounting Principles) compliant financial statements, offer limited-scope review testing, or deliver complete audit attestation. Our accountants can help you in choosing the best suited and most cost-effective options to meet your specific needs.
Audit of Financial Statement
In the process of preparing the financial statements, we will study your company’s internal control of the accounting procedures and examine transactions intensively to express a reasonable assurance that the financial statements taken as a whole are free of material misstatement and are presented in conformity with GAAP. We will obtain an understanding of the internal control, assess the fraud risk, and perform tests of accounting records and other procedures.
It is often used for construction industries and governmental reporting for nonprofit organizations as well as employee retirement plans. It can also be used for banks, investors and other third parties.
Review of Financial Statement
Where an audit may not be necessary, we can assist you with a review of your financial statements and provide a limited form of assurance whether any material modifications should be made to the financial statements for them to be in conformity with GAAP. We will primarily perform inquiry and analytical procedures which provides a basis for expressing limited assurance on the financial statements. A review does not contemplate obtaining an understanding of the company’s internal control, assessing fraud risk, and testing of accounting records and other procedures ordinarily performed in an audit.
It is used for internal management, banks, investors and other third parties. Some clients choose compilation service during interim periods and have us review at year end.
Compilation of Financial Statement
Where audit or review services may not be needed, we can assist you by simply compiling your information in the form of GAAP compliant financial statements. We will not express any assurance on the financial statements. In addition, we can prepare tailor-made financial reports that can be useful tool for the management.
It is often used for management use, as well as banks, investors and other third parties. Our engagement can be monthly, quarterly or anually depending on your needs.
Agreed Upon Procedures
Where a client and/or specified third party require financial information or an assertion of management to be independently verified, we can assist with the agreed-upon procedures engagement. In such an engagement a report of findings is issued based upon the results of performing specific procedures, as agreed by the client and other specified users related to the subject matter. Agreed Upon Procedures are different from Audit engagement. Audits involve granting a formal opinion on whether the company’s financial statements have been prepared in accordance with GAAP. On the other hand, auditors simply act as finders of fact in agreed upon procedures.
It is used for HUD related entities with data collection purpose.
