Accounting & Auditing

We provide a variety of accounting and auditing services. These include financial statement audits (including audits in accordance with the Single Audit Act of 1984, as amended), reviews, and compilations, each of which results in varying degrees of assurance the reader may place on the financial statements. Additionally, they include the attestation function for financial forecasts and projections.

The need for our services varies by client. We believe that financial statements satisfy three basic needs:

  1. Financial statements assist management in operating the organization. Accordingly, this information is needed as often and as promptly as management intends to use the statements as an operating tool.
  2. Financial statements are generally needed to secure debt from banks and/or other lenders. These lenders usually require current financial information to have a sound basis to make a loan.
  3. Financial statements are needed to satisfy regulatory requirements.

In all of these situations, managers, lenders, and regulators require varying degrees of assurance on the financial statements; and those determinations are made on a case-by-case basis.

The three types of financial statements we prepare are compiled, reviewed, and audited financial statements. These are described in more detailed below:

  1. Compiled Financial Statements - A service, the objective of which is to present in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements.

    This is our lowest level of financial statement service and, therefore, is the lowest priced. This type of statements would be applicable to clients who are not contractually bound by insurance companies, banks, government, and other regulatory agencies that would require assurance on the financial statements.

  2. Reviewed Financial Statements - A service, the objective of which is to express limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with Generally Accepted Accounting Principles (GAAP).

    This type of financial statement service requires our firm to apply analytical procedures to the financial statements and make inquiries to management and personnel to allow us to express limited assurance on the information provided. Banks, bonding companies, and other regulatory agencies commonly request this type of financial statement.

  3. Audited Financial Statements - A service, the objective of which is to express an opinion about whether the financial statements are fairly presented in conformity with generally accepted accounting principles (GAAP) or other comprehensive basis of accounting (OCBOA). The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements, whether caused by error or fraud. The auditor plans, conducts, and reports the results of the audit in accordance with generally accepted auditing standards (GAAS).

    The type of financial statement service requires our firm to examine, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Most government agencies require this type of financial statement. This is our most detailed service and, therefore, is our highest cost service.

We would be pleased to discuss our accounting and auditing services with you. We are not only in the business of attesting to financial statements - we are advisors and will be able to discuss what service best suits your current requirements.