Assurance and Accounting

 

 When people think of changing laws and regulations that may affect their businesses, they frequently only think about taxes. However, generally accepted accounting principles and generally accepted auditing standards also change from time to time. These changes will affect the required presentation and disclosures for your businesses’ financial statements. Our team members are committed to being up-to-date on these changes and ensure that we are presenting your financial information accurately and appropriately.

 

Which type of financial statement do you need?

There are various levels of assurance that can be provided with your financial statement presentation. The required level of assurance is frequently dictated by government, bank, or other lender requirements; however, management or shareholders may decide that they wish to have a higher level of assurance with their financial statements for job-bidding, sale, or other business-related purposes.

A compilation engagement (or Notice to Reader) is the basic level of financial reporting. There is no assurance provided with these financial statements; however, for a large number of our clients this level of assurance is acceptable for their financial reporting purposes.

A review engagement is the next level of assurance for financial reporting. We increase the number of procedures that we perform during our engagement, including analytical review, to provide a level of assurance that the financial statements are plausible in properly presenting the financial situation of your business.

An audit engagement is the highest level of assurance for financial reporting. This type of engagement is the most involved and time consuming. We perform a large number of tests and complete a number of procedures to determine whether or not the financial statements are presented fairly and are reasonable.

 

Ready to come in and see us?

Please contact us to set up an appointment date and time at your convenience.

You will find our year end checklist here for your convenience. Please check off the items you believe apply and bring your receipts and other documentation to your appointment. This will help reduce our work and your fees for your businesse’s financial statements and tax return preparation.