We perform financial statement audits, reviews and compilations.  Our services address the increasingly complex accounting, reporting and disclosure standards and the growing importance of third-party verification.

Audit Services

An audit focuses on the fair presentation of the assets, liabilities and net assets of the organization as of a date agreed upon with our client (most commonly at the organization’s fiscal year end).  It includes the verification of the organization’s assets and liabilities with outside third party documentation. A audit includes obtaining an understanding of the internal control, assessing control risk, tests of accounting records and responses to inquiries by obtaining corroborating evidential matter, and certain other procedures.   It includes a review and tests of internal controls and operating procedures, analytical reviews of revenue and expense variations, and tests of accruals of expenses and revenues.  It requires confirmation of cash, investments, and secured debts; and a representation letter from management.

In addition to an audit report on the financial statements of the organization, we issue a comprehensive memorandum on internal controls and operating procedure to identify weaknesses in internal controls and offer recommendations for strengthening those controls.  Our audits include a limited review of our client’s operations for compliance with Internal Revenue regulations.  Issues such as intermediate sanctions, inurement, payroll tax compliance and documentation adequacy are addressed and reported to the client.   We also provide you with the benefit of our experience with other organizations by making recommendations to achieve operating efficiencies.  

Review Services

    
A review of the organization’s financial statements focuses on the fair presentation of the assets, liabilities and net assets of the organization as of a date agreed upon with our client.   A review is performed in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.  A review consists primarily of inquiries of personnel and analytical procedures applied to financial data; and require a representation letter from management. A review does not contemplate obtaining an understanding of the internal control or assessing control risk, tests of accounting records and responses to inquiries by obtaining corroborating evidential matter, and certain other procedures ordinarily performed during an audit. Thus, a review does not provide assurance that we will become aware of all significant matters that would be disclosed in an audit. Our engagement cannot be relied upon to disclose errors, fraud, or illegal acts that may exist. However, we will inform you of any material errors that come to our attention and any fraud or illegal acts that come to our attention, unless they are clearly inconsequential.

Compilation Services

    
A compilation is a preparation of the organization’s financial statements as of a date agreed upon with our client and is also performed in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.   A compilation includes limited inquiries in order to present financial information based on the client’s records in accordance with generally accepted accounting principles.  A compilation may be presented without note disclosures, however it is preferable to include all disclosures for a meaningful presentation of the financial statements.