Audits, Reviews and Compilation
Audits - afford the most comprehensive level of financial statement preparation. When preparing audited financial statements, we conduct an examination of your organization's financial reports, in accordance with auditing standards generally accepted in the United States of America. This enables us to express our opinion on the fairness of the presentation of your financial position and operational reports. Audited financial statements are helpful in negotiating bank loans and other credit; reporting to regulatory authorities; assuring credibility of financial statements for use by partners, stockholders or bankers; developing stock buy/sell agreements; meeting bond requirements; and safeguarding business assets. The audit examination includes a review of internal controls and systems. Often, we are able to suggest improvements in financial planning.
Reviews - a review is a level of service that results in an expression of limited assurance. D&A communicates this limited assurance in a report stating that the reviewer is not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with Generally Accepted Accounting Principles. The members of our team perform sufficient inquiry and procedures to give a reasonable basis for that conclusion.
Compilations - D&A can present, in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements. These statements are considered compilations.