Do you have an audit or review of your financial statements? Do you think that you need one?
A company should consider engaging a CPA to audit its financial statements and to issue a report that provides the highest level of assurance that the financial statements are presented fairly and in conformity with generally accepted accounting principles. In an audit, as in a review, the CPA must be independent of the client and the financial statements must contain all required disclosures. The CPA firm you choose should also be of impeccable credibility and quality within the highest standards set by the industry. An audit adds a high-quality financial statement to the financial package that is presented to banks, investors, vendors, federal awarding agencies, insurance and building companies, as well as prospective donors and purchasers.
In an audit, we will gather information through inquiry, observation, confirmation and testing of selected transactions. An audit provides a reasonable level of assurance that the financial statements are free of material misstatements caused by error or fraud. An audit does not, however, provide a guarantee of accuracy or absolute assurance that immaterial fraud has not occurred.
We obtain a working knowledge of the industry in which you operate and acquire information on key aspects of your organization, including operating methods, products and services, and material transactions with related parties.
As part of our review services, the CPA will make inquiries concerning such financial statement related matters as accounting principles and practices, record keeping practices, accounting policies, actions of the board of directors, and changes in business activities. The CPA will then apply analytical procedures designed to identify unusual items or trends in the financial statements that may need explanation. Essentially, a review is designed to see whether the financial statements “make sense” without applying audit-type tests.
Industries
At Casey Peterson & Associates, LTD., we have many qualified people who have expertise in many industries. These industries include, but are not limited to:
- Non-Profits
- Healthcare
- Construction
- Manufacturing
- Government entities (including municipalities and school districts)
- Financial and compliance audits in accordance with circular A-133
- HUD
- Employee benefit plans (specializing in 401K plans)
Additional Services
In addition to audit and review services, our audit team offers the following services:
- Full disclosure compilations
- Agreed-upon procedures
- Internal control consulting
- Fraud examinations & prevention
- Forecast & projections
Please call Mark Lyons, CPA, Audit Shareholder or Cheryl Kenitzer, CPA, CFE, Audit Team Manager, if you have any questions on these services, or if you would like a quote. A printable PDF of Audit and Review services is available here.
Casey Peterson and Associates, LTD., offers individuals and businesses a variety of accounting services tailored to their special needs.
A company, or individual, should engage a CPA to prepare the applicable federal, state, or local tax returns in a timely, complete, and accurate manner. In addition to doing tax returns, we at Casey Peterson and Associates, LTD., feel that it is just as important for us to be available to help our clients with thorough tax planning and representation on our clients' behalf with the IRS and other taxing authorities.
