Audits, Reviews, & Compilations
An audit is a methodical review and objective examination of the financial statements, including
the verification of specific information as determined by the auditor or as established by
An Audit allows you to
- Satisfy stakeholders as well as the investing community as to the credibility of published information
- Facilitate the payment of taxes on-time and accurately thereby avoiding penalities and investigations
- Comply with banking covenants
- Detect fraud and error
- Facilitate the purchase and sale of businesses
You get the highest level of assurance because we go outside your company to obtain more information.
Typically we'll have written communication with your customers, banks, vendors, and attorneys. We perform phyical
inspections by observing your inventory, and performing test counts. We document and test each operating cycle
including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a
detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of
analytical procedures we apply to the financial statements, and various inquiries we make of your company's
management team. If the financial statements or supporting information appear inconsistent or otherwise questionable,
we may need to perform additional procedures.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third
parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement:
"We are not aware of any material modifications" for the financial statements to be in conformity with the Generally
Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.
In compiling financial statements for a client, we present information that is the "representation of management"
and expresses no opinion or assurance on the statements. A compilation is limited to presenting information that is the
representation of management in the form of financial statements and supplementary information and accordingly we do not
express any degree of assurance on the statements. In a review of a company’s financial statements, we express limited
assurance that there are no material modifications that should be made to the financial statements. A review consists
principally of inquiries of company personnel and analytical procedures applied to financial data.
Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting
principles and a general understanding of your business. Banks often require compilations from an independent CPA as part of
their lending covenants.
Cash Flow Management
A wise business owner once said, "Happiness is a positive cash flow." As a business owner, everything
is better with your cash-in exceeds your cash-out
A cash crisis can be emotionally devastating and it can even kill your business. Our cash management
service allows you to:
- Know when, where and how your cash needs will occur
- Know what the best sources are for meeting your additional cash needs
- Maintain good relationships with bankers and other creditors
We will develop a cash flow projection for you and can help develop short term and long term
capital strategy to help you manage your daily, weekly, annual and 3 - 5 year cash flow needs.
We also prepare historical cash flow statements to help you gain an understanding about where all the money went.
We also provide other cash management services:
- Help obtaining lines of credit
- Cash collection acceleration techniques
- Proven effective payment policies
- Maximizing the rate of return on your idle cash
Building and preserving your personal wealth requires specialized attention. We provide one-on-one guidance
and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity
of your wealth
We help you:
Save enough for a comfortable retirement by identifying your retirement needs,
analyzing your assets and sources of retirement income, reviewing estimated shortfalls,
and identifying the best ways to save for retirement given your financial situation and risk tolerance.
Pay for your child's college education by accurately estimating the amount of money
you'll need, analyzing your assets, reviewing estimated shortfalls and considering general alternatives
and strategies to help address these potential shortfalls, and developing an optimal savings plan
given your financial situation and risk tolerance.
Protect your family in case of you become disabled by ensuring you have enough money
in your emergency fund and analyzing your life, disability, health, home, and auto insurance coverage.
We also review your will and various powers of attorney designed to take care of your affairs in the event
you are incapacitated and can't manage them yourself.
Achieve your investment goals by identifying the steps needed to maximize your
investment returns as well as the steps needed to help minimize your risk while building increased
predictability of your investment returns.
Leave a legacy for your heirs by maximizing the value of your estate by saving
tax dollars, professional fees, and court costs. As well as minimizing the costs of probate,
creditors, lawyers, and estate taxes, which can negatively impact the value of your estate.
We also help you stay in control of your affairs by providing a road map for passing your estate on to your heirs.