Professional Audits, Reviews & Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. We provide financial reporting on all three levels of assurance. We service in Las Vegas and southern Nevada. Click each link for a more detailed description.
- Audit – Intensive examination with the highest level of assurance
- Review – Some analytical procedures conducted with limited assurance
- Compilation – Based upon client information provided and used primarily for internal use.
Audits
Whether you are a public company and required to have an annual audit, are requested to have an audit by a financing institution, or need to keep an eye on your management team, an audit will provide you with the highest level of assurance that your bottom dollar is accurately accounted for.
We contact customers, banks, vendors, and attorneys, all verifying the information we have collected to ensure the reporting is correct. We will physically inspect and observe inventory practices and test operating procedures.
An audit provides the highest level of assurance. 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 general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements. Because we are a local Las Vegas company, we make sure all of our clients have premier services.
Reviews
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.
Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit.
Compiliations
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.
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.
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