Audits, Review and Compilations

Businesses are often faced with the need for accountant prepared financial statements for use in obtaining credit, complying with certain forms of agreements or simply to provide management and owners with a snapshot of the financial condition and past operations of their company.  These financials can come with a varied level of accountant provided assurance and which one is right for you will be dependent on each individual situation.  In general, there are 3 levels of assurance that may be sought:

Audit – Highest Level of Assurance
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, if applicable, 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.

Review – Limited Assurance
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.

Compilation – Lowest Level of Assurance
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.

Audits, Review and Compilations

New Business Formation

You are finally ready to make the move and start your own business.  But what do you really need to get it started correctly from Day 1?  Let us help you start off right by assisting with preparing an initial business plan to clarify your marketing, management, and financial plans. Determining your start-up capital needs. Selecting a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate. Selecting the right accounting software by evaluating your budget, needs and hardware. Registering with the required Federal, State and local authorities. Obtain a Federal Employer Identification Number. Help you comply with employment laws which may include referrals to payroll processing firms that we have vetted and trust. Answer any other questions you might have to make sure that you start off on the right foot and continue to operate effectively and legally.

Business Valuation

Often clients ask us what the value of their business is.  In the truest form, the answer always remains the same. It is the amount that a willing buyer will pay a willing seller when neither one is under any compulsion to buy or sell.  That concept might be great to hear but how do you get to a starting point?  Why would you need to have this information made available to you?  Well, if you were involved in negotiating a merger, considering new shareholders, attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, objective valuation can make the difference between loss or gain, success or failure.

We can help put together the information needed for a general discussion of your businesses value and if required, assist in preparing a report to be used by potential buyers or to counter the claims of those with adverse interests.  We also have relationships with highly qualified and certified business valuation specialists to work with us as needed. 



A crucial component of the value of a CPA firm to its clients is determined by the successes of its clients both personally and professionally. Identifying areas affecting your business’ profitability and growth and developing solutions to them is one of our specialties. Our strategies address your business’s concerns while acting as a sounding board for management. We offer free financial consultations concerning the following areas and many more:

Business Entities: Deciding how to organize your business is a critical decision that may have long-term tax implications. You can receive assistance from us in determining the most advantageous form of business for your company by evaluating the pros and cons of each entity type.

Estate Planning: Planning for the transfer of assets to beneficiaries, insurance for the surviving spouse, and a reduction or elimination of taxes on the transfer of businesses and assets are features of estate planning. 

Succession Planning: After you step down from your company’s day-to-day operations, it is critical that your successors are effectively coordinated for the smooth transition of your business. Based on our substantial knowledge of tax and financial matters, we are capable of addressing the complex issues of business continuation and assisting you in developing a strategic business plan.

Management Advising: A competent, objective analysis of the performance of managers can benefit even the most qualified ones. In order to facilitate your company’s future growth and prosperity, we can assist the management team in developing long-term objectives.

Buying and Selling: In order to effectively buy or sell a business, it is important to structure the transaction properly. The staff at our company has the expertise to assist you through the acquisition/disposition process.

Questions about our services? Contact us. We look forward to hearing from you.

Questions about our services? Contact us. We look forward to hearing from you.