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ASSURANCE and PREPARATION of FINANCIAL STATEMENTS

Assurance services (attest services) are provided by an independent CPA. The goal of these services is to help users rely on the information, amounts, and disclosures presented in an entity's financial statements and reduce the risk they are free of a material misstatement. Users depend on these services to be more informed and make better decisions. Banks, grantors, governmental agencies, and foundations use assurance services to implement many decisions from making loans to businesses or on the amount of grants, aid, or donations to distribute.

 

    Understanding Financial Statements    

 

  • The actual financial statements (including notes) are the responsibility of the entity and its their representation to users or the board.

  • The accountant's (auditor's) report is the responsibility of the CPA and its their sole representation on the entity's financial statements.

  • Financial Accounting Standards Board (FASB) has been the designated organization in the private sector for establishing generally accepted accounting standards (U.S. GAAP) for financial accounting that govern the preparation of financial reports by nongovernmental organizations.

  • The preparation of the financial statements, often prepared by the CPA or auditing firm, is an other accounting service and deemed to be a nonattest service under our standards. To remain independent your entity and our firm has to maintain certain responsibilities. Providing assurance services (attest) is not the preparation of financial statements.

LEVELS of ASSURANCE on ISSUING FINANCIAL STATEMENTS

COMPILATION

of historical financial statements

 

NO LEVEL OF ASSURANCE

 

REVIEW
of historical financial statements

 

LIMITED LEVEL OF ASSURANCE

AUDIT
of historical financial statements

 

HIGH, BUT NOT ABSOLUTE, LEVEL OF ASSURANCE

 

 

 

 

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     WHY USE OUR FIRM     

 

With over fifty years of experience, our state licensed peer-reviewed firm can provide all three levels of assurance services to entities. We report and help prepare financials statements for entities on all types of industries such as corporations (foreign owned and domestic), partnerships, pension plans, and non-profits (including churches). Our firm is well-known for providing the best competitive pricing in our region to fit your entity's budget while conforming to our required accounting standards. We use cutting edge technology that is stream-lined to help meet your entity's needs.

 

Here are some advantages of using our firm to provide assurance services for your entity:

 

  • Competitive pricing. In some cases our firm has cut the cost of other entity's assurance services in half.

  • Some firms only focus on big transactions, or what accountants call "material" transactions, and these can start in the tens of thousands of dollars. Our firm knows what the users of financials expect. Through other accounting services we focus are time on most transactions, regardless of materiality, reducing the risk of small misstatements.

  • We are always available and can be reached any time. There is no busy season when we can't be reached. Moreover, most of our assurance clients depend on us throughout the year. We work with most of our clients throughout the year to make the year-end process easier and efficient, making access to their financial statements and filed tax returns earlier than expected.

  • In today's world, presentation is everything. Our financial statements are prepared and presented clearly towards the needs of the users or the board. To save money, other firms do the required bare minimum disclosures and presentations. This may not allow the user or board to make their best decisions. In fact, to save money, come firms don't take the additive time preparing the financials, making their presentation look poor with low quality.

  • Our firm has an in-house peer review every three years, by state requirements, and we received a "PASS" grade in our last review. This is the highest grade available to firms who issue assurance engagements.

  • We work to make sure your entity's internal control, accounting system, fraud prevention, asset protection procedures, and required filings are up-to-date and proficient. In fact, we usually find out that most entities are not up-to-date with federal and state statues or utilizing their business' savings.

  • We can work around your schedule. Our firm designed checklists to keep your daily schedule interruption free so you can keep up with your normal business workload.

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