Fort Lauderdal CPA
Services - Audit Review Compilation CPA in Fort Lauderdale Florida
 
 
       
       

 

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

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, 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.

An Audit allows you to...

  • Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
     
  • Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
     
  • Comply with banking covenants.
     
  • Help deter and detect material fraud and error.
     
  • Facilitate the purchase and sale of businesses.

Here's what you get...

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, to check outstanding receivable balances,
  • Your banks, to confirm cash or debt balances and terms,
  • Your vendors, to verify outstanding payable balances, and
  • Your attorneys, for information on pending or threatened legal action.

We also perform physical inspections by observing your inventory counting methods and perform 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.

Audits Not Just for Public Entities

All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants.

Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams. 

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.

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. 

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. 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.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. If you are looking for a Florida CPA in Fort Lauderdale, Florida that offers Audits, Reviews and Compilations services, contact us today.

 
     
 
We offer services in the following areas: 
Audits, Compilations and Reviews
Condominium Accounting Services
Bookkeeping, including Payroll
Tax Return Preparation
Tax Preparation
QuickBooks Support

 
 

 
If you are looking for a CPA in Fort Lauderdale, Florida that offers personal and corporate tax services, then contact us today.
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Charles Krblich, CPA offers tax preparation services to condominium associations, cooperatives, town homes, homeowner associations and real estate management firms.  

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Charles Krblich, CPA

1119 Southeast Third Ave.
Fort Lauderdale, Florida 33316
PH: 954-764-4554
FX: 954-764-2336
Email: info@cakcpa.net 
 
 

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