Financial Statement Engagements
Audits, Reviews & Compilations
We emphasize obtaining a thorough understanding of our clients’ businesses through planning to enable timely and efficient financial statement engagements. Obtaining this level of understanding of our clients’ businesses allows our professionals to identify, communicate, and assist with opportunities for strengthening internal controls and operating efficiencies.
An audit is an essential tool for the quantitative assessment of any business. The objective of the audit is the expression of an opinion about whether the financial statements are fairly presented, in all material respects, in conformity with U.S. Generally Accepted Accounting Principles (US GAAP).
From the owner’s perspective, an audit is a tool for independent verification of a business’ financial position, results of operations and cash flows. An audit can offer further insights into business processes that allow business owners and operators to make informed decisions.
A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. While a review is less comprehensive than an audit, it involves a significant degree of knowledge and understanding of a business and its industry to effectively evaluate inquiry responses and analytical results. Our review report provides management and the users of the financial statements with limited assurance that no material modifications are required in order for them to be in conformity to US GAAP.
In many instances, management’s requirements are limited to presenting company prepared financial information. In those situations, we can compile financial statements for the company from information that is provided by management. Although a compilation provides no level of assurance, it is adequate for certain purposes. A compilation may offer alternatives to full disclosure financial statements.
As an additional service during a compilation engagement, we may assist with the accounting process to ensure your financial statements accurately reflect the company’s financial position, results of operations, and cash flows.
PCAOB and AICPA Reporting
Maintaining a high level of quality is important to Gumbiner Savett. We take pride in our most recent AICPA Peer Review and PCAOB Inspection Report, the results of which prove our commitment to a high level of quality.