Attestation Services in Islandia, NY
When businesses try to obtain or maintain a loan with a lending institution, or for various other reasons that will require the need for a reviewed or audited financial statement, they will need the attestation services of an independent CPA. Ferrera, DeStefano & Caporusso Certified Public Accountants, P.C. provides the service of financial statement compilations, reviews, and audits in Islandia and to the communities of Long Island, including Hauppauge, Melville, and Ronkonkoma. Schedule a consultation today and see how our attestation services can help you.
Financial Statement Compilation
Compilations are the lowest level of attestation. A compilation is meant to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements for them to be in accordance with generally accepted accounting principles (GAAP).
Financial Statement Review
Reviews are the middle level of attestation service and are typically requested by a bank. If your business has an active lending agreement with a financial institution, that organization will typically ask for a review so they get a moderate level of assurance that the financial statements are accurate and in accordance with GAAP. Other organizations working with your company may also ask for a review also whenever they want this moderate amount of assurance.
Our accounting firm, which is based in Islandia, conducts these reviews by performing analytical procedures on the financial statements and interviewing the management team. The procedures entail developing expectations on how the company should have performed, comparing them to how it actually performed, and to make sure the financial statements reflect this performance. If the expected results differ from the actual results, then we ask management to explain the differences. Our final product is a report that states what steps we have taken in the review process, and if we are aware of any material modification that should be made to the financial statements in order for them to be in accordance with GAAP, which the reader of the report can rely on.
Financial Statement Audits
Audits are the highest level of attestation. Banks or other institutions sometimes want more comfort than a review report provides that the financial statements are accurate and are in accordance with GAAP. For example, financial institutions may ask for an audit before approving a brand new lending agreement, or sometimes governments will require audited financial statements in order to issue a contract to your company.
Audits start similarly to financial statement reviews: we perform analytical reviews and interview the management team. However, the auditor from Ferrera, DeStefano & Caporusso Certified Public Accountants, P.C. will take many extra steps to verify the accuracy of the financial statements. We examine, on a test basis, evidence that supports the amounts and disclosures in the financial statements. We also assess the accounting principles used and significant estimates made by management as well as assessing the overall presentation of the financial statements. We then present a report that has a formal opinion that we believe the financial statements are free of material misstatements.
Contact Us for Attest Services
Ferrera, DeStefano & Caporusso Certified Public Accountants, P.C. provides financial statement reviews and audits to businesses near Islandia. We provide an independent report on your company’s financial statements that can be relied on. For more information about our assurance services, call our firm and schedule a consultation today.