An audit is an impartial, full disclosure of the financial health and well-being of a company to lending institutions, government agencies, bonding companies, major vendors, customers, investors, regulators and donors. Additionally, an audit gives management and stockholders an independent basis on which to rely, not only for the general financial position and results of operations, but as a basis for specific decisions.
The staff at Jerome Rosenberg CPA, P.C. bring more to you than just basic audit services. We take time to understand your operations in order to provide an audit that delivers value. Our senior personnel are actively involved and on site during the audit process. We bring valued insight from our varied experiences to your audit and share best practices and advice in addition to delivering quality business audit services.
Because of our many years of audit experience we facilitate the requirements for the various types of entities that may require an audit. Our professionals collectively have the breadth and depth of training and experience to handle the increasing complexities in audit and accounting standards and business practices. As an audit client, we keep you informed of developments and changes to accounting and auditing standards as well as access to our professional resources.
At Jerome Rosenberg CPA, P.C., we provide the following types of attest and audit services:
A financial statement audit provides the highest level of assurance that an entity's financial statements, as a whole, are presented fairly in accordance with generally accepted accounting principles or some other appropriate basis of accounting. This assurance is achieved through independent verification and inspection of accounting records, gaining an understanding of internal control and examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
For some of our clients, reviewed financial statements best serve their business needs. Although a review is substantially less in scope than an audit, it allows us to express limited assurance that the financial statements are in conformity with generally accepted accounting principles. A review consists predominately of performance of analytical procedures, including calculation of certain financial ratios, and inquiries of management and staff. A review may serve as a cost-efficient alternative to an audit.
In addition to audits and reviews, Jerome Rosenberg CPA, P.C. also offers compiled financial statements. A compilation presents information that is the representation of management in the form of financial statements without expressing any assurance on that information.
Jerome Rosenberg CPA, P.C. offers other attestation services, such as agreed-upon procedures. Agreed upon procedures are a viable solution for transaction support, due diligence, internal controls evaluation, royalty compliance and policies and procedures compliance assessment. These engagements may be performed when traditional services do not meet client needs, or are required by third parties.
With the onslaught of auditing changes over the last several years, many smaller organizations have found themselves with internal control deficiencies not reported in the past. These primarily relate to the preparation or review of their financial statements. One solution to address such findings is to outsource year-end close and audit preparation services. Because our professionals have significant audit experience, Jerome Rosenberg CPA, P.C. is uniquely qualified to provide this valuable assistance. Our approach is proactive and anticipates and addresses your auditors' needs. Services provided include preparation of closing entries, preparation of required schedules as well as preparation of your financial statements including footnotes to be audited by your outside auditor. If the auditor prepares the financial statements, we can also serve as management's reviewer of those audited financial statements.
Entities prepare prospective financial information for a variety of reasons. For example, an entity may want to obtain external financing, consider a change in operations or accounting, or prepare a budget. Prospective financial information is of interest to a broad spectrum of parties, including management, present or potential owners of equity interests, credit grantors, and other informed third parties, government agencies, and the public. Prospective financial statements are based on assumptions regarding future events. The assumptions are in turn based on a combination of available information and judgment, in which both history and plans play a part.
Forecasts, one type of prospective financial statements, closely parallel historical financial statements and are intended to provide the financial information needed by persons making financial decisions who have access to neither the entity's financial records nor its management. Forecasts are based on the responsible party's assumptions reflecting conditions it expects to exist and the course of action it expects to take. Projections are prospective financial statements that present, to the best of the responsible party's knowledge and belief, given one or more hypothetical assumptions, the entity's expected financial position, results of operations, and cash flows.
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