The staff at Jerome Rosenberg CPA P.C. bring more to you than just providing basic audit services. We take time to understand your operations in order to provide an audit that complies with generally accepted accounting principles as well as regulatory requirements. Our senior personnel are actively involved and on site during the audit process.
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.
An audit represents the highest level of assurance that a CPA Firm can render in reporting on the financial statements of a client. Our audits are conducted in accordance with generally accepted auditing standards and provide reasonable assurance that the financial statements are not materially misstated. An audit also includes examining and testing evidence that supports the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by our client as well as evaluating the overall financial statement presentation.
A financial statement review is a service under which our Firm obtains limited assurance that there are no material modifications that need to be made to an entity's financial statements for them to be in conformity with generally accepted accounting principles.
In a financial statement review, the accountant performs those procedures necessary to provide a reasonable basis for obtaining limited assurance that no material changes are needed to bring the financial statements into compliance with the applicable financial reporting framework. These procedures are more heavily concentrated in areas where there are enhanced risks of misstatement.
A financial statement compilation is a service to assist the management of a client in presenting its financial statements. This presentation involves no activities to obtain any assurance that there are no material modifications needed for the financial statements to be in conformity with generally accepted accounting principles. Compilation activities are not designed to provide any assurance regarding the information contained within the financial statements.
Every financial decision you make, whether in your personal life or for your business, can have tax implications. At CPA Global Tax, we believe that providing effective tax services goes beyond simple tax return preparation to comprehensive tax planning, to help you assess and manage the impact your financial decisions have on your taxes and your larger financial picture. Our tax professionals not only accurately prepare returns for all types of entities, including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations, but, as your trusted advisor, we can assess the tax implications of your financial decisions, formulate a tax strategy to minimize your liability, and proactively monitor significant changes to both tax law and to your finances to help you stay on track.
An agreed-upon procedure is a standard a company or client outlines when it hires an external party to perform an audit on a specific test or business process. The procedures, which are called audit standards, are designed and agreed upon by the entity conducting the audit, as well as any appropriate third parties. An example of an agreed-upon procedure would be an analysis of internal controls.
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.
Our engagements to prepare prospective financial statements may include compiling, examining, or applying agreed-upon procedures to those financial statements.
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