Audit, Review and Compilations
Audit, Reviews and Compilations
Quality financial statements are key to the successful management of most organizations and businesses. We can assist you in the preparation of your financial statements in accordance with professional standards. These statements can be a useful tool for management in making financial decisions. We provide financial reporting on all three levels of assurance: Audit, Review and Compilation.
Robbins and Moroney, P.A. is committed to maximum partner involvement on all audit engagements. Our staff is comprised of competent, trained CPA's and we recognize the importance of staff continuity as a factor in client satisfaction. Our auditing services include year-round continued support of accounting issues and special requests for information on audit-related matters. To enhance the quality of service we provide to our clients, we participate in AICPA peer review program.
Robbins and Moroney, P.A. employs a multi-step process in developing the audit work plan. The process begins with obtaining an understanding of the organization and the industry in which it operates. Discussions with management, observation and inspection of documents and reports assist with gaining the understanding of the organization's activities and programs.
Next, we obtain an understanding of the design and implementation of the control environment. The objective is to gather information concerning the effectiveness of internal controls over the accounting system that may impact the preparation of financial statements. Important to this process is the evaluation of management's commitment to communicating and monitoring matters related to financial reporting. From the information obtained, we will make risk assessments and develop an audit program using professional judgment with the assistance of state-of-the-art computer software programs.
Planning and communication are important factors in completing the audit in an efficient and cost effective manner. We will conduct preliminary meetings with the client to outline our requirements and needs during which time we will request the assistance of your personnel. Furthermore, we will coordinate the start of the fieldwork with management to minimize disruptions, yet comply with expected due dates.
The objective of a review engagement is to express limited assurance that there are no material modifications that should be made to the financial statements in order for the financial statements to be in accordance with accounting principles generally accepted in the United States of America. A review includes primarily applying analytical procedures to your financial data and making inquiries of company management.
The objective of a compilation is 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. Compiled financial statements are based upon client information provided and used primarily for internal use.