Freelandt Caldwell Reilly LLP
Assurance and Compliance
For Organizations that aim to find a precarious balance between risk and reward – reliability, credibility and accuracy are integral.
Decision makers dedicate every day to developing a strategy that will allow the business to not only grow, but thrive and as the business develops in complexity, the accuracy of financial information becomes important to the organization’s overall success.
Decision makers dedicate every day to developing a strategy that will allow the business to not only grow, but thrive and as the business develops in complexity, the accuracy of financial information becomes important to the organization’s overall success.
The sky becomes the limit for any business organization armed with the right financial information. Accurate financial statements open up a world of possibilities for decision makers, transforming roadblocks into challenges, challenges that can become competitive opportunities.
The assurance services offered at FCR provide a unique edge to many of our clients. Depending on your organizational needs, our experienced assurance teams offer audit, review and special audit reports.
Notice to Reader
Complitations are the most basic means of asessing the reporting methods of organizations and provide little assurance on the relativity of the financial information.
These types of assessments are used to provide managers with feedback as to the general direction in which the organization is travelling and whether or not certain financial goals are being met.
These types of assessments are used to provide managers with feedback as to the general direction in which the organization is travelling and whether or not certain financial goals are being met.
Notice to reader, year end statements are useful for internal purposes and are recommended if:
• You are a sole proprietor or a small business entity
• Your business is looking to supplement annual audits or review with interim financial statements
• There are no third party users who rely on audited financial statements
• You require financial statements strictly for your own purposes
• Your needs for strategic planning (investment, tax, accounting) are very limited
Review
While an audit aims to ensure the fair and accurate representation of financial information for third parties, a review serves more of an internal purpose.
It allows managers and business owners to evaluate the company’s various reporting methods while providing those same individuals with what is known as “limited assurance”.
Organizations will generally seek feedback via a review engagement if:
• The organization is heavily reliant on external financing
• Financial statements are relied upon for the purpose of buying or selling the organization
• The process will help accounting or tax professionals provide advice to the organization and its management regarding strategic planning initiatives
Audit
AUDITED FINANCIAL STATEMENTS SERVE DIFFERENT PURPOSES FOR DIFFERENT USERS. GENERALLY, AN AUDIT AIMS TO ADD CREDIBILITY TO AN ORGANIZATION’S FINANCIAL REPORTING AND THE MANAGEMENT OF THEIR FINANCIAL AFFAIRS.
These audited financial statements are the means through which organizations report to shareholders, the government, regulatory bodies, banks, creditors, investors, venture capitalists and insurance companies.
Typically, audits are recommended if:
• There is a requirement from your bank or creditor
• There is a requirement from your insurance provider
• A regulatory party requests audited statements
• Funding agency requests audited statements
• Accurate financials are instrumental to strategy development
Source: http://fcrca.com/services_items/assurance-and-compliance/
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