Financial Reporting and Assurance
Smith & Gesteland can provide your company with a number of financial reporting and assurance services. These services include audited, reviewed, compiled financial statements, and agreed-upon procedures related to specific components of a financial statement.
The level of service or type of engagement your company needs will depend on management’s, owner’s or director’s goals, or the needs of outside parties such as financial institutions, suppliers, grantors, government agencies, etc.
For additional information, please email Keith Baumgartner.
- Provide the highest level of assurance on the accuracy of the financial statements prepared in accordance with generally accepted accounting principles
- Provide detail testing of account balances with verification of amounts with third parties or through third party documentation
- Provide a review of your internal control systems to the extent needed for planning the audit which can lead to recommendations on improving the current systems
- The in-depth knowledge Smith & Gesteland develops during an audit can provide the basis for management and tax advice that will be summarized in a recommendation letter
- Provide a lower level of assurance than an audit, but is generally less costly
- Financial statement components are tested for accuracy using analytical procedures (such as comparisons between years, comparisons with budgets, comparisons with peers, and comparing relationships within the financial statements) and inquiries of company personnel
- Provide presentation of your financial information in accordance with accepted accounting principles
- Through the process, Smith & Gesteland often develops management and tax advice that will be summarized in a recommendation letter
- Present your company’s financial information in accordance with accepted accounting principles
- Least costly of the financial statement services alternatives
- Amounts are not verified and, therefore, no level of assurance on the accuracy of the financial information can be provided
- Allow the option to be prepared without the statement of cash flows and/or footnotes that are required in all audited and reviewed financial statements (this option can also reduce the cost of the service)
- Provide a level of assurance on a specific component of a financial statement or management assertion by performing specific procedures that are agreed-upon by the parties involved
- Provide a level of assurance at a cost that is generally less than a full audit or review of financial statements
- Often used to satisfy a financial institution’s concerns over specific items that are collateral for debt, lessors’ calculations for percentage rents, or buyers of specific assets concerns