Financial Statement Services
AuditReview
Auditing
What is an Audit?
What is an Review?
What is an Compilation?
Attest Engagements
We offer three levels of service on the financial statements that we prepare: Audit, Review, or Compilation. All work is performed in accordance with standards established by the American Institute of Certified Public Accountants.
Audit
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice. Our work includes a review of internal controls, testing of selected transactions and communication with third parties. Based on our findings, we will issue a report whether the financial statements are fairly stated and free of material misstatements.
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Review
A review consists of performing inquiry and analytical procedures that provide us with a reasonable basis for expressing limited assurance that there are no material Compilation A compilation provides the lowest level of assurance. It is, presenting in the form of financial statements, information that is the representation of management without attempting to express any assurance on the statements.
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Auditing
We have a full-time audit staff dedicated to providing audit services year round. This allows us to provide audit services during the traditional CPA's tax season and do so on a timely basis. Additionally, we are available to answer any of your audit related questions throughout the year.
Dennis F. Rose &Associates has extensive experience with auditing, reporting, and compliance requirements for cities, townships, school districts and nonprofit agencies. We also provide audit services to insurance companies, retail pharmacies, and pension &profit sharing plans. We can provide you with cost effective, comprehensive quality service. Our involvement includes the normal audit function, as well as providing accounting systems setup, installation, training and support, and consulting services as needed. We offer a wide range of services including the evaluation and computational analysis of employee benefit programs.
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What is an Audit?
An audit is the highest level of assurance that we can provide with regard to an organization's financial statements and disclosures. The objective of an audit is to express an opinion on the fairness with which the financial statements present, in all material respects, financial position, results of operations, and cash flows of an organization in conformity with generally accepted accounting principles. Among other things this involves an understanding of an organization's internal control environment, management philosophy, organizational structure, ethical values and integrity. Typical audit procedures might include: confirmations with third parties, tests of transactions, analytical review procedures and discussions with management. Generally, audits are performed because they are required by a lender, regulatory agency such as the state or federal government, or by stockholders/members of the company or organization.
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What is a Review?
A review consists of applying analytical procedures and making inquiries of persons responsible for financial, accounting, and operational matters. A review does not typically include tests of the underlying accounting records, and is significantly less in scope that an audit engagement. The objective of a review is to provide negative assurance that nothing came to our attention during our procedures that caused us to believe that the financial statements were not presented in accordance with generally accepted accounting principles.
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What is a Compilation?
A compilation provides the lowest level of assurance. It is, presenting in the form of financial statements, information that is the representation of management without attempting to express any assurance on the statements.
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Attest Engagements
Often a CPA is asked to express a written conclusion about the reliability of a written assertion that is the responsibility of another party. These services are referred to as attest engagements. This is a more focused engagement, dealing with specific assertions made in writing by management to be relied upon by a third party. For example, a report on the investment performance of a retirement portfolio for a company 401K plan, compliance with laws and regulations with regard to a grant program, or achievement of specified operating objectives. There are a wide range of attest services that we can perform providing various levels of assurance depending on the needs of the client.
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