As a business owner or manager, timely, accurate financial information is critical to assist you in making business decisions, or to provide information required by third parties. Financial Statement Assurance Services offered by Riney Hancock CPAs include, but are not limited to:
An audit represents the highest level of financial statement services offered by Riney Hancock CPAs. The independent auditors’ report provides an opinion that the financial statements are fairly stated in all material respects in conformity with Generally Accepted Auditing Procedures (GAAP). This service involves acquiring an extensive knowledge of factors relevant to your industry and your business, as well as obtaining an understanding of internal control or risk assessment to target specific areas where error may occur. This level of service may be desired by management or required by creditors or other third-party users to whom the company is financially accountable, such as investors, regulators or grantors.
In a review, Riney Hancock CPAs performs inquiry and analytical procedures to issue a report accompanying the financial statements stating that we are not aware of any material modifications that should be made to the financial statements and footnote disclosures in order for them to be in conformity with GAAP. This service will often be sufficient to meet the requirements of creditors or business owners who are not active in the operations of the company.
Agreed Upon Procedures:
Agreed upon procedures engagements are effective when financial information needs are narrower than an audit or review, such as addressing questions about certain financial statement account or transaction types. Because Riney Hancock CPAs can tailor these procedures to meet your financial information needs, this service can be a cost effective way to address your concerns.
An alternative cost-effective service which can assist management in evaluating a financial objective or assertion relating to specific subject matter is an attestation engagement. Common applications may include procedures relating to compliance with provisions of a grant, lease, loan, profit-sharing, partnership or licensing agreement. Other possible engagements might involve procedures to address management’s assertion regarding investment return, sales impacting a rental agreement, or the value of assets pledged as collateral for a loan.
If you have questions about your financial statements, or a need for assistance regarding specific financial information in your business, contact a Riney Hancock CPAs professional to discuss the services which will best fit your circumstances.