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Most likely, your bank or insurance provider will be the one to ask for a CPA to report on your financial statements. Why? Because audited financial statements offer the highest form of assurance on the accuracy of those financial statements.
At MarksNelson, our auditors examine your organization based on U.S. Generally Accepted Auditing Standards (GAAS) and provide a written report that expresses our independent opinion.
We don’t stop there. Our professionals look for ways to strengthen your internal controls and increase efficiencies within your organization. We work with your team to implement these changes so that they work for you.
Why do we take the extra step? At MarksNelson, assurance isn’t just about compliance. It’s about helping you move your business forward.
We work with you to determine which report meets the needs of your company, creditors, and investors. Regardless of the type of assurance service performed by our CPAs, we adhere to the strictest professional standards.
MarksNelson uses a risk-based approach to perform a quality audit by efficiently identifying the areas that will require a majority of our attention. We’ll analyze your operations and combine that with our experience in your industry to provide confidence in your audited financial statements.
Our professionals are extremely proactive, anticipating issues and making the process as streamlined as possible for your organization. To accomplish this, we use a computer-based tool developed by Practitioners Publishing Company (PPC), the leading provider of practice aids. This tool allows us to apply our professional judgment to custom design and implement specific procedures designed to meet the needs of your engagement.
Once our audit is complete, we won’t simply issue a management letter that gives you suggestions on how to enhance procedures in your accounting department; we’ll give you the information and assistance you need to implement those recommendations.
Many banks want some form of reassurance before lending money but they also recognize business owners cannot incur the cost of a full audit. Reviews provide a lower degree of assurance than audits. During a review, our CPAs make inquiries and perform analytical procedures, which allow us to express limited assurance that we are not aware of any material changes.
While a review doesn’t provide the same degree of assurance as an audit, some financial statement users may find it an acceptable alternative, especially when it may be combined with agreed-upon procedures.
A compilation is useful when a business may need monthly financial statements, has limited in-house capabilities for preparing financial statements or needs a CPA to prepare the financial statements in the proper format. Prepared from information provided by management, compilations provide the lowest level of assurance.
Under this type of report, we assist in preparing the financial statements but we are not obliged to verify the information. Since the information is not verified, the CPA gives no assurance as to whether the financial statements meet the professional standards.
Agreed upon procedures are a good alternative when there are concerns about a specific financial or operational aspect of an organization.
Agreed upon procedures do not replace an audit, however, they are helpful in improving your organization’s controls by identifying and correcting specific accounting procedures. These engagements may be important when banks need assurance regarding receivables in order to obtain a loan when you need to stay compliant for regulatory purposes, or you want a closer look at transactions in a specific area.
Additional audit and advisory services include: