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From time to time, almost every organization -- whether it's publicly owned, privately held, or not-for-profit -- has to report how the organization is doing financially. These reports help investors and creditors evaluate the business and help owners make management decisions. The accounting profession has three distinct financial statement services -- all provided by KraftCPAs.
Value-added audit
An audit provides the highest level of assurance on a company's financial statements. In an audit, the CPA examines financial statements by conferring with outside parties, completing physical inspections and observations, and testing selected transactions by examining support documents. While not designed to detect fraud, an audit provides assurance that the "financial statements are free of material misstatement and are fairly presented". An effective audit should also add value by providing practical suggestions to strengthen internal controls, improve operational efficiency, and enhance systems and procedures.
Review
A review provides limited assurance that no material changes are needed to the financial statements. A review is useful to management and others who want a "does it make sense?" analysis.
Compilation
A compilation provides no assurances. Basically, the CPA takes the numbers provided by the client and puts them in financial statement format. Because there is no analysis, the CPA is not allowed to render an opinion.
Quality
KraftCPAs adheres to the highest standards of technical accuracy, proficiency and ethical practice in the profession. We submit to external peer reviews every three years. In our most recent peer review, we received an "Unqualified Opinion without Comments" -- the highest rating attainable.
Because we audit public companies, we are also subject to the inspection requirements of the Public Company Accounting Oversight Board. The favorable results of our recent inspection are available to the public at www.pcaobus.org/inspections.
If quality is important to you,
there's no better team in the league than KraftCPAs. |
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