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. KraftCPAs has conducted assurance services for both public and private U.S. companies, U.S. subsidiaries of foreign owned companies, U.S. companies operating abroad, and a wide variety of not-for-profit organizations, governmental agencies and employee benefit plans. Our wide range of experience makes us well versed in the intricacies of international reporting standards, as well as GAAP.
The accounting profession has three distinct financial statement services — all provided by KraftCPAs.
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.
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.
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.
KraftCPAs adheres to the highest standards of technical accuracy, proficiency and ethical practice in the profession. To verify our compliance with Committee standards, KraftCPAs submits to an external peer review every three years and consistently receives an unmodified opinion – the most favorable result possible. Our most recent peer review was conducted in 2014; download KraftCPAs 2014 Peer Review Report.
If quality is important to you, there's no better team in the league than KraftCPAs.