NEED HELP WITH AN IRS TAX AUDIT, REVIEW OR COMPILATION?Assisting businesses with their audit and assurance needs
With offices located in The Woodlands / Spring Texas. Ramdas Accounting helps businesses with all of their audit and assurance needs with accuracy and integrity. We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. Whether it’s a stockholder, creditor, investor or bank we will provide the intended party a report with the requested level of assurance.
A potential lender just asked you for your reviewed financial statements. What does that mean and what if you don’t have them? The purpose of financial statement assurance is to add credibility and assure the reliability of a company’s financial statements and therefore, standing. Often, lenders, stakeholders, regulatory bodies, or investors will request some level of assurance from external CPAs in the financial reporting process. At Ramdas Accounting, we help businesses with all of their audit and assurance needs with accuracy and integrity.
Audits, reviews, and compilations provide varying levels of assurance on your financial statements. Audits are most often required by banks or lenders while others may be satisfied with a lesser level of assurance. Whether it’s a stockholder, creditor, investor or bank we will provide the intended party a report with the requested level of assurance. We view our role in the financial reporting process as a chance to provide constructive solutions for maximizing your company’s profitability and efficiency.
Which do I need?
Each assurance service offered by Ramdas Accounting requires we have the knowledge of your business and industry. This not only helps us develop more efficient processes, but also helps us see beyond the numbers so we can provide you with more focused insight and suggestions on your internal controls and operations. To choose the most appropriate level of assurance for your needs, first we need to understand the advantages and disadvantages of each. After looking these over, please contact us and we will help determine which option is right for you.
The lowest level of assurance, the objective of a compilation is to assist management in presenting financial statements without undertaking to provide assurance that there are no material modifications that should be made to conform to Generally Accepted Accounting Principles in the United States. Because of this limited scope, the CPA’s report will not express an opinion or provide assurance regarding the financial statements.
A review is the middle level of assurance; its objective is to obtain limited assurance there are no material modifications that should be made to the financial statements for them to be in conformity with GAAP. Inquiries should be directed to management having responsibility for the financial and accounting matters of the company. Our CPAs will exercise their professional judgment to determine the extent of questioning needed. Although each review is personalized to each client’s needs, a review at minimum will look at the accounting practices used by the organization, the procedures for recording and storing financial information, and the actions taken at stockholder or board meetings. Reviewed financial statements must include all required footnotes and other disclosures.
An audit is the highest level of assurance available from independent CPAs. Some of the procedures required by an audit include confirming bank balances, reviewing and verifying bank reconciliations, verification of checks, and an assessment of internal control. Through all of this assessment of financials and discussion with management, the purpose of an audit is to prove that a company’s financial reports are substantively correct. An added bonus of auditing is the CPA may become aware of weaknesses in internal controls or organizational systems and offer suggestions for improvement. Based on our findings, we will then issue a report on whether the financial statements present fairly in all material respects and in conformity with GAAP. Audited financial statements will also include a statement of changes in financial statements and detailed and referenced footnotes detailing the company’s accounting methods, policies, and certain financial data.
Ramdas Accounting, a trusted CPA and accounting services firm in The Woodlands, TX.
Need help with your Taxes? Contact us today.
The Woodlands Office
1790 Hughes Landing Boulevard, Suite 400
The Woodlands, TX 77380
Highest level of assurance for third parties
Limited assurance to outside interests
Internal information for budgeting, forecasting and yearly review
Agreed Upon Procedures
Examination and confirmation of account balances, inventories and specific transactions
Testing and development of controls to help prevent fraud