Planning, efficiency and open communication define our firm's
approach to assurance and auditing services.
We understand the annual audit can bring additional stress and can sometimes disrupt the normal flow of your day-to-day business. The professionals at McCrady Hess, LLP make this process smooth, friendly and educational for all of the stakeholders of your school. Our approach is to thoroughly understand your school and financial reporting requirements through detailed planning and open communication. This allows for a complete understanding of the process and ensures our performance is conducted in the most friendly, effective and efficient manner.
Professional standards through the American Institute of Certified Public Accountants allow us to offer different levels of assurance on financial statements. Those levels of assurance include audits, reviews, compilations and agreed upon procedures. Please contact us to help you determine which level of service best meets your needs.
A financial audit, or audit of financial statements, is the examination by an independent third party of the financial statements of a company resulting in the publication of an independent opinion on whether or not those financial statements are relevant, accurate, complete and fairly presented.
Audits exist to add credibility that the financial statements fairly represent the organization’s position and performance. The financial statements are considered crucial to the decisions of all stakeholders, such as the IRS, creditors and regulators.
A review is substantially less in scope than an audit. A review consists of making detailed inquiries, understanding the organization and performing analytical procedures which result in a review report on the financial statements.
A financial statement review is the middle ground between an audit and compilation. It results in less expense and work than an audit yet still requires the expertise and experience of a CPA. A review makes sure your company’s financial statements are consistent and not questionable because inquiry and analytical procedures are performed on the financial statements.
A compilation is limited to presenting organization- or company-prepared financial information in a proper financial statement format, without expressing an opinion.
Through compilations, we rely on our knowledge of accounting principles and get a general understanding of your company to present a representation of your management without an opinion. Compilations do not require inquiries of management or analytical procedures.
With an agreed upon procedure engagement, we work with your company to define the scope of specific procedures. Specific procedures allow for us to target specific activities in an organization. These procedures can include specific tests or reports depending on your company’s financial needs. In performing agreed upon procedures, the auditor provides no opinion, certification or assurance that the assertions being made in the financial statements are free from material misstatement.
And, it's all about choice, Your Choice. Choose McCrady Hess!