Audit | Review | CompilationA critical aspect of any business is having accurate financial information.
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Financial Statement Audit
A critical aspect of any business is providing its owners, investors, and lenders with accurate financial information. Since 1981, Moore Colson has provided quality audit services across a wide range of industries. Our unique, client-centered approach focuses on truly understanding your business in order to perform a highly effective yet efficient audit process.
Our client service approach sets us apart from other public accounting firms:
- Proactive communication, responsiveness and accessibility
- Deep industry expertise
- Risk-based, practical audit approach
- Extensive partner involvement
- All firm resources available for each engagement
- Value-added recommendations
We deliver this unique client-centered approach by partnering with our clients when determining the nature, timing and extent of our audit procedures; we see the business through our client’s eyes by utilizing the information already used by management to run the business (management reporting systems) and the financial and accounting information already used by the accounting team to ensure completeness and accuracy of financial information (internal financial reports, reconciliations and schedules); we communicate results, findings and recommendations throughout the various phases of the audit process; and we provide executive level summaries, detailed summaries and financial statement deliverables that go beyond the requirements of auditing and accounting standards, thereby addressing the needs of owners, management and important users of your financial statements.
Moore Colson is a member of the AICPA’s Private Companies Practice Section and is registered with the Public Company Accounting Oversight Board (PCAOB). Our firm’s professional standards and quality controls systems have been evaluated to ensure adherence with the highest standards of the profession. We have earned unmodified reports in all of our peer reviews and the PCAOB issued a report with no finding in its most recent inspection.
We are the firm of choice for your financial statement audit needs and will provide you both exceptional value and peace of mind in delivering this service to you.
Financial Statement Review
In performing a review of your Company’s financial statements, we utilize our understanding of your business and our industry expertise to develop a customized approach to performing the engagement.
Our financial statement review approach is applied in three phases:
We will meet with you to understand your Company’s year-to-date performance and trends to develop our expectations for the Company’s final year-end financial statements. We typically coordinate this process along with our year-end tax planning meetings in order to make the most efficient use of your time as well as ours.
Once the Company’s year-end financial statements are available, we will perform customized analytical procedures, such as ratio analysis and comparisons to industry benchmarks, as well as identify any variances from our expectations set during the planning meeting and discuss those with you. We will also inquire of your accounting team on the processes and procedures used to close the Company’s books and reconciliations prepared as a part of that process.
We can assist you in drafting the Company’s financial statements and preparing the applicable footnote disclosures. We will meet with you to go over these deliverables as well as value-added recommendations we have identified during our engagement.
We know that our clients expect a quick completion of the review once fieldwork is complete. As a result, our client service standard is to deliver a draft of the reviewed financial statements along with our management recommendations in a meeting just as quickly as possible after fieldwork completion. Our clients appreciate the collaborative nature of our approach to the review process and our attention to efficiency – we understand that you have a business to run!
Financial Statement Compilation
Compilation services are most often utilized by companies who don’t need a top level of assurance (such as an audit or review) on their financial statements. In performing a compilation, we convert your company’s accounting data into financial statements such as a balance sheet, income statement and statement of cash flows. Unlike an audit or review, a compilation engagement provides no assurance on the accuracy of the complied financial statements.
Compilation services are useful for companies to communicate their monthly, quarterly or annual financial results to management and shareholders, as well as in situations where the company’s lenders, insurance agents, customers or vendors do not require audited or reviewed financial statements.
Contact us today and we’d be happy to discuss which type of financial statement service best suits your needs.