Accounting
Accounting
CEOs, bankers, creditors, bonding companies and management typically require assurance that a company’s financial statements represent the company's financial position at a point in time. Since business owners and lenders have different levels of risk tolerance, we offer three levels of assurance:
Audits
An audit provides the highest level of assurance on a company’s financial statements. It is an objective examination of evidence, on a test basis, supporting the amounts and disclosures in the financial statements, conducted in accordance with auditing standards generally accepted in the United States of America. It provides reasonable assurance that the company’s financial statements are fairly presented and free of material misstatement.
An audit can be useful in many ways for your business, including:
- Inform investors, lenders, and stakeholders
- Comply with bank covenants
- Facilitate purchase or sale of a company
- Provide reasonable assurance for absentee owners
Reviews
A review provides limited assurance on a company’s financial statements. Inquiries and analytical procedures are applied so that our CPA firm can express limited assurance that no material modifications to the financial statements are necessary and that they are in conformity with Generally Accepted Accounting Principles. Reviews offer the advantages of our CPA technical expertise without the work and expense of an audit.
Compilations
Compilations present in a Generally Accepted Accounting Principles format, information that is the representation of management and express no opinion or assurance on the financial statements. Compilations are useful when CPAs prepare financial statements that are requested but a review or audit is not required.
Additional Services
Smith Dickson offers accounting services that help with clients' specific business planning and management needs, such as:
- Cash flow forecasts/projections
- Budgets
- Attestation (agreed upon procedures)
- Personal Financial Statements
