At Lombardo, Spradley, & Klein, CPAs, we enjoy every opportunity to assist our clients with audit and financial statement review matters. We work hard to meet all professional standards when preparing accurate reporting of financials for our individual, private business, and public sector clients across a wide range of industries. Our services in this area also include help with IRS audits and IRS audit representation. All from our office in beautiful Daytona Beach.
We Generate All 3 Types of Accounting Audit Statements
Auditing and other financial review reporting come in varying shapes and sizes depending on the scope of engagement our clients need. Sometimes, audit requirements come from creditors, investors, or other businesses our clients transact with. In either case, we are attentive to the precise needs of every audit situation so that we can provide efficient and cost-effective service. Generally, our audit services range in complexity and detail, from simple compilations to comprehensive audits.
Compiled Financial Statements
Compiled Financial Statements are the most basic level of reporting that we provide as CPAs. They meet basic professional standard requirements of accounting principles and help gain an understanding of the client’s industry. Here, one of our primary tasks is checking for any compliance issues with standard accounting principles or departures from the entity’s own methods of accounting.
Reviewed Financial Statements
Reviewed Financial Statements go a step beyond Compiled Financial Statements with additional rounds of review and evaluation. The extra step is necessary because the report issued from a Reviewed Financial Statement provides an expression of “limited assurance” about the quality of the organization’s accounting methods.
In other words, the report states that the CPA did not notice a need for material changes to the organization’s methods to conform with standard accounting principles.
Audited Financial Statements
Audited Financial Statements represent a CPA’s most comprehensive assurance known as “positive assurance”. Here, the CPA completes the same requirements as in Compiled and Reviewed Financial Statements but with added protocols to confirm the correctness and legitimacy of accounts. Some common examples of these efforts include:
- Direct correspondence with lenders and debtors to confirm balances
- Personal review of inventories and other assets
- Review of company meeting minutes and key contracts
The CPA will obtain knowledge about the audited entity’s system of accounting to claim that the financial statements fairly represent the entity’s financial position.
Help with IRS Audits and IRS Audit Representation in Daytona Beach
When our clients are subject to an IRS audit or other communication from the Internal Revenue Service, our firm leverages its experience to help ease the administrative burden. These efforts also include IRS audit representation with the goal of ensuring our client’s position is portrayed fairly so as to mitigate the risk of overpayment of taxes.
Contact Us for All Your Auditing Needs
LSKCPAS is a local, woman-owned business with over 30 years of practice providing honest, by-the-book, dependable accounting services throughout Daytona Beach. We value the trust clients place in us when it comes to financial statement audit services and IRS audit representation. Please reach out with any questions about our experience working with a specific industry or other questions about our practice.
Contact Lombardo, Spradley, and Klein, CPAs today for help with an IRS audit or financial statement review.