Audit, Review & Compilation Services in Walnutport
If you are a company or organization, it's vital that you have access to completely accurate financial data. The surest way to achieve this is by putting your financial evaluations in the hands of a trusted outsourced accountant. At Frey & Company, our team has years of experience conducting thorough examinations of financial records and delivering clear, accurate reports. We provide reliable audits, reviews, and compilations for businesses, municipalities, and nonprofit organizations.
If you're located in Walnutport or the surrounding communities and need help analyzing your finances, our accountants are here for you. For quality service and a personalized approach, contact us to see how we can help today!
Why Outsource Audits to a CPA?
Many of our clients are small businesses, municipalities, and nonprofits. While you may have an internal finance department, they may not always have the time or resources to devote to a thorough audit or review. Reaching out to an experienced CPA offers numerous benefits to your finance team and your organization as a whole. These benefits include:
Greater Accuracy: As dedicated accountants, we can focus exclusively on your audit, review, or compilation. Our team is extensive and less likely to overlook something because of familiarity or divided responsibilities.
High Integrity: As outsiders to your company, we can review your files with complete impartiality. Our unbiased view can help to spot weaknesses or evidence of mishandling in your accounts and bring these to your attention.
Better Productivity: With an outsourced accountant handling the process, you and your employees have more time and energy to support your organization.
Qualified Expertise: When conducting your audit, our job doesn't end once the numbers are in order. We prepare a report to help managers, board members, and executives understand our findings. If there are signs of overspending, misplaced funds, or other loss of income, we can coach you on appropriate next steps and help you protect your capital.
Audits, Reviews & Compilations: What's the Difference?
On the surface, these three reports sound similar; each is designed to organize financial information and create a picture of a company or organization's finances. However, the degree of assurance each type provides will vary because of the methods used in the analysis. When deciding which type you need, you must understand what each one entails and how it can benefit you.
A compilation is the most straightforward type of reporting. All of a company's financial data is gathered and organized into an easily accessible report. Compilations provide no assurance because the information isn't verified for accuracy before the report is completed. This means it provides only a broad picture of an organization's financial standing. This report can be useful for preparing budgets and assessing a company's fundamental health, and may be enough to secure a small loan depending on the lender.
A review provides a higher level of assurance than a compilation. Once the financial data has been organized, the accountant analyzes the data to look for any sign of discrepancies, repetitions, or missing data. They will seek to fill in whatever's missing and reconcile the reports to create a more accurate view of the financial situation. Reviews can serve numerous purposes, such as persuading a potential lender or investor and empowering in-depth business planning. They can also make it easier to prepare for an audit.
These are the highest level of analysis and provide complete assurance. Not only are all facts evaluated against internal records, but the numbers are verified with third-party sources to ensure the highest accuracy. Once finished, an audit report provides a clear and reliable picture to any executive, board member, investor, or lender. Some companies and organizations may be required to produce a yearly audit, especially if they have investors or a specific tax structure. It's also valuable for a company to have access to a recent audit to help them make critical decisions.
Do We Need an Audit?
If your organization hasn't had an audit within the last year or at all, conducting an audit can be highly useful. You may also be required to do so, depending on the nature of your organization. If you are a municipality or nonprofit, here's why you may need an audit and how our team at Frey & Company can help.
Auditing for Municipalities
A municipality has a responsibility to the public to conduct themselves with integrity regarding finances. They are required to present a financial audit report every year that the public can access. In most cases, this audit must be completed by a CPA to ensure its accuracy and authenticity.
At Frey & Company, we have years of experience working with municipalities to deliver efficient and reliable annual audits. We know the ins and outs of local government finances, ensuring we can complete the audit thoroughly and promptly.
Auditing for Nonprofits
As a nonprofit, you need to know that every cent of your money is going where it's needed most. With a full audit, you can identify how your finances are allocated and spot any weaknesses or overlooked funding, bolstering your capital and supporting your efforts. Audits are also important for helping you maintain your tax-exempt status, as they can identify anything that could jeopardize your nonprofit.
Helping You Master Your Finances in Walnutport
At Frey & Company, we're proud to support our local businesses, governments, and nonprofit organizations. Whether you need a simple compilation or a complete audit, our team is committed to giving our all in every service we provide. Schedule a consultation today to learn more about how our team can support yours!