Strategic Financial Assurance,
Tailored Attestation Solutions.
Our financial statement audit and attestation services assist owners, managers, lenders, and other financial statement users in obtaining information that they can relay in order to make informed decisions regarding the results and health of the organization. Our team of experienced professionals partners with our clients to develop an approach that is sensitive to the organization’s needs to minimize disruption while ensuring our work is done in a manner consistent with professional standards.
We take a constructive approach to serving our clients, blending technical knowledge with business insight. We often raise questions and develop suggestions for improving an organization’s system of internal accounting control and administrative procedures. We pride ourselves on making recommendations for improving our clients’ financial structure, increasing the profitability of operations, strengthening the overall management process, and minimizing tax burdens. Based on the needs of the organization and the users, we work with our clients to identify the right level of service to provide for the given situation. The levels of service vary from the preparation of financial statements, compilation engagements, unaudited reviews, and audits.
Compilations and Preparations
In the preparation of financial statements engagement, LerroSarbey assists our clients in producing internal financial statements. This can be helpful for management with regard to their need to obtain financial information for their internal use. During a compilation engagement, however, we also apply our accounting and reporting expertise to assist management in the presentation of financial statements suitable for use by external financial statement users. Unlike a preparation engagement, a compilation engagement results in a report from LerroSarbey explaining the limits and scope of the procedures performed. Because of the limited scope of compilation procedures, LerroSarbey’s report will not express an opinion or provide any assurance regarding the financial statements.
Review Engagements
A review engagement is conducted to provide limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with the financial reporting framework. Review engagements generally involve making inquiries of management regarding their accounting practices as well as performing certain analytical procedures. Unlike an audit, a review engagement provides “negative” assurance to the reader of the financial statements, since we do not perform many of the procedures performed in an audit and therefore cannot express an opinion on the fairness of the financial statements taken as a whole.
Audit of Financial Statements
A financial statement audit examines a organization’s financial statements and disclosures and provides an objective review of the company’s finances. An audit is not necessarily a negative occurrence – the process tends to strengthen a organization’s discipline toward improving internal control over its finances. Auditing procedures are governed by the AICPA in accordance with generally accepted accounting principles (GAAP). The scope of the procedures can be limited where materiality considerations permit.
LerroSarbey performs financial statement audits for many types of organizations including:
Privately held companies
Common interest realty associations/Homeowners’ associations
Local Governments
Not-for-profit entities
Employee benefit plans
The resulting report attests to the fairness of those financial statements and related disclosures and offers an opinion from the auditor that states that the financial statements – including the entity’s assets, liabilities, net assets, revenues, expenses, cash flows, and note disclosures – are fairly presented.
The audit and independent auditors’ report is the highest degree of assurance provided by a CPA. LerroSarbey is a peer-reviewed CPA firm, and our work consistently meets the highest standards of quality. Our firm is staffed with seasoned professionals who bring a wealth of expertise to every project.
Transform your financial strategy into a pathway to success with LerroSarbey.
As your strategic partners, we are committed to guiding you through the complexities. Our expertise in tax planning, compliance, and cutting-edge solutions ensures your financial goals are within reach.