Shilts CPA is a trusted advisor here to assist with your assurance needs. We equip our professionals with the latest technology and research capabilities and couple those tools with the commitment of each of our professionals to comply with the highest professional ethics, standards and our Firm’s quality controls.
Our assurance services include:
By choosing us as your CPA firm we recognize that each client is unique and that our strategy must be tailored to respond to the individual needs of each client. We strive to provide you with greater insights into not only your business but how you measure against your industry.
In every financial statement we prepare, the goal is to give you a clear picture of the financial health of your business or organization so you can make decisions with confidence. We help you understand the level of detail or set of standards that are required, based on who will be using your financial statements. That’s why with each client we create a tailored solution that begins with your end goal in mind.
We offer the following financial statement services:
Reviewed financial statements are less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.
Why might a business request a review engagement?
It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.
Compiled financial statements In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Why might a business request a compilation engagement?
Banks often require compilations from an independent CPA as part of their lending covenants.