Understanding Compilation, Review and Audit

What Services Do You Need?

Compilation

CPA prepares financial statements from information provided by management (YOU).

A compilation is useful when limited in-house capabilities for preparing financial statements exist.

CPA takes a “common sense” approach.

No assurance that statements are in conformity with GAAP.

Review

CPA applies inquiry & analytical procedures to financial statements provided by (YOU) management to determine whether they are reasonable.

A review provides limited assurance that no material changes need to be made to the financial statements.

CPA must be independent from the client.

Disclosures & letter of representation from client are necessary.

Audit

CPA examines financial statements by conferring with outside parties, completing physical inspections & observations & testing selected transactions by examining supporting documents.

An audit opinion represents the highest level of assurance that the financial statements fairly represent the entity’s financial position & results of operations in accordance with generally accepted accounting principles (GAAP).

Confirmation with outside parties

Observation of inventories

Testing selected transactions by examining supporting documents.

Confirmation from client’s customers about amounts owed

Material errors or fraud may be detected.

CPA must be independent of client.

Highest level of assurance, but still no guarantee of financial accuracy.

Other Services

Tax Planning – Business, Estates & Individual

Financial Statements – audits, reviews & comp.

Accounting systems – review & design

Business sales & acquisitions

Representation w/IRS & FL dept. of revenue

401k plan audits

Projections & budgets

Financial planning-retirement, personal, estate

Guardianship accounting & reporting

QuickBook Pro Advisors

Projections & Budgets

Estate & Trust Accounting/Tax

Guardianship Accounting

Don’t Be Wacky, Call Bonnie Mackey for all of Your Accounting & Tax Needs!

Levin, Silvey, Zelko & Mackey, P.A.

Certified Public Accountants

2699 Stirling Road, Suite B-205, Hollywood, Florida 33312-6543

954.985.8808 website: www.lszcpa.com

Tax Planning

Financial Statements

Representation with the IRS & Florida Dept. of Revenue