Audits, Reviews, Compilations
Audit, Review, Compilation Services
Financial statements are tools for evaluating business performance and determining debt-paying ability. We offer three levels of service for financial statement delivery.
Bret L. Hodgdon, CPA, CFP®, CFE, CGMA and Mandy Bradley, CPA, M.S. lead the Audit and Accounting Department for the firm. We take a risk-based approach to audits with a strong emphasis on planning so you are ensured an efficient and timely audit experience.
In addition to specializing in audit matters, Bret is also one of Vermont’s only Certified Fraud Examiners (CFE) that is also a Certified Public Accountant. He is a proven leader in the anti-fraud community.
There are three types of CPA certified financial statements
You may be wondering which one is best for your business or organization. The answer depends on the level of assurance or financial accuracy that you need. For instance, you may decide a compilation is all you need this year, but in subsequent years you may decide that a review – or even an audit – provides better information about your financials and enables you to make better decisions about the future growth of your company.
The first level of service is the compilation. There is no verification that the numbers presented in the statements are accurate and financial statements produced are for management and third-party use.
More involved than a compilation, but not as comprehensive as an audit, reviews provide limited assurance. Key personnel are interviewed about the company’s accounting policies and procedures, industry, operations, and financial statements. A review report is issued as well.
Audit services are the highest level of service provided. We work closely with key personnel to gain knowledge of internal control systems (checks and balances). Verification and substantiation procedures are performed in accordance with Generally Accepted Auditing Standards (GAAS).
Nonprofits represent a large part of our audit and accounting work. This area of expertise includes “Yellow Book” audits for those entities with federally funded programs.
Whether your business or organization needs an audit, compilation or review – or perhaps it requires all three, our experienced team of CPAs, accountants, and tax professionals is here to help.
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