Assurance & Accounting
Financial statements help owners and managers make decisions and allow outside parties to evaluate the financial strength of an entity. When we provide assurance & accounting services we strive to be much more than just an auditor or independent accountant offering a report on your financial statements. Our goal is to develop an understanding of your business operations and strategies, allowing us to make proactive recommendations and assist you in addressing business issues.
Determining the Level of Service You Need
The American Institute of Certified Public Accountants has standards that allow CPAs to offer three traditional levels of assurance on financial statements. Those three levels of assurance include audits, reviews and compilations. We can help you determine which level of service best meets your needs:
- Audits—An audit entails understanding internal controls, outside verification of selected items and many other detailed procedures that allow us to render an opinion on the financial statements.
- Reviews—During a review, we make certain inquiries and perform analytical procedures that allow us to express limited assurance on the financial statements.
- Compilations—A compilation entails obtaining information from your staff and placing it in the form of financial statements, without expressing an opinion or assurance on them.
In certain situations, instead of one of the traditional assurance services listed above, it may be advantageous for us to provide agreed-upon procedures or customized consulting services to achieve your objectives. We will help you evaluate the alternatives to determine the best way to meet your needs.
Helping You Achieve Long-term Growth and Profitability
Traditional assurance services help you evaluate the past and present. Our advisory services help you look to the future. Through ongoing contact, we will gain an understanding of your business and help you address the problems you face in an ever-changing environment. We strive to be your business partner and full-service consultant. We can assist you in the following areas:
Forecasts and projections
Due diligence and deal structure assistance
Determining appropriate performance measurements
Monitoring operations using focus reporting on margins, productivity, payroll, etc.
Compensation and incentive planning
Profitability and cost analysis
And many more…
At Vrakas, we are about more than just compliance. We make it a priority to understand your business operations and goals and strive to add value with the services we provide.
Interested in learning more?
After many years of deliberations and delays, the FASB’s new standard related to leases, ASC 842, is ready for adoption. Effective Date For private companies, the standard is effective for fiscal years beginning after December 15, 2021. For a calendar year-end...
Vrakas CPAs is pleased to announce the addition of Bradley E. Kussow as shareholder. Brad Kussow joined our Brookfield office in October with 25 years of public accounting, private industry, corporate finance, and consulting experience. Recently, he was the CFO of a...
Deciding Between a Compilation, Review or Audit Even a successful, privately held small business may be asked for an audited financial statement by a banker, investor, creditor or buyer. These third parties often want some assurance that the financial statements...