Almost every organization — whether it’s a privately held business, a publicly owned corporation, or a nonprofit organization — must prepare reports on its financial performance. Such reports help owners and managers make operating decisions, enable creditors to evaluate loan applications, and provide individuals with information to make investment decisions.

For most small businesses, the chances of needing an audit arises if you run a company that issues stock to the public, if you are trying to borrow a very large sum of money, and in some cases, when you do work for the government. There are other reasons to have an audit performed, but for most firms, these are the most compelling.

At Reddinger, Will, Gallagher and Dickert we can guide you through this analysis and perform the appropriate level of attestation required:

  • Compilation: We prepare financial statements from information provided by management. A compilation is useful when limited in-house capabilities for preparing financial statements exist.
  • Review: We apply inquiry and analytical procedures to financial statements provided by management to determine if they are reasonable. A review provides limited assurance that no material changes need to be made to the financial statements.
  • Audit: We examine your financial statements by conferring with outside parties, completing physical inspections and observations, and testing selected transactions by examining supporting documents.An audit provides the highest level of assurance that the financial statements fairly represent the entity’s financial position and results of operation in accordance with generally accepted accounting principles.