Audits, Reviews, and Compilations

Committed to Adding Value to Your Organization

We work closely with our clients to ensure they have the sound financial information needed to efficiently and effectively manage their businesses. Our Accounting and Assurance team has expertise in completing the underlying work and in preparing the financial statement reports (Audits, Reviews, and Compilations) to satisfy professional assurance requirements. In all of these engagements, MichaelSilver informs management of any recommendations that could improve internal accounting functions, strengthen internal controls, or improve the accuracy of the entity’s accounting and financial records.

Audits

An audit provides reasonable assurance about whether a company’s financial statements are free from material misstatement. MichaelSilver’s audit team performs procedures to obtain evidence to support information included in the financial statements. These procedures include obtaining an understanding of the company’s internal control, assessing fraud risk, and testing accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, the examination of source documents, and outside verification, such as confirming information directly with banks, customers, vendors, and creditors. If your company has inventory, we will observe it at or near year end to substantiate its existence. At the conclusion of the engagement, our auditors provide an opinion in an Independent Auditors’ Report.

Reviews

A review provides limited assurance that we are not aware of any material modifications that should be made to the financial statements in order for them to be in accordance with generally accepted accounting principles. The procedures performed include applying analytical procedures to financial data and making inquiries of company management. Typical analytical procedures performed during a review engagement include trend analysis, comparisons of expense balances to prior periods, and various ratio analyses. Once review procedures have been completed, an Independent Accountants’ Review Report is issued.

Compilations

A compilation does not express an opinion or conclusion, nor provide any assurance on the compiled financial statement. In a compilation engagement, MichaelSilver gains an understanding of the company and the industry in which it operates. Procedures include assisting management in presenting financial information in the form of financial statements. In addition, we often perform other accounting services, including procedures similar to those performed in a “Check of Accounts.”  We also perform compilations of personal financial statements, as often required by banking and financial institutions. A compilation engagement does not provide any assurance about the amounts shown in the financial statements. The end result is an Accountants’ Compilation Report accompanying the financial statements.

Financial Statements for Employee Benefit Plans

Our team of Accounting and Assurance professionals can provide the year-end compliance and financial statement services specific to satisfying the requirements dictated by the Employee Retirement Income Security Act (ERISA). We work closely with your in-house staff to provide guidance and advice on how to prepare for this type of financial statement engagement. We are committed to understanding our client’s unique circumstances to provide quality and reliable financial statement services.

Check of Accounts – Our Tailored Service

MichaelSilver has created a tailored service. A “Check of Accounts” is our analysis of the work performed by an entity’s accounting department. The check, which is typically balance sheet focused, includes seeing that accounts have been reconciled, account balances agree to subsidiary ledgers, and account detail is kept up-to-date. The deliverable is a letter to management pointing out areas that may need attention and providing any material adjustments that came to our attention.