Single Audit
A Single Audit is conducted by an independent auditor to ensure that non-federal entities receiving federal awards comply with federal requirements. This process, mandated by the Single Audit Act, sets guidelines for auditing state, local, tribal governments, educational institutions, and nonprofit organizations. Its aim is to lessen the audit workload by covering multiple grants in one audit. As each grant has distinct criteria, each audit is unique. We offer assistance for your Single Audit requirements.
Compiled Financial Statement
A compiled financial statement involves an accountant preparing financial statements, like the balance sheet, profit and loss, cash flows, and footnotes, using information provided by the client. Unlike an audit or review, the accountant doesn’t validate the provided amounts and doesn’t assure the accuracy of the information. This type of engagement can cover a full set of financial statements or just one statement. The CPA’s documentation includes significant issues, an engagement letter, and disclosure of fraud or illegal activities. The purpose is to involve a trusted external party (experienced CPAs) and their signature is included in the report. This service is useful for situations like securing a business loan, as banks often require compiled financial statements to assess financial health.
Reviewed Financial Statement
A Reviewed Financial Statement involves a CPA conducting procedures to provide moderate confidence that an entity’s financial statements align with GAAP or IFRS. This assurance level is between an audit and a compilation. While not as comprehensive as an audit, a review surpasses a compilation. It doesn’t guarantee detection of all significant matters an audit would find. Reviews are more costly than compilations, but less expensive than audits. Documents like property lists, bank reconciliations, and more are requested for analysis. We can assist with compiled financial statements as well. Banks value reviews, which are less expensive but credible. In a review, we conduct a limited analysis of your provided numbers, moderately ensuring they fairly represent the organization’s financial status.
Quickbooks Bookkeeping
QuickBooks is comprehensive accounting software that streamlines financial organization, offers automation, and facilitates tasks like invoice creation. However, using it can be time-consuming, especially for beginners or those with limited time. Leveraging our QuickBooks expertise, we can handle your bookkeeping tasks, ensuring accuracy. Our certification provides assurance that your accounts will be well-managed for tax season. So don’t worry! Let Wilson & Associates help you with your Quickbooks accounting.
