Fontana CPAs, a Tampa CPA firm serving Tampa, Orlando, Clearwater, Jacksonville, Miami, and surrounding areas, knows that donors, grantors and creditors often need assurance that the financial statements accurately represent the true financial position of a company. Your donors, grantors or creditors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific accounting documents and information as determined by the auditor or as established by AICPA professional standards.
Our work includes obtaining an understanding of significant internal controls, testing of selected transactions, and communication with third parties. Based on our findings and audit documentation, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
Your funding requirements may determine which type of audit you are required to have performed.
Call us to discuss which audit fits your organization's needs.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP).
In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.