Timely Service with a Targeted Approach
Financial data is just one element of making sound business decisions. Audits, reviews and compilations are the financial reporting tools you need to form a complete financial picture of your business. With greater accountability at stake, the accuracy and completeness of your financial reporting is essential. Depending on your situation, LSL provides a full range of financial reporting services for your business.
Audits
An audit is a process for testing the fairness, accuracy and completeness of information presented in a company's financial statements. This testing process enables an independent CPA to issue an opinion on how fairly and accurately the organization's financial statements represent its financial position. Typically, annual financial statements are subject to audit while interim statements are not.
Our audit work is in accordance with Generally Accepted Accounting Principles (GAAP). We perform a test of your financial data, analyze the information, and gather an understanding of your company's internal control process and how it impacts your financial reporting process. Professional standards also require that we obtain a sufficient understanding of a company's internal control in order to plan the audit. However, an audit does not automatically provide any assurance concerning internal control.
Reviews
A review involves analytical procedures that provide limited assurance that financial statements are fairly presented. It is a mid-level assessment performed by an independent accountant (not your current CPA). We report to you whether we are aware of any modifications that should be made to the financial statements in order for them to conform with Generally Accepted Accounting Principles (GAAP).
Compilations
A compilation involves obtaining information from management to prepare a financial statement (without expressing an opinion). A compilation is an internal report on the financial condition of a company.
LSL provides a full range of audit and financial reporting services including:
- Audits, reviews and compilations of financial statements
- Employee benefit plan audits
- Internal control, accounting system reviews and fraud detection
- Budget preparation and analysis
- Cash flow forecasts and projections
- Bank covenants
If you need Audit and Assurance Services, feel free to contact the experts at LSL CPAs at 714-569-1000 to set up an appointment today!
Related service offering:
Is YOUR Auditor Finding Them Before the DOL? The DOL (Department of Labor) works to make sure employees are treated fairly. Our job is to avoid having our clients undergo a DOL audit—especially a “bad” one. Prevention is always an excellent idea in the accounting world. And like the Scouts, we want to “Be Prepared.” Your 401(k) auditors should be keeping your 401(k) squeaky clean so the Department ...
The Families First Coronavirus Response Act “FFCRA” and Coronavirus Aid Relief and Economic Security Act “CARES Act” have impacted employee benefits and retirement plans in general. Here’s some of the many changes included in those acts that we want you to be aware of and suggestions for actions to take. Changes CARES Act allows early withdrawals made on or after Jan. 1, 2020 without the 10% penalty for ...
Location: Resort at Squaw Creek, Lake Tahoe Speakers: Bryan Gruber, CPA and Ken Macias, CPA Also attending: Rich Kikuchi, CPA, Debbie Harper, CPA and Brandon Young, CPA Topic: TBA More info and to register: https://www.calsaca.org/calendar
Location: Governor’s Inn, Sacramento Speakers: Debbie Harper, CPA and Brandon Young, CPA Topic: GASB 87 Update More info and to register: https://www.calsaca.org/calendar
An audited financial statement is a financial statement that has been prepared in accordance with generally accepted accounting principles and has been audited by an independent certified public accountant in accordance with generally accepted auditing standards and includes footnotes to the financial statements. It’s the audit team’s duty to review the company’s documents, processes and procedures during the course of the audit. Once that’s done, the audit ...