Backed by their professional training, Certified Public Accountants or CPAs become experts to address different business related issues from taxes, financial plan, accounting, auditing and investment management and more. Apart from tax areas, the most vital and demanding services that CPAs provide is Auditing. Typically, audit, is the assessment and inspection process which is conducted once a year to ensure the correctness of financial accounting system of a business enterprise.
When it comes to public companies, privately or family owned businesses, public agencies and no-profit organizations or business groups, audit is a must. For small scale industries depending upon their business volume, the necessity of audit is determined. Audit reports help business owners or its managers undertake different business operational possibilities, enable financial institutes decide upon loan applications and also help professionals and small industries think of investment matters. An experienced CPA like Lewis Daidone may serve clients audit services in three different phases. These are
Audit Services Offered by CPAs
- Compilation
The foremost process in Auditing is compilation whereas CPAs congregate all financial reports and statements based on the database provided by the client. Compilation is a general process and during this phase data are simply arranged into financial report forms. No questioning is conducted unless a CPA guesses any data or information provided has error or partial.
- Review
When it comes to the question of reliability of data sources and assurance, review is a phase that falls among compilation and extensive audit process. During this period, CPAs offers no signal of assurance and undergo auditing.
- Audit
Regardless of a private or public company, it can hire services of a CPA for exclusive audit of its financial statements. In the audit process, CPAs like Lewis Daidone work in collaboration with the senior accountant people or management depending upon the company structure. Followed by complete evaluation of financial systems they provide a report explaining their judgment on whether the accounting statements presented are made in conformity with typically approved accounting principles and are accurate. Audit is an accounting procedure that offers the maximum level of assurance in connection with a company’s financial system establishing them as free from errors and any kind of fraud.
Financial Services Offered By CPAs
To order to assist individuals, small business persons optimize their income or business profitability, CPAs offer comprehensive financial services and advisory. These services include personal financial plan, estate planning, retirement planning, risk management, business selection planning, and investment matters or more. With these services they help their clients secure their future and ability to take future uncertainties. Many CPAs also accompany individuals in developing personal budget, recommending ways to cut down expenses and saving procedures.
Business and Management Consultancy
Responsible CPAs like Lewis Daidone play a key role in assisting small to big businesses towards best utilization of their inventory and resources. This discards resource loss and that adds to profitability. Resource loss is a major lacking point of a business house where only extremely knowledgeable efficient and experienced CPAs can find out the gapping or leakage areas. If you’re planning to initiate a new project endeavor with your existing one, experienced CPAs can be an immense source of information to grow a new business with lot of possibilities.