There are different procedures that Schaefer, Sciarrino & Schulenberg, LLP can provide to give you an overview of your financial situation. An audit is the most in-depth option, a review offers you limited assurance and is less extensive, and a compilation is very basic.
Schaefer, Sciarrino & Schulenberg, LLP is here to provide you with superior services. Trust that our team will investigate everything you need to provide the full picture of your finances. We are professional and your information will be kept in confidence.
When we audit your business, we’re methodically reviewing your finances and verifying certain information. Although an audit can sound like a scary procedure and make you immediately think of the IRS and massive fines, that’s not always the case. An audit can be a helpful review to see your current financial standing from all angles.
An audit is the most in-depth assurance service we can provide to you. We speak to your employees, your customers, your banks, and your attorneys. We’re checking for fraud and any misinformation that should be corrected to ensure an honest financial standing.
With a review, you receive a CPA’s expertise without the intricateness of an audit. It doesn't go as in-depth, but it still provides you with a review of your financial statements. We’ll speak to your employees and managers, and if any discrepancies are found, we’ll look into them further.
Our analytical procedures and approach will result in a review report, where we will state that we did not find any discrepancies or fraudulent information. If a full audit is not necessary, this is a better, more affordable option for most businesses.
Your bank may request a compilation if they are providing a loan. A compilation is generally just that—we compile your financial statements. We don’t usually speak to your employees or analyze your procedures. This is the most basic form of assurance that we provide.
The type of report you need depends on your specific circumstances and situation. If you, the business owner, are requesting an assurance report for your own peace of mind, our CPAs can recommend the best option. If a report is requested by the IRS or your bank or other financial institution, we’ll take that into account, as well.