Cutler Bay CPA Since 1983 - 786-250-4450

Miami Auditors

Audited Financial Statements

CPA in Miami Services:

Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system’s internal control. The goal of an audit is to express an opinion on the person / organization / system (etc) in question, under evaluation based on work done on a test basis. Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case off financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements – a concept influenced by both quantitative and qualitative factors. In financial accounting, an audit is an independent assessment of the fairness by which a company’s financial statements are presented by its management. It is performed by competent, independent and objective person(s) known as auditors or accountants, who then issue an auditor’s report based on the results of the audit.

Reviewed Financial Statements

The CPA must obtain a general understanding of: the organization’s industry as well as information about their operations, products, and services, their accounting records, qualifications of their accounting personnel, the accounting basis on which the financial statements are presented, and the form and content of the financial statements. The auditor then reviews the information supplied by the client and makes specific inquiries relating to accounting policies, record keeping and accounting practices, actions of the Board of Directors, and changes in business activities. Upon completion of a review, the CPA will issue a report that provides limited assurance that the financial statements are free of material misstatements or false/missing information and are found to be accurate, complete and fairly presented to meet the requirements of the US GAAP.

Compiled Financial Statements

The accounting basis on which the compiled financial statements are presented, and the form and content of the financial statements is limited. The accountant also is required to inform management of any material errors (i.e., unintentional or inadvertent misstatements), irregularities (i.e., intentional misstatements) or illegal acts that come to the accountant’s attention, unless they are clearly inconsequential.  Thus, a “clean” compilation report may impliedly state that the submitting accountant is not aware that the compiled financial information provided by the reporting entity is incorrect, incomplete or otherwise unsatisfactory.The standard accountant’s compilation report states in pertinent part:

. . . We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.

Miami Bookkeeping Services

Our Miami Bookkeeping Services handle all your daily accounting needs: invoices and statements, accounts payable, cash receipts and disbursements, payroll, bank reconciliations and recurring reports. Your bookkeeper will be in contact with you daily by Instant Messenger, email or phone with any questions or concerns. All under the supervision of our accountants in our Miami CPA Firm.

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