Financial Statement Review & Accounting Audit Services in Utah
If you need a financial audit in Salt Lake City or anywhere in Utah and the neighboring states, CMP can help.
Our team is happy to correspond with a lender/banker or other third parties to help determine exactly what they are requesting/requiring and which level of service will meet your company’s needs. Then, we will work with you and your team and walk you through our needs to complete the engagement. Our team has established processes and procedures to perform each engagement efficiently and effectively. We pride ourselves on having a knowledgeable team with experience in various industries. Our team has the necessary skills and experience to provide clients with helpful recommendations after each engagement. Our ultimate goals are to get you what you need when you need it, whether that be CPA-audited financial statements or something else, and for our services to be of value to you.
In business, we often need the assistance of outside stakeholders to keep what we earn. Whether those assisting are stockholders, creditors, or private investors, they need assurance that the company’s financial statements accurately represent its true fiscal position.
To provide that assurance, we offer an array of financial statement services. Our services are tailored to meet your needs and the needs of your stakeholders, whether it’s CPA-compiled financial statements or a full set of CPA-audited financial statements.
CMP works around our schedule and deadlines, puts our needs before their own, and is willing to bend over backwards for us to make it all work out.
Whenever possible, they assign the same people to our audit each year. This saves me time and energy, because I don’t have to bring someone up to speed on the workings of our company year after year after year. I’ve found this to be invaluable.
Their knowledge & expertise, general demeanor, and willingness to put our needs and schedules above their own make our annual audit a pleasure, rather than a chore.Charlotte Cantwell
Utah Festival Opera & Musical Theatre
Here are some of the specific services we provide:
-
Financial Statement Preparation
No formal report is issued on the financial statements. This type of financial statement service is typically performed in conjunction with bookkeeping or transaction processing services and is similar to what an in-house accountant would provide to management. Financial statements are typically for management’s use but may fulfill some lenders’ documentation requirements for small loans.
-
Compiled Financial Statements
No assurance is provided in the accountant’s report as to whether the financial statements are presented in accordance with the accounting framework used (commonly Generally Accepted Accounting Principles (GAAP) or income tax basis of accounting); however, known departures from the accounting framework require a modification to the accountant’s report. Accountants are required to obtain knowledge of the accounting principles and practices of the client’s industry and a general understanding of the client’s business. Note disclosures to the financial statements may be omitted and the accountant does not have to be independent of the client, but a lack of independence must be disclosed in the accountant’s report. The client must sign an engagement letter as written communication of the services to be performed.
A compilation would typically be appropriate when lenders and other outside parties may appreciate the business associating with a CPA without requiring a level of assurance and when initial or lower amounts of financing or credit are sought or significant collateral is in place.
-
Financial Statement Review
Limited assurance is provided in the accountant’s report as to whether the financial statements are presented in accordance with the accounting framework used and whether known departures from the accounting framework require a modification to the accountant’s report. Accountants are required to obtain the same knowledge of the client’s industry and business as in a compilation but are also required to obtain an increased understanding of the client’s business. The performance of inquiries and analytical procedures is required, as well as additional procedures, if questions arise while performing the review. Note that disclosures of financial statements are required, and accountants must be independent of the client. The client must sign an engagement letter and management representation letter.
A review would typically be appropriate when lenders and other outside parties would like a basic level of assurance, and as a business grows and is seeking larger and more complex levels of financing and credit.
-
Auditing of Financial Statements
An auditor’s opinion is provided stating that the financial statements are fairly presented in accordance with the accounting framework used, and inadequate disclosure and/or departures from the accounting framework requires a modification of the auditor’s opinion. The auditor must obtain extensive knowledge of the economy, relevant industry, and the client’s business. Inquiry, analytical procedures, obtaining an understanding of internal control, risk assessment, and other audit procedures are required. Accountants must be independent in performing an audit of financial statements. An engagement letter and management representation letter must be signed by the client.
An audit would typically be appropriate when lenders and other outside parties request a high level of comfort on the accuracy of the financial statements, when businesses are seeking high levels of funding or outside investors, or when selling a business.
So if you need a CPA auditor in Utah, we can help.
We currently perform audits for the following types of entities:
-
- Privately-held businesses
- Nonprofit organizations
- 401(k) profit sharing and defined benefit plans (ERISA audits)
- Captive Insurance