E: taxes@poole-accounting.com / T: (410) 224-8838
Client Portal Login    Subscribe
Annapolis, MD CPA / Poole Accounting
  • Home
  • Our Team
  • Services
    • Business Services
      • Small Business Accounting
      • QuickBooks Services
        • Why Quickbooks
        • QuickBooks Setup
        • QuickBooks Training
        • QuickAnswers
        • QuickTuneup
        • Buy QuickBooks and Save
      • Payroll
      • Part-Time CFO Services
      • Audits - Reviews - Compilations
      • Cash Flow Management
      • Bank Financing
      • Business Valuation
      • Strategic Business Planning
      • Succession Planning
      • New Business Formation
      • Non-Profit Organizations
      • Internal Controls
    • Tax Services
      • Tax Preparation
      • Tax Planning
      • Tax Problems
        • IRS Audit Representation
        • Non-Filed Tax Returns
        • Back Taxes Owed
        • Payroll Tax Problems
        • IRS Liens
        • IRS Levies
        • IRS Wage Garnishment
        • IRS Seizures
        • Offer In Compromise
        • IRS Payment Plan
        • Bankruptcy
        • Innocent Spouse Relief
        • Get Your IRS File
  • Resources
    • Financial Guides
      • Life Events
      • Business Strategies
      • QuickBooks Tips
      • Tax Strategies for Business Owners
      • Tax Strategies for Individuals
      • Investment Strategies
    • Financial Calculators
    • Frequently Asked Questions
    • Internet Links
    • Client Portal
  • Tax Center
    • Tax Due Dates
    • Tax Rates
    • IRS Tax Forms and Publications
    • Record Retention Guide
    • State Tax Forms
    • Online Tax Organizer
    • 1040 Tax Calculator
    • Marginal and Effective Tax Rates Calculator
  • Track Your Refund
  • Newsletter
    • This Month's Newsletter
    • Previous Newsletters
  • Contact Us
  • Online Bill Pay

Audits - Reviews - Compilations

Call Us: (410) 224-8838
  • broad range of Accounting services
    Experienced professionals providing the support you deserve. Read more
  • Poole Accounting, LLC
  • Secure client portal
    New to our office? We can help you find your way. Read more

Where's My Refund?

When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return.

Our Newsletter

Miss last month's newsletter? No problem. We keep the last 6 months of newsletters here for you to read.

State Tax Forms

Quickly print the tax forms you need from any State in the country.

Our Services

We are a full-service Accounting firm licensed in MD. We offer a broad range of services for business owners, executives, and independent professionals.

Featured Articles

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.

Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide two levels of assurance to meet your needs. There is a third level, which offers the highest level of assurance in a Financial Audit; however, our firm is currently only accepting clients for Review and Compilation services as described below. 

Review - Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.

Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.

Compilation - Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the "representation of management" and expresses no opinion or assurance on the statements. Compilations don't require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Banks often require compilations from an independent CPA as part of their lending covenants.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.

Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you or complete the form below for a Free Consultation.

Name
Phone
Email
Best Time To Call
Comments

Poole Accounting, LLC
34 Defense Street Suite 200
Annapolis, MD  21401
Phone: (410) 224-8838 | Fax: (410) 224-8735
taxes@poole-accounting.com
Login   Search   Site Map   Privacy Policy   Disclaimer