The financial reporting needs of any type of business organization are critical. Internal and external users of financial reporting expect information to be accurate and understandable so the most appropriate decision regarding the financial information will be the final result. Proctor, Crook, Crowder & Fogal, P.A. has assembled a team of professionals within the firm that dedicates nearly all of their time to providing accounting and auditing services such as the following:
Audits
Audits are conducted in accordance with auditing standards generally accepted in the United States of America. Those standards require that an audit is performed to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. The end result is the expression of an opinion regarding the financial statements taken as a whole.
Reviews
Reviews are performed in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A review consists principally of inquiries of organization personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. The end result is a determination of whether there are any material modifications that should be made to the financial statements in order for them to be in conformity with the basis of accounting used.
Compilations
Compilations are performed in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. Accordingly, compiled financial statements are neither audited nor reviewed and there is no expression of an opinion or any other form of assurance on them.