Financial Reporting Services
All users of financial statements do not require the same degree of assurance. Therefore, we offer three distinct levels of service involving financial statements: audit, review and compilation. We are problem solvers who help our clients succeed.
During an audit, we examine a company’s financial statements in accordance with generally accepted auditing standards. We then express our opinion as to whether the financial statements are presented fairly in conformity with generally accepted accounting principles. Whether your needs are for bonding, banking, prequalification for bid purposes, Employee Benefit Plan requirements or governmental compliance, please call us. We are qualified to help you.
In many instances, a review is sufficient for a client’s management and its creditors. In this type of engagement, we review a company’s financial statements and issue a report giving a limited degree of assurance. A review is designed to determine whether the financial statements and footnote disclosures are reasonable without applying audit-type procedures.
A compilation involves taking financial information provided by a company and compiling it into financial statement format. A compilation carries no degree of assurance, yet may be adequate for certain purposes.
“I am very impressed with the effort that you and your firm (Payne, Nickles & Company, CPAs) put in on this deal (organizing Norwalk Custom Order Furniture). I know that ultimately it is the investors that made this deal happen, but even with all the money in the world, there is no way that this deal happens as quickly as it did without you two driving the bus. I have done a lot of deals over the years, and I have worked with a lot of accounting firms (both big and small), and I would have to put working with you guys (Dennis Camp and John Payne, CPAs) at the top of the list. I really enjoyed working with both of you. Unfortunately, I am sure that most of the people that worked on this deal and/or citizens in the community (City of Norwalk and Huron County) will have no idea or appreciation of the Herculean effort that you both put in or how vital you both were to concluding this transaction.”
Harold O. Maxfield, Jr., Partner
Cavitch, Familo, Durkin & Frutkin