Attest & Assurance Services

At McGuckin, Shatz & White, LLC our Accounting and Assurance department utilizes our expertise and experience in accounting and financial reporting to provide our business clients with valuable insight into their business operations. We work with our clients to enhance their natural business skills. This department is responsible for the delivery of audited, reviewed and compiled financial statements. These attest services empower us with the ability to get behind the numbers and deliver relevant and detailed advice. Often during attest engagements, we identify opportunities to improve financial performance and increase operational efficiency.

Properly prepared financial statements are essential to the business world. CPA prepared financial statements may be of value in the following situations: negotiating bank loans or other credit arrangements, obtaining bonding, communicating financial data to partners, stockholders, board of directors, purchasing or selling of a business, purchase or redemption agreements, or for other Management use.

Management Use

There are three levels of financial statement services available. These services differ in the level of assurance offered by the reporting firm.

The objective of a report for an audited financial statement is the expression of an opinion on the fairness of the Company’s financial statement in conformity with generally accepted accounting principles.

As auditors, our goal is to determine to the best of our ability whether the financial statements are free of material misstatement. We do this by examining on a test basis and confirming with outside parties, documents or other evidence that support the amounts listed in the financial statements. We also assess the accounting principles used and review significant estimates made by management, in order to provide some level of reasonable assurance to people relying on the statements.

Although an audit is not specifically designed to uncover fraud or other reportable conditions, we are in a unique position to observe the internal control systems of a company and will often make recommendations to improve management practices as a result of the audit.

Review of Financial Statements

Review reports are used when a lesser degree of assurance is needed and still allow for having the financial statements analyzed by qualified professionals.

As reviewers, we look at information provided to us by a company’s management and perform inquiry and analytical procedures to make sure the information is fairly stated. The process provides limited assurances that there are no material modifications that should be made to the statements in order for them to comply with GAAP (generally accepted accounting principles).

Reviews are performed by accountants that not only understand accounting principles, but also have knowledge of your industry and related practices.

Compilation of Financial Statements

A compilation involves taking Management’s information and presenting it in the form of financial statements. When compiling financial statements, accountants are not required to corroborate or review the information, and do not express any assurances on the numbers. Many clients use our compilation services to gather their information and complete the bookkeeping necessary for management to have essential financial information.