Whether you need financial statements for the first time or are a reoccurring user, we can help. We will provide you with a cost-effective engagement, for any level of service you require. We are extremely efficient and well planned in our approaches. Our engagements are tailored to your particular company's needs and risk assessment. In many instances we can advise you on strategies or processes that will improve your operational efficiency and save you money. We receive high praises from banks and bonding companies. Our turnaround time is exceptionally fast.
The following are representations (but not comprehensive) audit and accounting services we provide:
- Financial Statements
- Compiled Financial Statements
- Software Consulting and Conversions
- Accounting and Bookkeeping Service
Vardavas & Concannon, P.A. recognizes the need of business owners to have financial statements. Financial statements are reports that quantitatively describe the financial health of a company. These reports are prepared on a monthly, quarterly, or annual basis. There are three types of financial statements that can be prepared. They are audited statements, reviewed statements, and compilation statements. The most distinctive trait among the three types of financial statements is the level of assurance that it provides to a user. The assurance that is provided enhances the credibility and reliability of the company’s financial statements. Quite often, regulatory bodies, non-management owners, banks that provide loans or other organizations that transact business with a company (such as suppliers that sell on credit or leasing companies) will request some level of involvement or participation by external CPA firms in the financial reporting process. The team at Vardavas & Concannon, P.A. uses their experience and extensive knowledge about diverse business industries in order to provide the most accurate financial report.
Reviewed Financial Statements
Reviewed financial statements provide a higher level of assurance that compilations, but lower than audited financial statements. Reviewed statements are progressively gaining mainstream acceptance among small and medium sized businesses because it provides a limited level of assurance at a lower cost than an audit and is accepted by many banks, suppliers, and bonding companies. A review engagement requires:
- All the procedures needed for a compilation engagement
- Inquiries of client management and analytical procedures.
- Our seasoned engagement teams utilize their professional judgment to establish the extent of inquires that are needed. Although specific inquires are tailored for each industry, the inquiries should, at a minimum, relate to the accounting practices and principles used by the organization, the procedures for recording and accumulating financial information, and the actions taken at board meetings.
- Analytical procedures include comparison of current-period budgets or forecasts, study of the financial statements to identify items or relationships between items that do not conform to expectations based on earlier reports or other information, and review and consideration of adjustments made to the financial statements of prior periods.
Based on the answers to these inquiries any necessary adjustments to the financial statements are made. These inquiries and analytical procedures allow us to express limited assurance on client financial statements that have been reviewed compared to the disclaimer of any assurance on client financial statements that have been compiled. The subsequent Vardavas & Concannon, P.A. standard accountant's report that accompanies the reviewed financial statements states that the review engagement is substantially less in scope than an audit engagement, and no opinion can be expressed on the financial statements taken as a whole. The report concludes with the statement, "On the basis of our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.
Compiled Financial Statements
The compilation provides the lowest level of assurance among the three types of financial statements. Compilation standards do not require the accountant to perform any procedures to verify or corroborate the financial statement information provided by the client. However compilation standards obligate us to:
- Possess adequate knowledge about the accounting principles and practices of the client's industry and have a general understanding about the nature of the client's business.
- Address significant questions that arise in the course of the engagement. vRead the complied financial statements and consider whether they are in appropriate form and free from obvious material errors.
- Use professional judgement to assess the accuracy and completeness of the source documentation provided by the client.
If we have a reason to believe the information provided by the client is inaccurate, incomplete or otherwise unsatisfactory, the Vardavas & Concannon, P.A. engagement team will obtain revised or corrected information before reporting on the financial statements.
Because of the limited scope of compilation procedures, the Vardavas & Concannon, P.A. standard compilation reports disclaim any degree of assurance on the financial statements. The standard compilation report states that the accountant has "not audited or reviewed the accompanying financial statements and, accordingly, does not express an opinion or any other form of assurance on them." At the very least, a compilation engagement with the subsequent accountant's compilation report is needed any time an external CPA firm is preparing the financial statements of a client.
The demand for forensic accountants has spiked in recent years due to all the fraud in the business world. Forensic accounting is the integration of accounting and investigative techniques to produce analysis suitable for use in a court setting. Our forensic accounting engagement team focuses on preventions, detection, and investigation of occupational fraud, financial statement fraud and other litigation support services. Should you decide to take legal action, our experienced professionals will stand by their work and serve as expert witnesses.
Software Consulting and Conversions
With so many software programs on the market it can be challenging to determine the best accounting solution for your business. We can evaluate your existing software to assure you maximizing its capabilities, and providing alternatives, if appropriate, best suited for your business needs.
Many new and existing clients are using QuickBooks as their accounting software. We can provide on-site support and training to get your accounting staff up to speed. Vardavas & Concannon has an Advanced Certified QuickBooks ProAdvisor and Certified QuickBooks Online ProAdvisor on staff.
We provide many QuickBooks related services:
- Converting outdated or inappropriate accounting processes to QuickBooks
- On-site QuickBooks training for owners and staff personalized for you business needs
- Customizing your QuickBooks for your industry to provide timely, meaningful financial reports and management tools
- Personalized QuickBooks technical support
Accounting and Bookkeeping Service
We have many levels of accounting and bookkeeping services tailored to meet your needs. It is our belief that business owners should have an accurate financial snapshot at any given time – not just at year end.
Several options to help you reach this goal:
- Assess your accounting records and make the necessary adjustments to bring your accounting records current
- Evaluating your bookkeeping processes and provide training to achieve the tools necessary to accurately record transactions. Accurate records are key to providing a timely picture of your cash balance, accounts payable and accounts receivable.
- Prepare monthly or quarterly write-up using QuickBooks or QuickBooks Online, recording transactions from client provided source documents.
- Provide monthly or quarterly review of client's books, making period end adjustments, and prepare interim financial statements for management purposes