Accutax assists businesses, organizations and individuals with tax strategy, planning and compliance, whilst also delivering a wide range of financial services for industries like: Healthcare, Real estate, Non-profit, Private schools, Business services, Manufacturing & xpayroll tax preparation as well as sales tax return preparation.
We provide variety of services for firms/Entities registered or located ether in the US which include and are not limited to:
SERVICE OFFERINGS FOR US-FIRM :
We have diversified experience in performing Audits, Reviews, Compilations and Attestation.
- We perform internal and management audit to achieve management goals such as cost effectiveness and to improve overall performance of the organization by using digitized audit and review processes.
- We perform Review services ( SSARS ) to ensure accuracy of financial statements on a Monthly, Quarterly, Half yearly and Annual basis.
- We provide services attestation engagements ( SSAE ) required by bank and other regulatory authorities including well-established and notably recognized regional CPA firms in the United States.
- We also provide various kind of services based on the agreed-upon procedures( AOP).
HIGHTEST LEVEL OF ASSURANCE
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
An Audit allows you to:
- Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
- Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
- Comply with banking covenants.
- Help deter and detect material fraud and error.
- Facilitate the purchase and sale of businesses.
Here’s what you get:
You get the highest level of assurance because we go outside your company to obtain more information. Typically, we’ll have written communication with:
- Your customers, to check outstanding receivable balances,
- Your banks, to confirm cash or debt balances and terms,
- Your vendors, to verify outstanding payable balances, and
- Your attorneys, for information on pending or threatened legal action.
We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client’s supporting work papers.
Audits… Not Just for Public Entities
All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants.
Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank’s assessment of the company’s risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams.
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.
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.
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.
Personal Financial Statements are documents that contain general information about an individual as well as information about their current financial status. Most commonly this is referred to as a Statement of Net Worth as it includes a breakdown of total assets and total liabilities. These are frequently requested when applying for credit. At Verdant, we can prepare your personal financial statement, no matter the need.
A financial forecast is an estimate of the future financial status of a business based on the historical financial data. These are used to provide business owners with information about what the financial outlook of the company is likely to be. A financial forecast is likely to be requested by banks and other investors.
A projection takes the financial forecast and adds in a “what-if” scenario. Projections contain hypothetical events and help the business owner to see how things could turn out. We are asked to do these for various reasons such as: buying a business, estimating how a specific event would affect the bottom line, tax consequences of a specific event, evaluating the sustainability of the current business, etc.
Clients often ask us to assist in the due diligence process when looking into purchasing a new business. During this process we assist in investigating and analyzing the prospective businesses financial statements. It is important to make sure their expenses look reasonable and that the financials make sense in order to make the appropriate decision on whether to buy the business or move on.
An agreed-upon procedures engagement is a service in which a CPA is to report findings based on specific procedures agreed upon beforehand. The procedures are agreed upon in advance and can encompass a wide variety of topics. Some examples of such AUP engagements that our firm often performs are: Anti-Money Laundering Program compliance, Directors’ Examinations in conformity with Title 45 Chapter 25 of the Nebraska Administrative Code, compliance with FINRA policies and regulations on conflicts of interest, cost allocation studies, and testing for accuracy of expenses.
The procedures are determined by your organization and may be as limited or as extensive as desired but should not include procedures that are open to varying interpretations. One of the benefits of engaging a CPA to perform such work is that the findings are independently derived with no bias. There is flexibility in the nature, timing, and extent of the AUP and the work can be tailor made to fit your needs. You know your organization and can direct a CPA to perform procedures in a certain area—perhaps an area of concern, a new activity, or just a closer look at something. It is also important to note that in an AUP engagement, the CPA does not provide an opinion or a conclusion. Instead, the CPA provides a report listing the findings resulting from the procedures that are agreed-upon.