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Audit, Reviews and Compilations

Accounting Services Provided: 

Audit

Review

Compilation

Agreed upon procedures 

Audit: We are a firm that still accepts audit engagements.   

 Markusen & Schwing has substantial experience providing audits, reviews and compilations.  Our clients include small and medium size businesses as well as many individuals and Not-for-Profit organizations.

 To ensure the best possible service to our clients, Our CPA team regularly takes continuing professional education courses to keep us knowledgeable and current on changes in accounting and auditing standards.  Our continuing professional education courses include those required to complete yellow-book audit certification including HUD engagements and Not-for-Profit organizations that receive federal funding.   We can complete audits of small to medium size businesses and not-for-profit organizations, including organizations that receive federal funding. 

Review:  For many clients,  it might be more cost effective to complete a ‘review’ in instances where an audit is not necessary.  In a review, our procedures are less strenuous than the procedures used in an audit.  A review report will still provide limited assurance that the financial statements are fairly stated. 

Compilation:  A compilation provides no assurance on the financial statement.  However, we are still required to document our procedures and are required to insure that all the statements are prepared in accordance with generally accepted accounting principles.  

Agreed upon procedures engagement:   Sometimes a bank, a creditor or a potential buyer of a business might request that certain accounts be verified.  An agreed upon procedures engagement could be much more cost effective than an audit and still meet the needs of the user of the report. Our firm can advise you on the best approach in these matters.

Note on accounting 

Accounting firms are not required to audit your information when preparing a tax return.  However, even though you may only be using our services to prepare a tax return, as opposed to preparing a report for an audit, review or compilation, we will ask for a working trial balance, request work-papers to support the balances used to prepare the tax return, and make inquiries of balances that are not obvious. Good documentation when preparing a tax return can be a vitally important asset in an IRS audit or review by an outside agency.  


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