Assurance Services

Turman & Eimer LLP audit services

Assurance services require a specialized skill set, and the professionals at Turman & Eimer LLP possess that knowledge and experience. We offer our services to privately held businesses across a broad range of industries and to non-profit organizations. Whether your situation requires a review or compilation of your financial statements, we will impart the appropriate level of assurance to satisfy investors, creditors, or donors. No matter what services meet your particular needs, we always employ the highest quality standards in the industry.

Reviews and Compilations

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide two levels of assurance to meet your needs.

Review

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.

Compilation

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 do not 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 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.

Call us today at 516-868-4877 and ask for Mark Bernstein if you have questions about which type of report is right for you. We offer a FREE initial consultation to business owners.