Audits & Financial Reporting
Financial Reporting is one of the mainstays of an accounting firm’s services. What makes those services offered by Mudd Lee, LLC different? The quality and care offered. We offer our clients more than a report to send to the bank, more than numbers to be placed before stockholders. Our financial reports offer insight into the inner workings of your business. Our reports are supplemented by our staff being available to answer your questions and offer follow-up guidance based on reporting results. We make sure you understand the numbers, where they came from, and offer you advice about how to effect change in future reports. For more information about our Financial Reporting Services feel free to complete an information request, or call us today.
Audits & Review
Why are audits and reviews performed? An audit attests that the financial statements you pass to interested and necessary parties are fair in presentation, in accordance with generally accepted accounting principles. Audit reports are used by clients in need of bank loans, line of credit set-up, for stock valuation, in the development of purchase agreements, in mergers and acquisitions, in order to safeguard assets, and to enhance financial data communicated to stockholders and other interested parties.
At Mudd Lee, we have audit clients in a variety of industries, including not for profit organizations and employee benefit plans. Review reports provide limited assurance that financial statements are presented fairly in accordance with generally accepted accounting principles.
Compilations
Compilation services are performed when a client wants financial statement information without the expression of assurance that comes with an audit or review report. The information represented in a compilation is based solely on the representation of management. Compiled financial data can be quite useful to management, but is limited in its value to third parties.
SAS 70
MuddLee’s experienced professionals will examine the controls and control objectives of a service organization in accordance with Statements on Auditing Standards No. 70 (“SAS 70”) Service Organizations.
Today’s businesses outsource more and more services to other companies. These companies, known as “service organizations”, serve as an important extension of the outsourcing companies, or “user organizations”. With public companies facing more and more scrutiny in complying with laws such as the Sarbanes-Oxley Act, many public companies, which outsource certain functions to service companies are seeking assurance that the internal control structure at the service company is designed appropriately and operate effectively. A service auditor’s report provides this level of assurance.