Askey, Askey & Associates, CPA, LLC's financial statement services comprise of the following four levels, depending on your needs. If you need assistance in determining which level of service or basis of accounting you need for your financial statements, please contact us. Our clients range from nonprofit organizations to government contractors, as well as homeowner associations and employee benefit plans.
An audit represents the highest level of attestation that an independent accountant can express. The purpose of an audit is to provide a report that is attached to the financial statements, and lets the reader of the statements know that they are materially correct and comply with the elected reporting methodology (Generally Accepted Accounting Principles, cash basis, income tax basis, etc.). In order to issue the report, the auditor must use guidelines stipulated by Generally Accepted Auditing Standards , as determined by the American Institute of Certified Public Accountants . These include reviewing corroborative data as well as a detailed study of the system and procedures the entity uses to prepare its financial statements. We are qualified to perform audits in accordance with Government Auditing Standards and Single Audits under OMB Circular A-133. We have recently implemented the use of artificial intelligence in our auditing process, which enables us to target our audit procedures to the areas with the highest risk of misstatement due to error or fraud.
A review represents the next-highest level of attestation that an independent accountant can issue. The purpose of a review is to provide limited assurance that the financial statements are free of material errors and comply with the reporting methodology elected. In order to issue a review, the independent accountant must perform the procedures prescribed by the American Institute of Certified Public Accountants as defined by the Statements on Standards for Accounting and Review Services. These procedures primarily consist of inquiry of management and key company personnel, as well as performing analytical procedures.
A compilation is the lowest form of attestation that an independent accountant can issue. It consists of presenting information that is management's representations in the form of financial statements, without expressing assurance on them. Accountants are not required to make inquiries or perform other procedures to corroborate or review the information supplied by management when performing a compilation engagement.
This type of engagement is one in which independent accountants are engaged to report their findings based upon specific agreed-upon procedures performed. Some examples of agreed-upon procedures include testing of internal controls and accuracy of accounts receivable at a specified reporting date.
On September 10, 2015 the Maryland Peer Review Committee accepted the report on the most recent system review of Askey, Askey & Associates, CPA, LLC. The report had a peer review rating of pass. The Maryland Peer Review Committee conveys congratulations to Askey, Askey & Associates, CPA, LLC.