Audits Regular audits provide the business owner with financial statements that are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. It provides a level of assurance that the financial statements are reasonably free of material misstatements. Reviews Updated reviews provide the business owner with financial statements that are reasonably free of material modifications that should be made to the statements in order for them to be in conformity with U.S. generally accepted accounting principles or, if applicable, with other comprehensive bases of accounting. Compilations These assist the business owner in putting the record keeping data into a generally accepted accounting principle format. Personal Financial Statements These statements are used to provide a measure of personal wealth and refers to financial statements that present the personal assets and liabilities of an individual or group of related individuals (a family). Families should look at these statements annually to measure the increase in personal wealth from year to year. Bookkeeping Areas of bookkeeping include a variety of services such as: entering the raw accounting data of the business, bank reconciliations, payroll processing and preparation payroll tax reports, W-2s, 1099s, personal property tax declarations and sales tax reports. Internal Controls Testing Constant internal controls tests are administered to determine if the policies, procedures and systems of an organization are adequate to achieve an organization’s reporting requirements as well as if the policies and procedures are being followed. Agreed-Upon Procedures This area consists of specific procedures, which are applied to specific financial information in order to give business owners and the users of the specific financial information an idea about whether the information is reasonably accurate and complete. Projections Projections consist primarily of compiling data, which represent future hypothetical transactions, to determine the future financial performance of an existing or proposed business. Projections are more closely related to budgets and they assist business owners in making better decisions. Forecasts Forecasts are very similar to projections with the exception that a review (defined above) must be performed on the information being used to prepare the forecast. Forecasts provide the same benefits as projections, but they offer limited assurance that there is no material modifications that should be made to the forecasts in order for them to be in conformity with U.S. generally accepted accounting principles.

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