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Assurance Services
We provide three different levels of assurance relative to our clients' financial statements. The three levels of assurance are audits, reviews, and compilations.
A compilation of financial statements is presenting in the form of financial statements information taken from our client's records. A compiled financial statement is sufficient for some businesses to be used for management decisions.
A review of financial statements can be used to comply with external reporting requirements of banks, suppliers, and investors at a cost less than an audit.
Conducting a review allows us to provide limited assurance about the client's financial statements by performing inquiry of management on the company's accounting policies and procedures and analytical procedures on financial data. Additional inquiry of management may be required to explain items that appear to be unusual as the result of analytical procedures performed.
We have the qualifications, reputation, and experience to issue audit opinions in accordance with auditing standards generally accepted in the United States of America. Some areas of specialization include not for profit organizations, organizations requiring audits in compliance with O.M.B. Circular A-133 and Government Auditing Standards as well as the audit of Low Income Tax Credit Limited Partnerships.
How We Help Our Clients
Seachrist, Kennon & Marling, A.C. was engaged by a nonprofit organization to prepare a special report presenting selected financial ratios covering a six (6) year period that compared the organization to itself as well as comparable organizations throughout the state. This report was absolutely invaluable for the CEO to put into perspective where the organization came from, where it was heading in the future, and instrumental in communicating this to the board of directors. The report was critical in serving as the building block for the foundation for the strategic vision for the future of the organization.
A service business was ready to close because of fiscal mismanagement. We changed the financial structure and arranged for new equipment and technology. We added cost controls and increased marketing to adjacent areas to expand the business. At the end of five years we had increased annual cash flow by $150,000. Within five years, we had increased the value of this business from zero to $500,000.
A service business engaged Seachrist, Kennon & Marling, A.C. to review its internal financial reporting system. At the end of six months, we suggested expenditure changes amounting to an annual savings of $150,000. Our testing of the invoice/collection cycle indicated irregularities in the cash collections. Our suggestions improved annual cash flow by $300,000.
We provide three different levels of assurance relative to our clients' financial statements. The three levels of assurance are audits, reviews, and compilations.
A compilation of financial statements is presenting in the form of financial statements information taken from our client's records. A compiled financial statement is sufficient for some businesses to be used for management decisions.
A review of financial statements can be used to comply with external reporting requirements of banks, suppliers, and investors at a cost less than an audit.
Conducting a review allows us to provide limited assurance about the client's financial statements by performing inquiry of management on the company's accounting policies and procedures and analytical procedures on financial data. Additional inquiry of management may be required to explain items that appear to be unusual as the result of analytical procedures performed.
We have the qualifications, reputation, and experience to issue audit opinions in accordance with auditing standards generally accepted in the United States of America. Some areas of specialization include not for profit organizations, organizations requiring audits in compliance with O.M.B. Circular A-133 and Government Auditing Standards as well as the audit of Low Income Tax Credit Limited Partnerships.
How We Help Our Clients
Seachrist, Kennon & Marling, A.C. was engaged by a nonprofit organization to prepare a special report presenting selected financial ratios covering a six (6) year period that compared the organization to itself as well as comparable organizations throughout the state. This report was absolutely invaluable for the CEO to put into perspective where the organization came from, where it was heading in the future, and instrumental in communicating this to the board of directors. The report was critical in serving as the building block for the foundation for the strategic vision for the future of the organization.
A service business was ready to close because of fiscal mismanagement. We changed the financial structure and arranged for new equipment and technology. We added cost controls and increased marketing to adjacent areas to expand the business. At the end of five years we had increased annual cash flow by $150,000. Within five years, we had increased the value of this business from zero to $500,000.
A service business engaged Seachrist, Kennon & Marling, A.C. to review its internal financial reporting system. At the end of six months, we suggested expenditure changes amounting to an annual savings of $150,000. Our testing of the invoice/collection cycle indicated irregularities in the cash collections. Our suggestions improved annual cash flow by $300,000.
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