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Our Services


Audits & Compilations

Our staff is trained and skilled in many industries. We offer auditing services that not only are effective, but we also provide useful information on helping to make your organization more effective.

The objective of an audit is the expression of an opinion about whether your financial statements are fairly presented, in all material aspects, in conformity with generally accepted accounting principles. Audits are usually required only when a company has investors or other related party that wants assurance that the financial statements are correct.

If all issues are resolved with an audit then a report would be issued that reads as follows:

Baldwin Accounting, CPA
To the Board of Directors
XYZ Company
Orlando, Florida

Dear_________________,

I have audited the accompanying balance sheet of XYZ Company for the year ended December 31, 200X and the related statements of income, retained earnings, and cash flows for the period then ended. These financial statements are the responsibility of XYZ Company’s management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with U.S. generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for our opinion.

In my opinion the financial statements referred to above present fairly, in all material respects, the financial position of XYZ Company as of December 31, 200X and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles.

Sincerely,

Baldwin Accounting CPA, PA


An audit involves procedures that will include tests of documentary evidence supporting the transactions recorded in the accounts, tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected customers, creditors, and banks.

The financial statements provided in an audit will include the following:

  • An audit report with an opinion as to whether they conform with US Generally Accepted Accounting Principles.
  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows
  • Notes to the financial statements
Reviews


A review is merely a report that states that we did not find any issues in the financial statements that would make us think they were not in conformity with GAAP. A review is usually only required if a related party requests this.

A review consists primarily of inquiries of company personnel and analytical procedures applied to financial data. A review does not contemplate obtaining an understanding of the internal control or assessing control risk, tests of accounting records and responses to inquiries by obtaining corroborating evidential matter, and certain other procedures ordinarily performed during an audit. Thus, a review does not provide assurance that we will become aware of all significant matters that would be disclosed in an audit. We would not perform an audit of such financial statements, the objective of which is the expression of an opinion regarding the financial statements taken as a whole, and, accordingly, we would not express such an opinion on them.

Our report on the financial statements would read as follows:

Baldwin Accounting, CPA
To the Board of Directors
XYZ Company
Orlando, Florida

Dear_________________,

We have reviewed the accompanying balance sheet of XYZ Company as of December 31, 200X, and the related statements of income, retained earnings, and cash flows for the XX months then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of XYZ Company.

A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is subsequently less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with U.S. generally accepted accounting principles.

Sincerely,

Baldwin Accounting CPA, PA


The financial statements provided in a review will include the following:
  • A review report with no opinion
  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows
  • Notes to the financial statements
Compilations


There are two types of compilation engagements available.

1. Compilations with disclosures include the following:
  • A compilation report with no opinion
  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows
  • Notes to the financial statements
2. Compilation without disclosures
  • A compilation report with no opinion
  • Balance Sheet
  • Income Statement
  • Statement of Cash Flows (optional)
If you need assistance with Audits, Reviews & Compilations please give us a call (407) 363-0890





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