YOUR BUSINESS
Our Approach to Business Clients
Each H&J business client gets the same level of efficient, timely, professional
service, and each client's needs are watched over and managed by one of our partners.
We begin each new relationship with a detailed plan, built with our client's
convenience as a key element. The plan includes a projected timeline and a description
of the scope and nature of the work we anticipate.
Our comprehensive menu of business services include:
· Financial Statement Preparation
· Agreed Upon Procedures
· Forecasts & Projections
· Internal Control Analysis
· Budgeting
· Bookkeeping
H&J offers three levels of financial statements for businesses:
Compiled financial statements are the most basic type of statement. In a compilation,
the CPA must comply with certain basic requirements of professional standards,
such as having knowledge of the client's industry and applicable accounting principles,
and reading the financial statements to determine whether there are obvious departures
from generally accepted accounting principles (or in some cases, another comprehensive
basis of accounting used by the entity). It may be necessary for the CPA to perform
other accounting services -- creating your general ledger or assisting you with
adjusting journal entries for your books, for example -- before the financial
statements can be prepared. Upon completion, a report is issued that states a
compilation was performed in accordance with AICPA professional standards, but
that no assurance is expressed that the statements are in conformity with generally
accepted accounting principles. Compiled financial statements are often prepared
for privately-held entities that do not need a higher level of assurance expressed
by a CPA.
Reviewed financial statements require inquiry and analytical procedures in addition
to the procedures in a compiled financial statement. Upon completion, a report
is issued stating that the review has been performed in accordance with AICPA
professional standards, that a review is less in scope than an audit, and that
the CPA did not become aware of any material modifications that should be made
in order for the statements to be in conformity with generally accepted accounting
principles or, if applicable, another basis of accounting.
Audited financial statements are the product of our highest level of assurance
services. In an audit, one of our CPAs performs all the steps required in a compiled
or reviewed financial statement, but also performs verification and substantiation
procedures. These procedures may include contact with creditors or debtors to
verify amounts owed, physical inspection for inventories or investments, inspection
of minutes and contracts, and other important steps.