Assurance services provided and defined are:
A compilation involves merely putting the financial information received from an organization in an acceptable format (i.e., financial statements, footnotes and supplementary schedules) to satisfy professional standards governed by the American Institute of CPA’s (AICPA). The information is considered the representation of management (i.e. Owners, Board of Directors). NO assurance is given as to whether the statements are in conformity with generally accepted accounting principles. We provide full-disclosure (with footnotes) and limited compilations (no footnotes).
A review takes the compilation to the next level. With a review, the CPA considers trends in the market and industry, calculates and compares relevant ratios, and questions management about balances, fluctuations, accounting practices and financial performance. A review is performed to determine whether the financial statements are plausible in the circumstances. Upon completion, a report is issued stating 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. This is known as the expression of “limited assurance”.
Audited financial statements are the product of a CPA’s highest level of assurance services. In an audit, the CPA performs all of the steps indicated above regarding compiled or reviewed statements, but also performs verification and substantiation procedures that may include (but definitely is not limited to):
- Validating receivables/payables through direct correspondence with creditors/debtors,
- Substantiating spending obligations through inspection of minutes, contracts and invoices.
- Verifying accuracy of recording through examination of cancelled checks and invoices
- Substantiate proper rights of ownership through inspection of title records and invoices
An audit also involves an evaluation of an Association’s internal controls—the “checks and balances” in place to prevent and detect errors and fraud. When the audit is complete, the CPA’s standard audit report states that an audit was performed in accordance with generally accepted auditing standards, and expresses an opinion that the financial statements present fairly the Association’s financial position and results of operations. This is the expression of “positive assurance”.
We could not ask for a more professional team to manage our CPA and Tax needs. Our year end Audited Statement is completed in a timely manner - and without our having to get into the arcane details of accounting practices; Adam does a super job of presenting tax options which integrate our corporate options with our personal returns (we are a Sub-S). We appreciate eight years of professional support!
Wilson and Stephenie O.
The ladies and gentlemen that run Schutte & Hilgendorf are always helpful and on time with anything you throw at them. I have dealt with several CPA firms over the years since my husband and I have owned a couple of business's and we have found that Schutte & Hilgendorf have been the absolute best! Many thanks to each and everyone of them!
My partner and I interviewed a few businesses to do our business and personal taxes. S & H won hands down. They are knowledgeable and personable, and deal with our quirky ways with grace! Love that we can email and get answers back quickly. We are so glad we chose S&H!
Cathy Kamper. PLLC
I really appreciate Schutte & Hilgendorf, PLLC- CPA's because they are courteous, friendly and always do a job well done! They submit everything needed in a timely matter and, they truly "look out" for those of us who just can't digest the 'accounting thing.' Their staff always makes you feel like you're the only one they working with. A sincere and grateful thank you!
Diversified Concrete Crafters, Inc P
After many years with another CPA, we were very frustrated with the level of service we were receiving. Being self-employed, has it's unique obstacles that can be overwhelming at tax time. Slater and Rutherford (Adam & Gidget) sat with my husband and I for nearly 2 hours, answering our questions, and taking the time to explain our best course of action. We really appreciate the time they took with us, and I just feel better not having to panic over taxes!
Terri Marotto Atkins
I really enjoyed work with Schutte & Hilgendorf, PLLC for our annual financial review and 990 tax preparations. Great communication, quick turn around time once we got started and an overall great experience. Looking forward to working with them next year.
Schutte & Hilgendorg have provided professional services and advice for us since we incorporated our non-profit over 10 years ago. They are excellent to work with and always respond to our needs and questions in a timely manner with professional answers. I particularly recommend them for any non-profit tax and accounting work and they have served those I recommended with excellent service.
Arizona Cowboy Poets Gathering J
Slater & Rutherford process my payroll, business taxes, and personal taxes, and they do so in a consistently professional manner. If I ever have a question (for example, depreciation on a rental property) they have a prompt and thorough answer. I am very happy with their service and will continue to work with them for the foreseeable future!
We specialize in audit, accounting and taxes for individuals, companies, non-profit entities, and homeowner's associations.
We are known for a straightforward personal approach and customized solutions to meet the evolving issues clients face.
Licensed & Insured
8 CPAs and 2 EAs on staff
We are part of the successor to a long established local accounting firm which has served its clients in Prescott for more than 35 years.
We service all of Yavapai County including Prescott, Prescott Valley, Dewey, Chino Valley, Verde Valley, Flagstaff and Sedona.