Assurance Services
Audit | Review | Compilation
Slater & Rutherford specializes in providing audit, review and assurance services to both for-profit businesses and non-profit organizations in Northern Arizona. We have committed extensive resources to be experts in this unique CPA niche. Our audit capabilities set us apart from many of our local competitors as many have chosen to get out or not enter the auditing field due to the rigorous professional requirements. We have multiple CPAs on staff to provide these services. We see ourselves as business partners with our audit and review clients, recommending ways to increase operational efficiency and reduce overhead costs. Our list of local businesses clients and non-profit Organization is extensive and available upon request.
Assurance services provided and defined are:
COMPILATIONS
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).
REVIEWS
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”.
AUDIT
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”.
Our Reputation
Specialized Company
We specialize in audit, accounting and taxes for individuals, companies, non-profit entities, and homeowner's associations.
Dependable Services
We are known for a straightforward personal approach and customized solutions to meet the evolving issues clients face.
Licensed & Insured
AICPA Members
QuickBooks
INTUIT
Certified Pro-Advisor
8 CPAs and 2 EAs on staff
Reputable Company
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.