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Financial Statement Assurance Services REAGAN Accounting & Consulting Group professionals are uniquely skilled to provide varying levels of assurance about financial statements. Choosing the most appropriate service for your needs is critical to the proper expenditure of your resources for professional services. Financial statement audits and reviews, and attestation reports are designed for use by third parties making investment or credit decisions that affect your business. Audits Creditors, investors, contractors, grantors, and regulators often impose financial statement audit requirements on businesses in which they have financial interests. To these outside parties, audits are necessary to insure that businesses' financial statements are reliable and that all relevant matters are properly disclosed. REAGAN Accounting & Consulting Group accomplishes this objective by issuing a professional opinion about the financial statements' conformity to generally accepted accounting principles. REAGAN Accounting & Consulting Group professionals have a demonstrated record of accomplishment of performing quality audit work in full compliance with all professional standards. Our work has stood the test of independent review, which assures those relying upon the financial statements we audit that the firm's audit opinions are well founded. Our May 2001 peer review awarded us the highest rating attainable on the quality of our work and places us in the top accounting firms in the U. S. To business owners and managers, audits are costly, intrusive, and sometimes just plain painful. REAGAN Accounting & Consulting Group faces the challenge of making the audit process beneficial by taking what we learn through performance of the audit procedures and fast-forwarding our perspective to your future, in order to offer achievable recommendations for improvements in operations.  Attestations A financial statement audit provides broad assurance that financial statements are reliable and that they contain full disclosure of all relevant matters. Sometimes, investors and/or creditors and other outside parties need assurance on a much more narrow scale. When a specific objective exists, a direct approach is less costly and more beneficial. In an attestation engagement, we attest to the achievement or deficiency of expressed or implied assertions by one party. Reviews A review of financial statements requires REAGAN Accounting & Consulting Group to perform inquiry and analytical procedures that provide us with a reasonable basis for expressing limited assurance that are no material modifications should be made to the financial statements in order for them to conform to generally accepted accounting principles or, another acceptable comprehensive basis of accounting. A review is much less in scope than an audit and does not require us to express an opinion on the fairness of the presentation of the financial statements. The procedures required for a review of financial statements are primarily analytical and fall somewhere between the two extremes of compilation procedures and audit procedures. Regardless of the level of assurance provided, presentation and disclosure in the financial statements must conform to generally accepted accounting principles or another acceptable comprehensive basis of accounting. Assurance Concerning Specified Financial Statement Elements A bank may ask for an audit of a company's financial statements when it really only needs assurance on a customer's receivables and inventories that serve as collateral for a loan. In that case, an audit on the specific financial statement elements might be of more benefit to the bank and less costly to the customer than an audit of the entire financial statements. The specific procedures to be performed are agreed-upon with the bank, and an agreed-upon procedures report is issued upon completion of the procedures. Determining the Appropriateness of the Application of Accounting Principles Oftentimes management wants assurance that complex accounting principles are being applied properly. Sometimes, outside parties relying upon a company's financial statements want that same assurance. Once again, this assurance can be obtained without incurring the cost of a financial statement audit. Compilations A compilation of financial statements is a very limited service. REAGAN Accounting & Consulting Group presents in the form of financial statements financial information that is the representation of management and/or the owners without undertaking to express any assurance on the financial statements' reliability. In short, a compilation is designed to allow us to assist you in preparing financial statements at minimal expense by limiting effort to the mechanics of putting your financial information in the form of financial statements that conform to generally accepted accounting principles or another comprehensive basis of accounting. Projections and Forecasts When you are seeking to expand or need to obtain new capital for other reasons, it is a good idea to take a calculated look into the future. By projecting or forecasting financial results based on stated assumptions, management, owners and other interested parties can better predict the financial outcomes of assumed courses of action and make better informed decisions about planned or contemplated activities. REAGAN Accounting & Consulting Group can enhance the prospective presentation by challenging your assumptions, designing a cash flow model specific to your needs, and performing compilation, review, or examination procedures to the projected or forecasted financial statements, thereby improving your odds for success. Bookkeeping The proper maintenance of accounting records is fundamental to any accounting undertaking. The goal of keeping books is to provide an organized system of documentation for transactions that can be easily reviewed and which enables the preparation of financial statements in compliance with generally accepted accounting principles or, another acceptable comprehensive basis of accounting. The most important aspect of accounting, however, is the ability to generate timely, reliable financial statements. Financial statements chocked full of errors can be dangerous. You rely upon them and make critical decisions that could prove detrimental to you and your business. At the same time, financial statements prepared too long after the fact significantly loose their value to you and other decision makers. REAGAN Accounting & Consulting Group is committed to helping you succeed. Because we understand the importance of timely, reliable financial statements, these two objectives form the foundation of our bookkeeping services. Whether we maintain the accounting records for you, oversee your accounting staff as an outside Chief Financial Officer, or merely consult from time to time with your controller, our goal is simple - insure that financial statements generated for decision-making purposes are both timely and reliable.
Tax Services When you think of the term CPA, taxes are synonymous. At REAGAN Accounting & Consulting Group we have two goals when it comes to tax return preparation and planning: Goal #1 - comply with existing laws and regulations in all tax filings, and Goal #2 - minimize, to the extent allowed by law, regulation, or court case precedent, the impact of taxes on your accumulation of wealth through proactive, ongoing planning. Income taxes, combined with all other forms of taxation, take a significant bite out of family incomes. Tax is by far the most significant expenditure a family makes and yet, for many, very little proactive effort is expended in attempts to manage this expense. Despite many recent changes in tax laws that have claimed to simplify the tax law, nothing could be further from the truth. The tax code, with its regulations, rulings, publications, and court cases remain a labyrinth of confusion and a trap for the unprepared. The truth is, taxes can be managed, and minimization strategies, in full compliance with the law, can be designed with just you in mind. REAGAN Accounting & Consulting Group can design a tax minimization strategy just for you. |
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REAGAN Accounting and Consulting Group, P. C. 2117 Magnolia Avenue Birmingham, Alabama 35205 Phone: 205-380-4200 | Fax: 930-9867 E-mail: info@reagan-solutions.com |
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