RTBH provides accounting and auditing services to a wide variety of privately held businesses, not-for-profit organizations, and governmental entities. Accounting and auditing services represent a large portion of our practice, and as a result, we have extensive experience with all three levels of reporting on historical financial results.
An audit is the highest level of assurance and includes extensive procedures typically performed at the company’s or organization’s place of business. Auditing procedures include gaining an understanding of internal control; assessing fraud risk; and examining, on a test basis, evidence supporting the accounting records, financial statement amounts, and related disclosures. The objective of an audit is to provide an opinion about whether the financial statements are fairly presented and, therefore, free of material misstatements, whether from errors, fraud involving either financial reporting or misappropriation of assets, or violations of laws or regulations.
The second level of financial reporting is a review. A review primarily includes applying analytical procedures, such as historical account balance comparisons and ratio analyses, to financial data and making inquiries of management. Less in scope than an audit, a review’s objective is to provide limited assurance that there are no material modifications that should be made in order for the financial statements to be fairly presented.
A compilation is the third level of financial reporting. The objective of a compilation is to assist a company or organization in preparing financial statements. While we work with management to provide accurate and reliable financial statements, a compilation does not include the procedures carried out in either an audit or a review. Accordingly, there is no opinion or assurance provided as a result of a compilation engagement.
In addition to the above services, RTBH provides financial forecasts and projections as well as cash flow and budgeting analysis and consulting. Further, we provide related services including outsource accounting and serving as temporary controller for clients who may be in a transition period. Bookkeeping assistance is available from our staff, some of whom are certified Quickbooks and Peachtree consultants.