Audits

An audit is a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise. It represents the highest level of attestation that an independent accountant can express. The purpose of an audit is to provide a report that is attached to the financial statements which lets the reader of the statements know that they are materially correct and are in compliance. To issue the report, we follow the guidelines stipulated by Generally Accepted Auditing Standards as determined by the American Institute of Certified Public Accountants.

Reviews

The review service is one in which we perform analytical procedures, inquiries and other procedures to obtain “limited assurance” on the financial statements. It is intended to provide a user with a level of comfort on their accuracy.A review is the next highest levels of attestation that an independent accountant can issue. The purpose of a review is to provide limited assurance that the financial statements are free of material errors and comply with the reporting methodology elected. In order to issue a review, we follow the guidelines stipulated by Statements on Standards for Accounting and Review Services as determined by the American Institute of Certified Public Accountants.

Compilations

A compilation is a lower level form of attestation which an independent accountant can issue. A compilation provides no assurance on an organization's financial statements. It consists of presenting financial statement information without expressing assurance. Accountants are not required to make inquiries or perform other procedures to corroborate or review the information supplied by management when performing a compilation engagement.

Agreed-Upon Procedures (AUP)

Agreed-upon procedures engagements are a special type of attest services in which independent accountants are engaged to report their findings based upon specific agreed-upon procedures performed. This report is based on factual findings regarding financial information, no assurance is expressed.

You may not need an audit, but may greatly benefit from an AUP engagement to satisfy banking or vendor needs (for example, to advance a business transaction, or verify to that certain financial reporting processes and controls are operating effectively).

These engagements include things like due diligence when buying or selling a business, verifying cash balances, checking security balances, income tax provisions, accounts receivable/payable processes, special reviews of loan portfolios, testing internal controls and environmental management systems, royalty agreements compliance, employer compliance/payroll audits, purchasing department compliance, and accuracy of accounts receivable at a specified reporting date.

Peer Review Acceptance

The Maryland Peer Review Committee accepted the report on the most recent system review of E. W. Depew, Inc. The report had a peer review rating of pass.

~ Accounting System Integration
~ Agreed Upon Procedures
~ Audits Financial Statements
~ Banking Financing Reports
~ Business Valuations
~ Cash Flow Management
~ Collateral Audits
~ Compilations and Reviews
~ Due Diligence
~ Employee Benefit Packages
~ Forecasts
~ Internal Control Reviews
~ Projections

Links

~ Peer Review - Public Accountancy (MD State Website)
~ Peer Reviews vs Engagement Reviews (AICPA website)
~ MD Association of CPAs Peer Reviews (MACPA website)