1880 Century Park East #200,
Los Angeles CA 90067-1600

310.552.1600
Fax 310.289.8186
E-mail:
info@GerberCo.com

 
Tax Tips | Business Tips | Financial Tips | The Information Station
 
   

 

 

ASSURANCE

Audits, Reviews, Compilations
and Forensic Accounting

 
   

FOR YOUR REVIEW:

Gerber & Co.’s Most Recent Passed Peer Review Report



Determining the level of service you need

Many business owners automatically think “audit” when assurance is needed. However, other types of service may serve your purpose. To understand what you need, here are definitions of the different levels of service.

We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Our seasoned team of professionals has had broad exposure to many industries and businesses over decades.

Improving the quality of your information

Financial data is just one element of making wise business decisions. Assurance is the process of adding to the financial data for a complete picture based on your business objective. Recent events and subsequent congressional legislation (Sarbanes-Oxley, HIPAA, etc.) have significantly affected the duties and accountabilities of owners, CEOs, CFOs and CPAs in regard to the privacy, integrity, accuracy and completeness of the financial information they present. With greater accountability at stake, assurance can protect your company. While the immediate impact has been felt most keenly in the public company arena, there are many indications of "trickle down" to other entities with public responsibility (ex. financial institutions) and even smaller privately held companies.

The Dashboard Report

"A picture is worth a thousand words": Our Dashboard functions in much the same way as the dashboard in your car enables you to drive without having to open the hood constantly to check — so long as there are no glowing red lights and the dials are not in the red-zone. The Gerber Dashboard System gives you useful, timely information to facilitate efficient management and makes it easy to spot deviations from target. Let us design a Dashboard for your enterprise to provide summarized relevant data in graphics / pie charts / trendlines to show you the highlights from accounting and other quantitative and qualitative data — it is an invaluable management and information tool. "It's an early warning system when things are moving off course." — Selwyn Gerber CPA

We provide financial reporting
on four levels of assurance:

Audit — an examination, on a test basis, in accordance with generally accepted auditing standards, providing reasonable assurance on the financial statements. An audit is a formal examination of an organization's accounts or financial situation. It is the top level of investigation performed on a business' financial statement. For example, when conducting an audit, the possibility of fraud has to be systematically and thoroughly questioned and analyzed by the auditor/CPA and the officers of the company.

Often times buyers, investors and lending institutions require an audit to assure that the financial statements conform. If you need a reasonable assurance that financial statements are free of material misstatements, consider obtaining this service.

An audit may be required if:

  • You are publicly traded
  • You are considering going public
  • A lender requires one as a condition of the loan
  • You anticipate purchasing a business or selling your company
  • You receive federal funds and want to preserve integrity
  • There are absentee owners that need assurance of the company operations

TeamGerber leaders start by understanding your business, the risks you face, and your internal controls. With these elements, we can identify opportunities for your company to increase its efficiency and profitability.

Review — inquiries and analytical procedures are conducted, providing limited assurance on the financial statements. A review involves inquiries and analytical procedures that provide limited assurance that financial statements are fairly presented. Third party sources are used to confirm that the facts are correct. If you need a closer examination of your books but an audit is not required and a compilation is not thorough enough, you should consider a review. A review is a mid-level assessment performed by an independent accountant. For example, a lender may require a level of comfort for a loan and request that a review be conducted.

Compilation — involves obtaining information from management in an effort to prepare financial statements (without expressing any assurance) that the statements are fairly presented.

There will be times when you need to evaluate your company's performance with the intent of assuring that your business is meeting its financial goals. The compilation is the most basic service we offer and does not express any assurance. Consider obtaining a compilation if you need to have your financial statements put into a format that can be easily read by outside sources.

Forensic Accounting — we handle special projects, investigations, tracing and marital dissolution matters.

“Our skilled sleuths make sure we look in all the nooks and crannies and produce a credible roadmap in our reports in a cost-effective and useful manner” – Moshe Y Graber, Principal.

Our commitment to delivering superior service means that we strive to demonstrate initiative, anticipate problems, propose options, and communicate effectively with you and other members of management throughout the year.

Beyond Beancounting®

We understand that the objective view of the company's operations provided by an audit can be a basis for a whole range of important business decisions. The audit also helps us learn about a client's business, which means our audit puts us in a position to identify opportunities to bring insightful and constructive suggestions for improving management information, operating and accounting procedures and controls.

As your business advisors, we will also look for opportunities to reduce your costs and improve asset management. We offer wide-ranging, practical suggestions that would be difficult and expensive to obtain through internal staffing. We regard this as one of the prime responsibilities inherent in our approach to service and will make it one of our major objectives in working with you.

 

"Beyond Beancounting® is more than our mantra — it defines how we view our relationships with our clients. For example, as a result of acquiring an intimate knowledge of clients' financial and administrative structures, we recommend improvements for more efficient operation, stronger financial position, better cash flow management , and improved accounting and administrative controls. Our philosophy of practice is to blend the technical, the practical, and the business approach in each engagement."

  Selwyn Gerber CPA

 


 
 



 
 
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