Thorough Southaven Assurance & Advisory Services
Our primary objective at F.O. Givens and Company is to provide meticulous, affordable assurance and advisory services to entrepreneurs and local business owners. With our firm's high-quality audits, reviews, and compilations, you're able to quickly evaluate areas of potential enhancement, under- or over-funded departments, and any possible errors in your records.
Since 2009, our skilled CPAs have worked closely with business owners in Southaven, Senatobia, and the surrounding communities. From the moment you first partner with our team, we provide you with our full support. You'll find our accountants to be communicative, proactive, and effective in their approach. We look forward to discussing your company's financial needs in greater detail, so give our firm a call to schedule your free initial consultation!
What Are Compilations, Audits, & Reviews?
Our Southaven assurance and advisory services primarily take the form of thorough compilations, audits, and reviews. We work closely with your business to offer three levels of organization, scrutiny, and analysis of your financial statements and records.
Compilations: When we create a compilation, we compile your financial data and shape it into a simplified financial statement. You'll receive a concise, neatly arranged document that outlines your financial status from a management perspective. When crafting your compilation, we do not analyze your data to ensure that it is compliant with Generally Accepted Accounting Principles (GAAP). Therefore, we cannot offer any opinions on your financial statements.
Audits: An audit consists of a detailed examination of your company's financial statements and transactions. When we check your figures, we carefully search for material misstatements, clerical errors, and problems with your internal controls. Once we've completed the process, we provide the results in an audit report. You can trust our team to present unbiased and fair results. In our report, our CPAs highlight potential issues and areas of possible improvement, so you have the opportunity to correct mistakes and enhance your operations..
Reviews: We apply basic accounting principles and analytical methods to ensure that your figures make sense during a review. We draw upon your data, our industry knowledge, and our accounting software to efficiently complete the process. Since a review includes a more extensive evaluation of your figures than a compilation, we can offer limited assurance that your numbers align with GAAP.
When Would I Need a Review or Compilation?
A compilation can be helpful to your business for several reasons. Since a compilation makes it easy to take in your financial standing at a glance, it's an excellent tool to showcase your company's status to potential shareholders or executives. By simplifying and organizing your data, we help you market and evaluate your company. A compilation may be necessary to secure funding since banks often request one from an independent CPA to meet the terms of their lending covenants.
Reviews serve as a helpful middle-ground service between compilations and audits. You receive the technical expertise included in a CPA's evaluation without paying the full price of an audit. Often, potential partners or investors request a review before binding their finances to your business. A review can reassure them that your company is performing at a high level.
How an Outsourced Audit Benefits Your Business
You may be considering an audit for many reasons. If you run a nonprofit, it's likely that you're legally obligated to undergo routine audits to monitor your expenses and verify your funding sources. You may also consider an audit to better understand your company's financial status or apply for a significant bank loan. When you take advantage of our Southaven assurance and advisory services, you benefit from:
Enhanced Internal Controls: Our detailed audit report includes any areas of concern that we noticed during our evaluation. When you review our findings, you'll be well-positioned to adjust and strengthen components of your internal controls. Doing so allows you to protect your assets, streamline your accounting system, and reduce unnecessary overhead costs.
Compliance With State or Federal Regulations: Depending on your industry and entity structure, you may be required to undergo regularly scheduled audits. By having our firm perform the process, you ensure an unbiased and transparent investigation that meets the standards of your regulating agency.
Increased Confidence in Financial Statements: Potential partners, investors, stakeholders, and banks may require an outsourced audit to confirm that your business is financially sound. By undergoing an audit, you increase confidence that your figures are accurately reported and your controls perform as intended.
Careful Assurance & Advisory Services in Southaven
We're ready to help you decide whether an audit, review, or compilation best matches your company's needs at this time. Our experienced CPAs provide the simple, stress-free process that you and your team deserve. Get in touch with F.O. Givens and Company today regarding your free initial consultation!