Audit Services

We offer three levels of financial statement assurance services – audits, review, and compilation. Understanding the advantages and disadvantages of each level of assurance can help you choose the most appropriate one to fit your needs.

We have presented a basic outline of the three levels of assurance below. Please contact us and we will help determine which option is right for you.

Audit

An audit provides the highest level of assurance, the primary objective of which is to develop an opinion on the fair presentation of the financial statements. Alderwish CPA, PLLC utilizes a risk-based audit approach to develop an audit strategy and comply with generally accepted auditing standards and objectives. Our work includes gaining an understanding of your business, including internal controls, testing selected transactions and communicating with third parties. Based on our findings, we issue a report on whether the financial statements present fairly, in all material respects, the financial position of the company. As part of the audit process, we will communicate to management and those charged with governance any deficiencies in internal controls as well as make recommendations to strengthen your company’s operational efficiency.

Review

The objective of a review engagement is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in accordance with generally accepted accounting principles. A review is less extensive than an audit, but more involved than a compilation. A review engagement consists primarily of analytical procedures and inquiries of management. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review does not entail an in-depth evaluation of your company’s internal controls or verification of data with third parties. Reviewed financial statements must include all required footnotes and other disclosures.

Compilation

We are often engaged to compile financial statements with no opinion or assurance, known as a compilation. Compilations do not require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business in order to compile the financial statements.

 

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What the IRS says about Offer in Compromise

“We will accept an Offer in Compromise when it is unlikely that we
can collect the full amount owed and the amount you offer reasonably
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–Internal Revenue Code section 7122

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Maybe you didn’t know that the IRS has an Offer in Compromise program that can be utilized by the tax payer when liability has been incorrectly assessed or when total liability is more than you can afford to pay.

When presented correctly to the IRS, this might mean your tax liability is entirely eliminated for as little as 5-15% of the total amount owed.

offer in compromiseOur experienced Tax Specialists can help you determine if you might qualify for an Offer in Compromise, or if a tax payment plan would be the better route for you to go.

Fill out the form at the bottom of this page for a FREE Consultation if you need help solving your tax problems.

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Don’t let the possibility of an
Offer in Compromise pass you by!