- Goren Marcus Masino & Marsh - http://www.gmmmcpas.com -

Accounting & Assurance

Effective accounting services are essential to the success and critical to the profitability of your business.  The benefits of a strong accounting platform are numerous and enable a more comprehensive understanding of the health of your company and ultimately allow you to make better decisions for your business.  GMMM offers a full complement of accounting and assurance services designed to help make you and your business more successful.

The objective of an audit is to express an opinion about whether the financial statements are fairly presented in conformity with the applicable financial reporting framework that is used by the entity.  The auditor has a responsibility to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud.  Often, an audit is a requirement for a lending institution, but may also be prudent when there has been turnover in the finance department, when a new management team is installed, or a change in ownership occurs.  Some of the steps in an audit include:

  • Comprehensive testing of transactions
  • Third-party verification of accounts and account balances
  • A review of internal control and fraud prevention policies
A review is a financial service, the objective of which 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 conformity with the applicable financial reporting framework. In order to obtain a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements, the accountant often performs review procedures that include:

  • Applying analytical procedures to the financial statements
  • Make inquiries of management and, when appropriate, other company personnel
Compilation/Financial Statement
A compilation engagement involves presenting information, consisting of management’s representations in the form of financial statements, without expressing assurance on them.  Compilations can assist management and ownership in decision making; however, there is no analytical testing, external verification, or assessment of internal controls.
Maintaining accurate and up-to-date financial records can be challenging for any number of reasons including the loss of an employee, growth in the number or complexity of transactions, or simply lack of time.  Many of our clients call on us to temporarily maintain their financial records on an “as needed” basis, while others have engaged us to permanently outsource their bookkeeping function altogether. The result is an accurate and up-to-date set of books and records that can help you to make decisions that will increase efficiency, boost profitability and run your business more effectively.  Selected accounting software platforms supported include:

  • Quickbooks
  • Peachtree
  • Sage
  • Proprietary industry programs
Financial Forecasts and Projections
Knowing exactly where you stand financially at any point in time is hard enough.  But to reasonably project where you will be in one month, one quarter, or even a year ahead can be extremely challenging.  A financial forecast or projection can be useful in determining the future financial performance of your business and is especially important in strategic planning.  The professionals at GMMM will work closely with you to identify indicators and trends in your financial data that can be used to create reliable forecasts and projections.  The result will be a clearer view into the financial future of your business.