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Auditing is a sophisticated process developed
by the accounting profession for the examination of financial statements
by CPA's. It consists of gathering and evaluating evidence to test the conformity
of the statements with generally accepted accounting principles (GAAP).
An audit offers investors, creditors or other readers reasonable assurance
that the statements present a company's financial position and results of
operation in conformity with GAAP. Audits add credibility to financial statements
and provide information that is important for management decision making.
Therefore, audits are applicable to many small and closely held companies
as well as for large, publicly held companies.
Review procedures, which are substantially less
comprehensive than those performed in an audit, enable us as CPA's to express
limited assurance on conformity of the financial statements with GAAP. In
performing reviews, we apply analytical procedures to a company's financial
statements and make certain inquiries of management.
In many cases, reviews may be sufficient to
satisfy lenders, shareholders or other outsiders and can be significantly
more cost effective.
In compilations, we put financial information
supplied by the client into the form of financial statements, but do not
express any assurance on the statements. This service may be suitable for
management purposes and internal use, but provides no assurance to third
parties.
In addition to the above attest functions, we
can assist in many areas of general accounting including preparing working
trial balances, assisting in adjusting the books and records, providing
various manual or automated bookkeeping or data processing services, and
assisting with internally generated financial information.
The
Burns Firm, Ltd.
differentiates itself in providing
these services by always keeping
in mind that we are providing
goal-oriented information and
credible financial statements,
and that each project will result
in valuable recommendations
to management.
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