Financials
Our clients often engage us to perform a financial statement audit, review, or compilation to meet the requirements of their bonding company or lender. However, we also see this service as an opportunity to provide our clients insight into the performance and controls of their companies so they can grow and improve. We meet these objectives by utilizing our industry expertise and taking the time necessary to understand your business.
Audit
An audit provides an financial statement opinion, and it is the highest level of assurance that we offer at the Reiter Companies. We customize our audit plans based on our decades of experience, deep knowledge of the construction industry, and the unique set of circumstances surrounding each the company.
We perform our financial audits using AICPA’s generally accepted auditing standards (GAAS).
Review
A review is often required by outside parties when they do not require a CPA opinion on the financial statements but would like a level of assurance that is not provided by a compilation. A review’s scope is mainly comprised of applying analytical procedures and asking questions of company management. We conduct our reviews in accordance with statements on standards for accounting and review services (SSARS) issued by the AICPA.
Compilation
When performing a compilation, we take data provided by our clients and prepare financial statements that conform with generally accepted
accounting principles (GAAP). While a compilation does not include a detailed analysis of the numbers or an opinion on financial statements, we will still take time to understand your business and perform an overview of the numbers to identify areas that warrant further follow up.
Supplemental Information
In addition to the financial statements required by GAAP, we also provide supplemental information schedules that our clients and interested third parties often find invaluable.
These schedules are:
Completed Contracts
Work in Progress
Overhead Detail
Accounts Receivable Aging