Assurance Services

Audits, Reviews, Compilations, Agreed Upon Procedures

The American Institute of Certified Public Accountants states that "Assurance services may be defined as independent professional services that improve the quality or context of information for decision makers". Today's business environment is marked by increased competition and the need for quicker and better information for decisions.

At Picker & Associates CPA's, we provide the following assurance services:

Audits

Quality audits are vital to the industries we serve. Our responsibility is to express an opinion on our client's financial statements based on our audit. We conduct such audit in accordance with auditing standards generally accepted in the United States. Such standards require that we perform our audit to obtain reasonable assurance about whether the client's financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supports amounts and disclosures in the financial statements.

We hire only the most qualified and experienced CPA's, and we strictly comply with professional standards. We have been peer reviewed by outside, qualified CPA's, and have passed with successful ratings, meaning that our firm has met all quality control standards dictated by our profession.

Reviews (Less Costly Than Audit)

Both reviews and compilations are less in scope than an audit performed in accordance with generally accepted audit standards. A review includes inquiries of company personnel and analytical procedures applied to financial data. A review states that we are not aware of any material modifications that should be made to the client's financial statements in order for them to be in comformity with generally accepted accounting principles.

Compilations (Less Costly Than a Review)

A compilation is limited to presenting in the form of financial statements information that is the representation of management. In a compilation of financial statements, we, as CPA's, state that we have not audited or reviewed the client's financial statements and do not express an opinion or any form of assurance on them.

Reviews and compilations are often performed when third party assurance is not required. Our staff will work with you to determine the assurance service to fit your needs. Reviews and compilations are less costly than an audit.

Compilation and Review Engagements

Picker and Associates has adopted, and is in compliance with, Statement on Standards for Accounting and Review Services (SSARS) no. 19, which is one of the biggest changes since 1978.

SSARS no. 19 enhances the documentation requirements for Review Engagement evidence that will provide a reasonable basis for obtaining limited assurance that there are no material modifications that should be made to the financial reporting framework.

Agreed Upon Procedures

The professional services to be applied to the Association's operations during the developer duration of control of the Association are considered attestation services and include testing and verification procedures similar to an audit. The procedures will include various tests of association revenue and expenses to verify their accuracy and adherence to the Association's declaration. At the engagement's conclusion we provide the association with a written narrative report that presents our procedures and the results of those procedures. We will not prepare audited financial statements as a result of this engagement as that professional service is not part of this an agreed-upon procedures engagement.