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Assurance

Kassouf & Co. specializes in accounting and consulting for clients in healthcare, architecture, law, engineering and other professions offering assistance in tax compliance, business counsel and general practice management. At Kassouf & Co., we understand that reliable financial information is the foundation of successful business decisions, and our team of expert CPAs specializing in audit and business services are committed to providing you with world-class services with quality financial data on which you can rely.

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Financial statement audits

Audits are the most common type of attest engagement, and can be applicable to any entity that produces financial statements. Audits provide the users of an entity’s financial statements assurance that those financial statements are free from material misstatement. An audit includes an examination of an entity’s financial reporting process and its financial statements, and the issuance of an opinion on the fairness of presentation of those financial statements. Our experienced staff are highly trained to complete efficient and effective audits.

Our firm obtains a quality peer review of our audit and accounting practice every three years. Our professional staff attend continuing professional education in all fields of no less than 40 hours per year.

Financial statement reviews

A review is similar to an audit, but offers only limited assurance that the financial statements are presented in accordance with Generally Accepted Accounting Principles (GAAP) or another comprehensive basis of accounting. A review includes significantly less testing than an audit, mostly consisting of analytical procedures and inquiries of management. A review may be an economical solution for an entity that doesn’t need the full assurances of an audit.

Financial statement compilations

In compiling financial statements for a client, we present information that is the representation of management and express no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Financial statement preparation

Preparation of financial statements for regulatory authorities, contract compliance, bank financing and shareholder agreements.

Personal financial statements

Preparation of personal financial statement for purposes of bank financing and regulatory compliance.

Internal control evaluations

Evaluation of your internal controls including review and testing of existing controls and assistance with design of new control systems associated with inventory, revenue cycle, payables cycle, payroll processing, etc.

Agreed upon procedures

Agreed-Upon Procedure Engagements are specific procedures that management and our firm has agreed to perform. These engagements may be the result of a request from a third party or management to verify specific financial information or other assertions. Upon the completion of an agreed-upon procedures engagement, a report outlining the procedures completed and the findings as a result of those procedures is issued.

Financial projections

Financial projections including discussions regarding factors driving performance, formulation of assumptions and creation of projected financial statements.

Service organization control reports

Companies must pay close attention to the security of customer and company information. As a result, many third-party outsourcing providers request an independent review of their internal controls. These reviews fall under attestation standards (SSAE 16 and AT-101) and are known as Service Organization Control (SOC) engagements.


New Partnership and Limited Liability Company IRS Audit Rules Become Effective in 2018

New Partnership and Limited Liability Company IRS Audit Rules Become Effective in 2018

Kassouf & Co. Managing Director, Gerard J. Kassouf, CPA, discusses new audit rules for 2018, as announced by the IRS, ... Read More
Proposed Changes to MIPS are Tame This Year

Proposed Changes to MIPS are Tame This Year

Kassouf & Co. Healthcare Advisor, Joni Wyatt, MHA, MHIA, CPHIMS, FHIMSS, explains the 2018 proposed changes to MIPS in a ... Read More
Financial Statement Reporting Changes for Not-For-Profit Organizations

Financial Statement Reporting Changes for Not-For-Profit Organizations

As the end of 2017 approaches and your not-for-profit organization begins planning for next year, it is important to be ... Read More

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