Grossbach Zaino & Associates, PC is a full-service certified public accounting firm along with Revonary Accountants & Advisors, LLC. located in Westchester County, New York, conveniently situated between New York City and Fairfield County, Connecticut.
Grossbach Zaino & Associates, PC is committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen. Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.
We at Grossbach Zaino & Associates, PC believe in the value of all our relationships and treat every client like a partnership. We truly believe that our success is a direct result of your success.
The dedication and quality of work that our team of CPA's and accountant's produce is unparalleled in the industry!
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.
For any Tax and Accounting Services, Please contact our partner company
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
Certified financial statements are financial statements audited and certified by external, independent accountants. The three most common financial statements are the balance sheet, income statement, and statement of cash flows
Financial Statement Audits Explained
An audit verifies whether financial statements fairly represent a company’s financial position, through a series of tests). They are performed by external auditors using professional standards called Generally Accepted Auditing Standards (GAAS), which were established and are continually reviewed and updated by the American Institute of Certified Public Accountants (AICPA). These standards help ensure that external audits are performed accurately, consistently and reliably. GAAS guides how audits should be done properly, whereas GAAP are the standards for how accounting should be done properly..
At the end of the process, the auditor provides an opinion that is attached to the financial statements when they are released to external shareholders. There are five outcomes of a financial statement audit, each of which comes with a corresponding audit opinion.
Here's what you get...
You get the highest level of assurance because we go outside your company to obtain more information. Typically, we'll have written communication with:
Your customers, to check outstanding receivable balances,
Your banks, to confirm cash or debt balances and terms,
Your vendors, to verify outstanding payable balances, and
Your attorneys, for information on pending or threatened legal action.
We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.
Audits Not Just for Public Entities
All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants.
Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.
Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit.
In compiling financial statements for a client, we present information that is the "representation of management" and expresses 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.
Banks often require compilations from an independent CPA as part of their lending covenants.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.
Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.
Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you or complete the form below for a consultation.