Your financial statements tell a story—to your lenders, your board, your donors, and your leadership team. A financial statement engagement gives that story credibility. Whether you need the highest level of independent assurance or a straightforward compilation for internal use, KatzAbosch’s Accounting and Auditing team is here to help you get it right.
We work with businesses across Maryland and the Mid-Atlantic region. Before we begin any engagement, we take the time to understand your organization, your industry, and who will be relying on your financial information.
An audit provides the highest level of assurance available on your financial statements. Our team conducts a comprehensive examination—reviewing relevant data, making inquiries with your personnel, and confirming information with third parties where appropriate. The result is an independent opinion on whether your financial statements are fairly presented in all material respects, in accordance with generally accepted accounting principles (GAAP) or another applicable basis of accounting.
Organizations typically require audits when lenders, investors, boards, grant-making bodies, or regulators need a high degree of confidence in the accuracy of your financial information.
Not every organization needs a full audit. A review or compilation may be the right fit depending on what your stakeholders require.
A review provides limited assurance that your financial statements are fairly presented in accordance with GAAP or other applicable accounting standards. Our process consists primarily of analytical procedures and inquiries of your personnel, drawing on our understanding of your industry and your specific business circumstances. A review is often appropriate when a full audit isn’t required, but stakeholders need more than compiled financial statements.
A compilation presents financial information provided by your management in the form of financial statements. We read the statements for obvious errors or misstatements but do not verify the underlying data or provide assurance as to whether the statements conform to GAAP or another basis of accounting. Compilations are a practical option for internal use or when third parties don’t require a higher level of assurance.
When you need to plan ahead—for budgeting, tax planning, financing, or bringing in investors—projected and forecasted financial statements give you and your stakeholders a structured, CPA-prepared view of your financial future. Our team works with your management to develop reasonable projections based on your goals, assumptions, and current business conditions, in accordance with AICPA standards for prospective financial information.
Our Accounting and Auditing team brings deep familiarity with the industries and organizations we serve, including construction, nonprofit organizations, government contractors, and professional services firms. We don’t approach financial statement engagements as a compliance exercise—we use them as an opportunity to identify ways your organization can strengthen its processes, documentation, and financial reporting year-round.
Not sure which type of engagement is right for your situation? Contact us using the form below, and we’ll help you think through it.
