Financial Statements

Davidson Fox knows that in today’s competitive business environment, you need to be sure your financial statements accurately reflect the financial health of your company. Investors have varying levels of risk tolerance, and Davidson Fox provides multiple levels of assurance to fit your needs.

Audit

Our approach to audits combines an understanding of today’s business environment and our experience in evaluating the risks your business faces on a daily basis. We strive to give you the maximum return on your investment in the audit process through meticulous analysis of your financial statements, internal controls and overall business strategies and goals.

To ensure that you receive a favorable return on your investment, Davidson Fox uses state-of-the-art audit tools that integrate our understanding of your business risks and internal controls. We will provide you with input that addresses any issues with operational efficiency and advise you about how you can strengthen your internal controls. We’ll also point out any compliance issues your business might be facing.

Review Engagement

While less exhaustive than an audit, a review engagement consists of analytical procedures we apply to financial statements and internal inquiries we conduct with your company’s management team. If the results of our process yield questions, we’ll dig deeper and implement additional procedures. When a review engagement is completed, the results will ensure that your financial statements are in conformity with generally accepted accounting principles (GAAP). This procedure is a cost-effective option for businesses; less work and less expensive than an audit, but with the advantages of a CPA’s technical expertise.

Compilation

When compiling financial statements for a client, Davidson Fox will present the information as the “representation of management” and we give no opinion or assurance of the prepared statements.  Compilations do not require any analytical procedures or inquiries of management to be executed.  Rather, we rely on our general understanding of your business along with our knowledge of accounting principles for financial statement preparation.

Download a copy of our Peer Review Report.

Which financial statement report should your organization use?

Each type of financial statement report might suit your goals and circumstances depending on 3rd party requirements and budgetary limitations.  Having a solid understanding of each report’s strengths and advantages can help you choose an appropriate report.  Please fill out the form on this page or call (607) 722-5386 to schedule a free initial consultation to learn how our team can help guide you in the right direction and answer any questions you have in preparing your reports.