January 9, 2020
The Art And Science Of Goodwill Impairment Testing
Goodwill shows up on a company’s balance sheet when the company has been acquired in…
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 various levels of assurance to meet your needs.
Three Levels of Reporting
Audits
An audit of an organization’s financial statements provides the highest level of assurance, with an opinion rendered that the financial statements have been presented in accordance with generally accepted accounting principles. Audit procedures are based on the auditor’s professional judgement and include account balances confirmation with third parties, observation of inventories, and testing of supporting documents and transactions, among other.
Reviews
In financial statement review engagements, we provide privately-owned company and nonprofit executives with limited assurance that there are no material modifications that should be made to your financial statements in order for them to be in conformity with the applicable financial reporting framework. Our financial statement review will include all procedures tailored to your situation and required by the Statement of Standards for Accounting and Review Services (SSARS).
Compilations
In compilation accounting engagements, we assist privately-held companies present financial information in the form of financial statements. Since standards do not require SD Mayer to make inquiries or perform other procedures to verify, corroborate or review the information, we neither obtain, nor offer any form of assurance on the content of the financial statement through our compilation accounting engagements.
