Financial Statements

We offer compilation, review and audit of financial statements by our licensed independent CPAs which are done on either a monthly, quarterly or yearly basis. These functions are done to the exacting standard set forth by the American Institute of Certified Public Accountants.

Audits are performed under generally accepted auditing standards or other more standards set forth by the various regulators to which clients may be subject. This is certified through the peer review process the firm must undergo every three years.

Fox & Company, P.C. has received and unqualified opinion (The highest rating by the AICPA), the last three cycles with no exceptions. Financial statements are prepared using various basis of accounting (generally accepted accounting principle, income tax basis, regulatory basis, prescribed forms) depending on the client's specific needs.

Audit - Highest Level of Assurance

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.

An Audit allows you to:

  • Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
  • Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
  • Comply with banking covenants.
  • Help deter and detect material fraud and error.
  • Facilitate the purchase and sale of businesses.

Review - Limited Assurance

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.

Compilation - Lowest Level of Assurance

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 do not 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.

Unlimited Consultations

We are always available to spend time with you, so feel free to contact us whenever you have a question or concern about your accounting, tax or financial planning needs.

Back to top ↑

Certified Public Accountants | 1200 Bustleton Pike | Suite 3 | Feasterville, PA 19053 | 215-322-2664 | Site Map