Patrick & Buzarellos, LLP is a full-service public accounting firm. An area of expertise is the field of Audit, Review and Compilation.
An audit provides the highest level of assurance on a company’s financial statements. Should a client engage our services for an audit, we will cast a professional opinion regarding the accuracy of the financial statements by conferring with outside parties, completing physical inspections and observations, and testing selected transactions by examining support documents. While not designed to detect fraud, an audit provides assurance that the “financial statements are free of material misstatement and are fairly presented”. Our audit services also add value by providing practical suggestions to strengthen internal controls, improve operational efficiency, and enhance systems and procedures.
The review services we offer provide limited assurance that no material changes are needed to the financial statements. A review includes inquiries of company personnel and analytical procedures, and although it is substantially less in scope than an audit, it is useful to management and others who want to confirm the financial statements “make sense.”
When we complete a compilation, we take the financial figures provided by the client and create financial statements from the data provided. Compiled financial statements assist owners and managers by providing a snapshot of the overall financial health of the organization.