Accounting, Auditing and Assurance

LFV provides all levels of financial statement services including compilations, reviews and audits.  We can complete these levels of service for all industries including Condominiums, Cooperative Housing Corporations (Co-Op’s), Construction, Manufacturing, Non-Profit Organizations, Schools, Wholesale Distributors, Employee Benefit Plans (401k;s, Etc.) and various other industries.

Compilation – A level of service where we prepare GAAP based (or another accounting method agreed upon) financial statements with no assurance provided

Review – A level of service where reasonable assurance s provided that the financial statements taken as a whole are free of material misstatement.  This level of service does not include procedures regarding understanding your business’s internal control or other auditing procedures.  This level of service is substantially narrower in scope than an audit.

Audit – The highest level of assurance that a CPA performs on financial statements.  We will perform procedures to obtain reasonable assurance about whether the financial statements are free from material misstatement.  This level of service also requires us to obtain an understanding of your business’s internal control and assess fraud risk.

For all levels of services, we can also present financial statements to a board of directors and/or shareholders.  We are also available year round for pre audit planning or other related discussions.