Los Angeles’ Preferred Firmfor Financial Statement Services
When it’s time to file your taxes, Michael J. Borenstein, CPA's financial statement services comprise three levels of assurance—audits, reviews, and compilations—all curtailed to your company's needs.
An audit offers the highest level of assurance an accountant can offer. It includes an in-depth examination and confirmation of account balances, inventories, and selected transactions. Financial audits may be necessary when you are running a growing company, backed by investors, that may or may not sell. The financial audit will offer transparency around debt or financial obligations that may need to be met before a successful merger, acquisition, or sale.
Tax audits may also be required by the IRS to ensure the accuracy of your tax statements. I perform audits to help you extricate accounting errors, ascertaining the validity and reliability of your financial records.
I perform reviews to ensure the integrity of your data. Reviews provide limited assurance to outside interests—such as potential investors. This will help you assess the liquidity of your business and identify if turnover is too high or low.
This involves inquiries into your finances followed by analytical procedures that confirm financial statements. A formal review will also identify any items that will require further analysis.
Compilations are usually requested for internal purposes and are based upon information provided by a company's management.
A financial compilation will not entail the same level of investigation, or yield the same information, as a review or audit, but it may inform tactful adjustments to your accounting records.
Are You Being Audited by the IRS?
If you are being audited by the IRS, professional representation is crucial. My experience with tax authorities enables me to steadily guide clients through their dealings with federal and state agencies. If you have been selected for an audit, the professional representation you can find with my firm can put your worries at bay.
I am ready and willing to answer any and all questions from the IRS. Whether you are trying to deal with unfiled tax returns or tax authority notices, call Michael J. Borenstein today.