Determining the level of service you need
Many business owners automatically think “audit” when assurance
is needed. However, other types of service may serve your purpose. To
understand what you need, here are definitions of the different levels of
We view our role in the financial reporting process as an opportunity to
provide constructive solutions for maximizing your company's profitability
and efficiency. Our seasoned team of professionals has had broad exposure to
many industries and businesses over decades.
Improving the quality of your information
Financial data is just one element of making wise business decisions.
Assurance is the process of adding to the financial data for a complete
picture based on your business objective. Recent events and subsequent
congressional legislation (Sarbanes-Oxley, HIPAA, etc.) have significantly
affected the duties and accountabilities of owners, CEOs, CFOs and CPAs in
regard to the privacy, integrity, accuracy and completeness of the financial
information they present. With greater accountability at stake, assurance
can protect your company. While the immediate impact has been felt most
keenly in the public company arena, there are many indications of
"trickle down" to other entities with public responsibility (ex.
financial institutions) and even smaller privately held companies.
The Dashboard Report
"A picture is worth a thousand words":
Our Dashboard functions in much the same way as the dashboard in your car
enables you to drive without having to open the hood constantly to check
— so long as there are no glowing red lights and the dials are not
in the red-zone. The Gerber Dashboard System gives you
useful, timely information to facilitate efficient management and
makes it easy to spot deviations from target. Let us design a Dashboard
for your enterprise to provide summarized relevant data in graphics /
pie charts / trendlines to show you the highlights from accounting
and other quantitative and qualitative data — it is an invaluable
management and information tool. "It's an early warning system when things are moving off course." — Selwyn Gerber CPA
We provide financial reporting
on four levels of assurance:
Audit — an examination, on a
test basis, in accordance with generally accepted auditing standards,
providing reasonable assurance on the financial statements. An audit
is a formal examination of an organization's accounts or financial
situation. It is the top level of investigation performed on a
business' financial statement. For example, when conducting an audit,
the possibility of fraud has to be systematically and thoroughly
questioned and analyzed by the auditor/CPA and the officers of the
Often times buyers, investors and lending institutions require an
audit to assure that the financial statements conform. If you need a
reasonable assurance that financial statements are free of material
misstatements, consider obtaining this service.
An audit may be required if:
You are publicly traded
You are considering going public
A lender requires one as a condition of the loan
You anticipate purchasing a business or selling your company
You receive federal funds and want to preserve integrity
There are absentee owners that need assurance of the company
TeamGerber leaders start by understanding your
business, the risks you face, and your internal controls. With these
elements, we can identify opportunities for your company to increase
its efficiency and profitability.
Review — inquiries and
analytical procedures are conducted, providing limited assurance on the
financial statements. A review involves inquiries and analytical
procedures that provide limited assurance that financial statements are
fairly presented. Third party sources are used to confirm that the facts
are correct. If you need a closer examination of your books but an audit
is not required and a compilation is not thorough enough, you should
consider a review. A review is a mid-level assessment performed by an
independent accountant. For example, a lender may require a level of
comfort for a loan and request that a review be conducted.
Compilation — involves
obtaining information from management in an effort to prepare
financial statements (without expressing any assurance) that the
statements are fairly presented.
There will be times when you need to evaluate your company's
performance with the intent of assuring that your business is meeting
its financial goals. The compilation is the most basic service we
offer and does not express any assurance. Consider obtaining a
compilation if you need to have your financial statements put into a
format that can be easily read by outside sources.
Forensic Accounting — we
handle special projects, investigations, tracing and marital
“Our skilled sleuths make sure we look in all the nooks and
crannies and produce a credible roadmap in our reports in a
cost-effective and useful manner”
– Moshe Y Graber, Principal.
Our commitment to delivering superior service means that we strive to
demonstrate initiative, anticipate problems, propose options, and
communicate effectively with you and other members of management throughout
We understand that the objective view of the company's operations provided
by an audit can be a basis for a whole range of important business
decisions. The audit also helps us learn about a client's business, which
means our audit puts us in a position to identify opportunities to bring
insightful and constructive suggestions for improving management
information, operating and accounting procedures and controls.
As your business advisors, we will also look for opportunities to reduce
your costs and improve asset management. We offer wide-ranging, practical
suggestions that would be difficult and expensive to obtain through internal
staffing. We regard this as one of the prime responsibilities inherent in
our approach to service and will make it one of our major objectives in
working with you.
is more than our mantra — it defines how we view our
relationships with our clients. For example, as a result of acquiring
an intimate knowledge of clients' financial and administrative
we recommend improvements for more efficient operation, stronger
financial position, better cash flow management , and improved
accounting and administrative controls. Our philosophy of practice
is to blend the technical, the practical, and the business
approach in each engagement."
— Selwyn Gerber CPA