Mark A. Frantz Certified Public Accountant

Financial Statements:

Auditing and Accounting Services

   Audited Financial Statements

A certified audit is the highest degree of assurance regarding financial statements that I can offer as a Certified Public Accountant.  An audit requires significant testing of the underlying financial transactions and a study of the system of internal controls.  It includes confirmation with outside parties, physical inspection and observation, tracing transactions to supporting documents, and a number of other tests.  Many third parties such as bankers, insurance companies and bonding companies require an audit.  My audits are performed in accordance with generally accepted auditing standards.  When finished, I express my opinion based on the results of my work, as to whether the financial statements are fairly presented in conformity with generally accepted accounting principles.

   Reviewed Financial Statements

A review consists of having a working knowledge of the client's industry.  I make inquiries to management of the financial data based on the analytical procedures performed.  My review is performed in accordance with standards established by the American Institute of Certified Public Accountants.  While a review does not have the same assurance provided by an audit it does provide what we call negative assurance to the financial statement user that I am not aware of any material modifications that should be made to the financial statements.

   Compiled Financial Statements

A compilation consists of taking financial information provided by the company and compiling it in a financial statement format.  No degree of assurance is provided as with an audit and review, however, in many cases this is sufficient.  My work is performed in accordance with  standards established by the American Institute of CPA's.

   Attestation Engagements & Fraud Investigations

An attest engagement is one in which a practitioner is engaged to issue a written communication that expresses a conclusion about the reliability of a written assertion that is the responsibility of another party.  Some examples would include the verification of inventory for someone looking to purchase it, providing expert opinions in court or on certain accounting principles or tax laws, financial forecasts and projections, fraud investigations and reporting on the internal controls of a Company.

Capabilities

Worked since 1984 running big and small engagements in various industries.  Five years with Arthur Young & Company in the audit department.

Send email to mark@markfrantzcpa.com with questions or comments about this web site.