Accounting, Audit and Financial Reporting
In today’s business environment, your organization faces new and changing reporting and regulatory demands, a growing insistence on transparency, and greater business risk than ever before. Our knowledgeable accounting staff offers a broad perspective and comprehensive guidance to management and inspires trust from key stakeholders.
Capaldi Reynolds & Pelosi provides bookkeeping, financial statements and audit services, as well as internal control studies and handbooks, industry benchmarking, and peer reviews. We offer personal attention and a service plan tailored to you and your individual financial needs.
Bookkeeping
Whether you need assistance with day-to-day bookkeeping, check-writing and billing, reconciling bank accounts, or monthly or quarterly checkups, you can trust your work to us.
Compilations
Reviews
Audits
Banks and regulators often require audits to gain an added level of comfort over a Company’s internally prepared reports. An audit is performed to provide an opinion that the financial statements fairly represent the company’s financial condition and operating results and involves obtaining an understanding of a company’s processes, information technology, and internal control structure;, and performing in-depth analytics over the company’s data, testing selected transactions and obtaining outside confirmation of certain information. In addition to the standard audit there are some more specialized versions, including:
- Governmental “Yellow Book” audits
- Single Audits (OMB Circular A-133)
- Retirement Plan (ERISA) audits
- Health and Welfare Plan (ERISA) audits
- Agreed Upon Procedures
Peer Reviews
Forensic Audit
Internal Control Studies
Internal control studies are focused on identifying risks of errors and fraud in transaction processing and can take a variety of forms, such as:
- Opinion about the effectiveness of internal control as a result of an audit or a stand-alone engagement
- Opinion on the design of controls
- Report on the internal controls of a service organization (SOC-1)
- Communication of significant deficiencies and material weaknesses in internal control noted during a financial statement audit
Benchmark Studies & Industry Comparisons
Benchmarking performance against that of competitors can help a business establish internal goals, pinpoint market opportunities, exploit competitor weaknesses, and create the kind of esprit de corps to unify and motivate their team.
Accounting Manuals
Accounting manuals contain pertinent accounting rules and other information for a business or organization along with guidelines for various policies and procedures. They also specify duties within the finance and accounting function as well as directions for processing specific transactions so that assets are safeguarded and financial reports are accurate.
Meet Our Accounting, Audit and Financial Reporting Experts
Jeffrey A. Wilson, CPA
Co-Managing Partner
Richard A. Continisio, CPA
Partner
Industry Insights
An Update on Employee Retention Credit Claims
Did you claim the ERC (Employee Retention Credit) and are you still waiting for it to be processed? The IRS suspended processing of ERC claims submitted after September 14, 2023, amid allegations of widespread fraud. There is good news for the businesses that were...
Navigating Taxable Transactions with Digital Assets: What You Need to Know
In the ever-evolving landscape of finance, digital assets have emerged as a prominent player, offering a decentralized and borderless alternative to traditional currencies and assets. However, as the popularity of digital assets grows, so does the need for clarity on...
Can Productivity Keep Driving the U.S. Economy?
Productivity of U.S. workers increased by 2.7% in 2023 — well above the average annual rate of 2.1% since the end of World War II, and a dramatic change from 2022, when productivity dropped by 2.0%. It's also a big improvement over the 0.9% growth rate in 2021.1...
Beneficial Ownership Information Reporting
On September 29, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCen) issued a final rule implementing the bipartisan Corporate Transparency Act’s beneficial ownership (BOI) reporting provisions. The new rule will require business...
IRC 83(b) Election: Is This the Right Choice for You?
You may be wondering what the IRC 83(b) Election is and what the benefits and disadvantages of this election are. We’ll be explaining what it is, why you may want to make the election, and when to do so. Election and Understanding Let’s start off by explaining what...
IRS Using AI to Enforce Tax Compliance for the Wealthy
The Inflation Reduction Act funding passed by Congress in August of 2022 granted additional funding to the IRS. The Service has announced it will apply a portion of those funds to restore fairness in tax compliance, and it plans to do so by using advances in...