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

We convert the financial data you provided into reliable financial statements without providing any assurances or auditing services.

Reviews

We perform procedures such as inquiries and analytical procedures that will allow us to report that there are no material modifications that need to be made to your financial statements. A review provides more assurance than a compilation, but less than an audit.

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

The AICPA and many state accounting licensers require that CPA firms who issue financial statements get an outside review of their quality policies and procedures and the content of their financial statements in order to ensure that they are meeting professional standards. We have the training and experience required to perform this service for other accounting firms. We embrace the process of quality enhancement and foster the desire to improve processes throughout all firms including our own.

Forensic Audit

Different than a financial statement audit, a forensic audit targets certain activity such as fraud, theft, insurance recovery, etc. It is used to prepare for use in court and requires specific expertise in litigation support.

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

Quickbooks Tip of the Month: November 2017

Quickbooks

It's time to update your Quickbooks 1099 vendor list. Believe or not, the year is almost over and it is a perfect time to update your 1099, miscellaneous vendor list in QuickBooks. The IRS requires all 1099 vendors to provide to the payor a signed W-9 which is to be...

Estate Planning Is As Important As Ever

Personal Finance, Tax

By Arthur M. Brown, JD, LLM, CPA Levine, Staller, Sklar, Chan & Brown, P.A. Many of our clients associate estate planning with tax planning. While estate planning is often driven by a desire to minimize estate tax, tax savings is only one aspect to consider....

What Is Exit Planning?

Business, Business Financial Consulting, Business Health

Exit Planning - It might not be what you think There’s a sign outside our office that lets the public know that our Firm assists in exit planning. Unfortunately it seems that a lot of people think this is a plan to exit the world of the living. Not so. A good exit...

To pre-pay or not to pre-pay?

Business, News, Personal Finance, Tax

To pre-pay or not to pre-pay? That was the question that was the topic of many discussions relating to taxes at the end of 2017. However, it only scratches the surface of the issues resulting from the passage of the Tax Cuts and Jobs Act (Act). Most, if not all,...

Quickbooks Tip of the Month: January 2018 – Payroll and information returns

Business, Business Health, Quickbooks, Tax

For businesses that are preparing year-end payroll and information returns from Quickbooks, the following tips are helpful in order to avoid the most common mistakes: Budget ample time and set aside uninterrupted time to prepare year-end tax forms such as W-2s, W-3,...

Foreign Tax Implications for Individuals

Personal Finance, Tax, Uncategorized

By: Terri L. Marakos, CPA With the expansion of the global economy, the involvement of taxpayers in foreign activities has become commonplace. Even not-so-sophisticated investors often hold the securities of companies with foreign activities and that pay foreign...