Accounting Services

Bookkeeping/Write-Up

Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.

Financial Forecasts & Projections

Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.

Financial Statement Compilations

The objective of the CPA in performing a compilation engagement is to apply accounting and financial reporting expertise to assist management in the presentation of financial statements and to issue a report.  The principal distinction between compilation and preparation services is that the CPA issues a report, ascertain their independence, and if applicable, notes in the report their impaired independence for the former while not required to determine their independence or issue a report in the latter.

Financial Statement Preparation

Financial statement preparation has always been a mainstay of many CPA firms but there was always a debate over the extent of the CPAs involvement before specific standards came into play.  Originally addressed by SSARS 8, the issuance of SSARS 21 would seem to have finally ended the debate by providing specific "standards" for CPAs to follow when retained by a client to prepare financial statements.

One notable difference between the other financial statement services and preparation services is the need for the CPA to undergo a peer review. Under AICPA rules, as well as Maryland regulations, a CPA that limits his or her financial statement services to preparation (and performs no other attestation services) is no longer required to undergo a peer review. 

Assurance / Attestation Services

Agreed Upon Procedures

An agreed-upon procedures engagement is one in which the CPA is engaged to issue a report of findings based on specific procedures performed on subject matter. And while this type of engagement can provide significant flexibility in terms of both the procedures to be applied and the subject matter to which the procedures are to be applied, there are some limitations - including a prohibition on services concerning matters of solvency or insolvency.

Compliance Examinations

This type of examination results in an opinion based on the CPAs examining of an entity's compliance (or assertion thereof) with specified laws, regulations, rules, contracts, or grant agreements.

ERISA Employee Benefit Plan Audits

These are highly specialized audits of financial statements of employee benefit plans that have aspects of compliance work.  These engagements are also considered "must selects" for peer review purposes - highlighting both the specialized nature of this work and the high degree of public interest involved.

Financial Statement Audits

Financial statement audits are the most prevalent type of audit performed by most CPAs that perform this level of work.  The performance standards to be followed are those promulgated by the Auditing Standards Board of the AICPA (for audits of public companies, the performance standards are promulgated by the Public Company Accounting Oversight Board).

This type of service represents that highest level of financial statement service, resulting in the CPA issuing an opinion as to the financial statements being fairly stated relative to a stated financial reporting framework (e.g., US Generally Accepted Accounting Principles).

Financial Statement Reviews

Financial statement reviews provide a limited level of assurance. Under the performance standards, promulgate by the Accounting and Review Services Committee of the AICPA, the CPA issues a report containing a conclusion as to the financial statements being fairly stated in context of an acceptable financial reporting framework.

HUD Multifamily Housing Audits

One of the many programs offered by HUD is funding for multifamily housing.  Owners of these projects are generally required to submit various financial information electronically and, in some instances, undergo an audit of this information. 

Investment Advisor Custody Audits

Registered Investment Advisors who are deemed to have custody of client funds are generally required to undergo a "surprise" audit of their compliance with certain rules and regulations. Also, even if the advisor is only registered with a state, the CPA may be required to follow the more strict SEC independence rules. 

OMB Uniform Guidance Audits

These audits, also known as Single Audits (in reference to the Single Audit Act of 1984 (as amended)), replaced the so-called OMB A-133 audits and consists of a financial statement (Yellow Book) audit and a compliance audit in context of certain federal agency rules and regulations. As a consequence, the CPA issues two opinions. This type of audit is a must-select under peer review standards given the heightened degree of public interest involved.

Yellow Book Audits

These audits are conducted under standards promulgated by the Government Accountability Office of the United States of America.  The performance standards incorporate the AICPA standards for the most part and also have incremental requirements.  While the applicability of OMB Uniform Guidance (Single) Audits are dictated by specific regulations, the applicability of a Yellow Book audit can be determined by contract.  The CPA will issue two reports - one consisting of an opinion on the financial statements and a second covering the nature of work and results related to general compliance and internal control over financial reporting (but no opinion).  This type of audit is a must select under peer review standards.

Consulting Services

Business Entity Selection

Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company) is a crucial decision that can have longstanding implications (income tax as well as others), positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business entity for your company.  We can also assist in the formation and start-up phases of your new company.

Business Plans

A business plan is a written description of your business's future. Typically, the sections contained in the plan include 1) one that covers the concept of your business where you discuss the industry and products or services to be provided and the management team you have assembled; 2) a second section on marketing where you describe the means of obtaining customers and how you plan to respond to competitors; and 3) finally there is a section on finances. It is this last section that CPAs typically provide the greatest influence, assisting with preparing forecasts and projections, among other things.

Expert Witness Services

Pending or existing litigation can result in the need for a qualified professional to present his/her opinion to support or oppose evidence submitted to the court. Our level of competence allows us the opportunity to function as expert witnesses in such cases.

Fraud Prevention & Detection

Fraud detection and prevention is a concern for everyone. Combined with the extensive real-world auditing experiences of our professionals, we use the Fraud Risk Management Guide (published by COSO - see section on Internal Controls) as a best practice guide in identifying recommendations for clients as well as performing fraud risk assessments.

Internal Controls (COSO)

There has been an increased interest in internal control in general and internal control over financial reporting in particular.  The generally recognized framework used to evaluate such controls in the private sector is the framework established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).  The framework was updated in 2013.

Litigation Support

Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced competent staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages.

Management Advisory Services

Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success. We can also assist with financial reporting processes and development of charts of accounts to faciitate the efficient presentation of meaningful financial statements.  We can also provide assistance with implementing new accounting standards or to help you prepare for an upcoming audit.

Peer Review Services

Engagement Reviews

Beginning in 1991, the AICPA made peer review a membership requirement. Much has changed since then but CPAs remain required to subject their A&A practices to peer review. Also, most licensing jurisdictions now require peer review for license renewal.

Under the AICPA program, there are two types of peer reviews: the Engagement Review and the System Review. The Engagement Review results in the review captain issuing a report on the results of reviewing specific engagements. Because the review captain does not review the firm's system of quality control, the report notes if any issues came to the attention of the review captain but there is no opinion.

Engagement Quality Control Reviews

In what used to be called "second-partner" or "concurring-partner" reviews, Statement on Quality Control Standards No. 8 requires firms to establish criteria against which all covered engagements should be evaluated to determine whether an engagement quality control review should be performed. For small firms, these reviews may need to be performed by another firm.

Inspections

Under Statement on Quality Control Standards No. 8, one of the required elements of a system of quality control is Monitoring. An important aspect of monitoring is the need to perform some type of post-issuance review. For many firms, this involves the annual inspection.

Pre-Issuance Reviews

Either as part of the Engagement Quality Control Review or as a response to corrective action required by a peer review committee (report acceptance body), firms may need help with conducting a pre-issuance review.

System Reviews

Beginning in 1991, the AICPA made peer review a membership requirement. Much has changed since then but CPAs remain required to subject their A&A practices to peer review.  Also, most licensing jurisdictions now require peer review for license renewal.

Under the AICPA program, there are two types of peer reviews: the Engagement Review and the System Review.  The System Review results in the team captain issuing an opinion on the design of the firm's system of quality control and the firm's compliance therewith.

Tax Services

Income Tax Planning

Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.

Income Tax Return Preparation

Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, and not-for-profit organizations.

IRS Representation

During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.

Payroll Services

As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you prepare all necessary payroll tax returns in a timely manner.

Personal Property Returns

Most jurisdictions have some form of personal property returns.  For Maryland, this form also serves as the means of keeping the organization's charter current (i.e., in good standing).

Sales / Use Tax Services

Many companies are responsible for collecting and submitting sales taxes in many different jurisdictions. And with the expansion of the internet, more and more states are becoming aggressive in expanding the definition of nexus in an effort to secure new tax revenue. Given the potential for numerous jurisctions involved, each with their own regulations, this area of tax compliance can be challenging. We can assist your company in the analysis of nexus and the compilation of information and preparation of sales / use tax returns in an efficient and timely manner.

Unrelated Business Income (UBI)

While tax-exempt organizations enjoy an exemption from having to pay income taxes on most types of income, there are certain types of income known as "unrelated business income" for which, after allocating expenses, taxable income may be generated. The reason for this tax is to prevent "unfair" competition between tax-exempt nonprofit organizations and for-profit companies.  We can assist with expense allocations and the related preparation of tax returns (e.g., Form 990T).