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Smith Adcock and Company, LLP offers expert financial statement services that provide businesses with the information they need to make financial decisions, maintain regulatory compliance, and build trust with stakeholders.
Our team of Certified Public Accountants and accounting specialists bring years of experience in financial preparation services in accordance with Generally Accepted Accounting Principles (GAAP) and other comprehensive accounting standards.
We strive to provide accurate and reliable financial statements to enable businesses to make informed financial decisions.
Audits provide the users of the financial statements with a level of assurance in the form of an opinion on whether the financial statements are free from a material misstatement.
We will perform the necessary procedures to test the accuracy, reliability, and compliance of your financial statements and relevant disclosures.
During the audit process we confirm the information related to certain accounts utilizing confirmation requests generated by our firm or a third-party confirmation service.
As an additional part of our audit procedures, we will obtain an understanding of the business and its internal controls to identify and assess risks. We will provide recommendations to enhance your internal control systems to reduce the risk of financial errors and fraud.
Review engagements are less in scope than what is required by an audit. Our procedures consist of inquiry and analytical review to understand the periods under review.
The purpose of a review is to provide limited assurance to the users of the financial statements that there are no material modifications that need to be made to an entity’s financial statements to be in conformity with Generally Accepted Accounting Principles (GAAP).
Compilation engagements are less in scope than what is required by a review. We prepare financial statements in accordance with the Statements on Standards for Accounting and Review Services (SSARS).
Compiled financial statements are prepared using only information provided by the client without confirmation or verification, to ensure accurate presentation, as such no assurance is provided on the accuracy of compiled financial statements or the effectiveness of internal controls.
Bookkeeping services are less in scope than what is required by a review or financial statement compilation.
Bookkeeping services are intended to assist our clients with overseeing the financial data and compliance by maintaining accurate books on cash, fixed assets, accounts receivable and payable, payroll, payroll liabilities, loans and other financial entries and reconciliations. The accountants will perform tasks related to monthly financial reporting, general ledger entries, as well as recording payments and adjustments. Our accountants also analyze this data and discuss with the client any information that has significant changes related to prior years. The information is provided by the client and as such no assurance is provided related to that information.
These services enable our clients to focus on their business rather than entering financial data into software and performing reconciliations related to that data.
Agreed-upon procedures and services are specific to each client’s needs. We work closely with clients to define the specific procedures to be performed on the financial information, delivering detailed findings without providing an opinion.
The benefit of these services is that they offer more flexibility for the intended users and allow them to develop and tailor the procedures that best fit their business needs.
The majority of businesses have an employee benefit plan. These plans are subject to Employee Retirement Income Security Act of 1974 (ERISA) regulations. An audit is required to be filed with Form 5500 when a plan has more than 100 participants with account balances at the beginning of each plan year.
These audits require the auditors to identify if material misstatements exist and determine if the plan is operating in accordance with the plan documents. We have a team that has over 30 years of experience auditing various employee benefit plans such as:
As a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Audit Quality Center, we have the experience of providing ERISA 103(a)(3)(c) and non-ERISA103(a)(3)(c) audits. We will assist plan management with meeting the DOL and ERISA requirements.
Contractor prequalification is an information-gathering process that determines a contractor’s capability, capacity, resources, and performance.
These statements can help build trust with project owners and bolster the general contractor’s reputation.
A comprehensive prequalification process involves gathering a variety of financial, safety, and project data about a subcontractor. These processes consider overall experience and past-experience on similar contracts as well as their capabilities with respect to personnel, equipment, current workload, financial stability, and construction facilities. Our CPAs are well versed in a variety of construction projects and can complete these prequalification statements when needed by our clients.