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Holbrook & Manter has been serving manufacturing clients for many years, tracing back to our origin in 1919. We maintain a strong reputation with our manufacturing clients, which has been built on the foundation of quality services we have provided over the years.
H&M offers services specific to businesses involved in manufacturing as well as traditional and management advisory services. We have professionals who have extensive experience in working in and serving manufacturing clients. Our services are designed to help you establish sustainable competitive advantages over your competition.
Our committed Manufacturing Team has extensive experience and knowledge to assist you including, but not limited to, the following areas:
An audit of an entity's financial statements involves performing procedures that results in the issuance of a report that provides the highest level of assurance that the financial statements present fairly in conformity with U.S. generally accepted accounting principles. In an audit, as in a review, the Certified Public Accountant (CPA) must be independent of the client and the financial statements must contain all required footnotes.
The auditor's goal is to determine whether the financial statements are free of material misstatement. An audit requires extensive inquiry and study of the organization's policies, procedures, systems, operations, and financial management. Items are observed, tested, confirmed, compared, and/or traced based on the auditor's judgment. After gathering sufficient evidential matter through this process, an auditor can issue an opinion about the fairness of the financial statements. As an additional benefit, the auditor may become aware of inefficiencies or weaknesses in the entity's systems and offer suggestions for improvement.
A review is conducted when a lower degree of assurance than an audit is required, yet the user wants to know that a professional has performed analysis of the statements. With respect to reliability and assurance, a review falls between an audit, which provides extensive assurance, and a compilation, which provides no assurance.
During a review, the CPA will inquire about the entity, the accounting policies and procedures, the industry, operations and personnel. The CPA will also ask about any changes in these items and request other pertinent information. In addition, the CPA will conduct a battery of analytical procedures, such as ratio analysis, comparison of the operating statistics to prior periods or perhaps to industry averages, as well as other financial analyses deemed appropriate. In a review, like an audit, the CPA must be independent of the client and the financial statements must contain all required footnotes.
A compilation service is required for an entity that needs assistance in preparing their financial statements. A compilation involves gaining a general understanding of the entity, its bookkeeping systems, and presenting the financial information in the accepted format of proper financial statements. Through compilation services, a CPA prepares monthly, quarterly, or annual financial statements.
During a compilation, the data is arranged into conventional financial statement presentation. No probing is conducted beneath the surface unless the CPA becomes aware that the data provided is inadequate or incomplete. The report attached to the financial statement emphasizes that the service is a compilation.
An agreed-upon procedures project is one in which H&M is engaged to issue a report of findings based on specific procedures performed on the subject matter. The client engages H&M to assist the specified parties in evaluating subject matter and/or an assertion due to a need(s) of the specified parties. Consequently, H&M’s role is to perform specified procedures and then report on these findings.
Because the needs of the specified parties may vary widely, the nature, timing, and extent of the agreed-upon procedures may vary as well; consequently, the specified parties assume responsibility for the sufficiency of the procedures since they best understand their own needs. H&M does not perform an examination or a review and does not provide an opinion or negative assurance. Instead, H&M's agreed upon procedures report presents the procedures performed and the resulting facts and findings.
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