Need Help Preparing Your Taxes?
Rick Krack - (407) 366-5452
Email RickThe objective of an audit is the expression of an opinion about whether the financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. An audit is conducted in accordance with generally accepted auditing standards established by the Auditing Standards Board (United States) and includes tests of the accounting records and other procedures considered necessary to enable me to express such an opinion.
Procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, tests of physical existence of inventories, if any, and direct confirmation of certain assets and liabilities, if material, by correspondence with selected funding sources, creditors, and other financial institutions. Written representations from the company’s attorney may be requested as part of the engagement. Certain written representations are, also, required from the management of the company about the financial statements and related matters.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, an audit will involve judgment about the number of transactions to be examined and the areas to be tested. Also, I will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from errors, fraudulent financial reporting, misappropriation of assets, or violations of laws or government regulations that are attributable to the company or to acts by management or employees acting on behalf of the company.
Because an audit is designed to provide reasonable, but not absolute, assurance and because I will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or government regulations that do not have a direct and material effect on the financial statements. However, I will inform you of any material errors or any fraudulent financial reporting or misappropriation of assets that come to my attention. I will also inform you of any violations of laws or governmental regulations that come to our attention, unless clearly inconsequential. The responsibility as an auditor is limited to the period covered by the audit and does not extend to any later periods for which I am not engaged as auditor.
An audit includes obtaining an understanding of the company and its environment, including internal control sufficient to assess the risk of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. An audit is not designed to provide assurance on internal control or to identify deficiencies in internal control. However, during the audit, I will communicate to management and those charged with governance, internal control matters that are required to be communicated under professional standards.
The objective of a review engagement is to express limited assurance that there are no material modifications that should be made to the financial statements to be in accordance with generally accepted accounting principles.
A review differs significantly from an audit of financial statements, in which the auditor provides reasonable assurance that the financial statements, taken as a whole, are free of material misstatement. A review does not contemplate obtaining an understanding of the internal control; assessing fraud risk; tests of accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents (for example, cancelled checks or bank images); and other procedures ordinarily performed during an audit. Accordingly, a review provides only limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles. As part of the review, I will require certain written representations from management about the financial statements and matters related thereto. I will perform certain analytical procedures and inquiries of company personnel that I deem appropriate to provide the reasonable assurance required of a review.
A review cannot be relied upon to disclose errors, fraud, or illegal acts that may exist. However, I will inform the company of any material errors and any evidence or information that comes to my attention during the performance of my review procedures, that fraud may have occurred. In addition, I will report to you any evidence or information that comes to my attention during the performance of my review procedures regarding illegal acts that may have occurred, unless they are clearly inconsequential. I have no responsibility to identify and communicate deficiencies in the company’s internal control as part of the engagement.
The objective of a compilation is to present in the form of financial statements, information that is the representation of management without undertaking to express any assurance on the financial statements.
A compilation differs significantly from a review or an audit of financial statements. A compilation does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review. Additionally, a compilation does not contemplate obtaining an understanding of the entity’s internal control; assessing fraud risk; tests of accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, the examination of source documents (for example, cancelled checks or bank images); or other procedures ordinarily performed in an audit. Therefore, a compilation does not provide a basis for expressing any level of assurance on the financial statements being compiled.
Monthly, quarterly or annual accumulation of the accounting information supplied by the company. The company usually supplies accounting information such as bank statements, check subs, cancelled checks, credit card statements and similar other documentation. The information is accumulated into a formal set up accounting records. The responsibilities and assurances associated with bookkeeping are the same as those described with the compilation. However, no formal financial statements are presented by me for use to other than management for internal operations of the company.
Preparation of financial forecasts or projections for startup companies as well as companies needing financial guidance over the next few years. These forecasts and projections are based on estimates and financial information supplied by you. I have no responsibility for accuracy of the information you are supplying me. However, I will use that information to formulate the forecast or projection. The forecast or projection will probably vary from the actual results since variables are constantly changing and the forecast or projection will not be updated as these variables change.
Representation and help with inquiries or examinations conducted by any Federal or State taxing authority. I will request Power of Attorney from you to give me authority to represent you in front of the appropriate taxing agency. The company or individual is responsible for the accumulation of the information requested by the agency. However, I will analyze it before presenting it to the agency. I will handle all of the correspondences and meetings conducted with the agency.
My services cannot guarantee a satisfactory result from the examination or correspondence. The outcome of the examination or correspondence is solely dependent on the information supplied by you and how that information was presented on the tax return in question. My services are to help with the explanation of how that information was presented on the tax return.
Assistance with financial analysis related to legal proceedings (including divorce, employee termination, owner disagreements, or other lawsuits). Areas of analysis include valuation of businesses; investigation of possible employee or other owner theft, fraud or embezzlement; cash flow analysis or tracking; or expert witness testimony.
Preparation of all Federal and State individual, corporate (S-Corporation and C-Corporation), partnership, LLC, estates and trusts and exempt organization income tax returns. In addition, any county tangible property tax returns and state sales and use tax returns can be prepared. These returns can be prepared for any of the 50 states in the United States of America.
Consultation on accounting and tax matters as is deemed necessary by you. This includes cash flow planning and projecting, tax estimation and projections, internal control analysis, budgeting and any other accounting or tax related area you consider important.
Member of the:
American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants
After attending the U.S. Military Academy at West Point, New York, I graduated from California State University – Northridge with my accounting degree. I have over 42 years of experience as a CPA. I worked in the Los Angeles area for a large national CPA firm for several years before moving to Central Florida in 1984. In 1994 I opened my own accounting practice in Winter Springs, Florida.
Through the years I have obtained experience in many aspects of accounting and tax. I have worked with all sizes of clients from the very large multi-million dollar corporations to the small sole-owner operations. My clients have ranged from professional services (doctors, attorneys, etc) to manufacturing businesses to retail sales entities to not for profit corporations.
My firm provides a variety of services including corporate, partnership and individual tax return preparation and planning; monthly, quarterly and annual write-up and financial statement preparation services; compilation, review and audit of financial statements; as well as Internal Revenue Service and litigation support help and financial projection and forecasts. I guarantee personal attention and prompt service for a fair price.
I want to thank you for taking the time to look at this website. I appreciate your interest in my services. Please call me 407-366-5452 should you have any questions or need any additional information. I look forward to hearing from you in the near future.
Phone: (407) 366-5452
Email: [email protected]
Mailing Address:
P.O. Box 196458
Winter Springs, FL 32719-6458