October 13, 2016 – Piercy Bowler Taylor & Kern (PBTK), a full-service accounting firm, along with Howard & Howard and ManagedPAY, will present a series of lunch n learn seminars offering simple strategies for the problems that often keep business leaders up at night. The first in the series will focus on the new overtime law going into effect on December 1.
Robert Rosenthal of Howard & Howard will give you Five Strategies to Avoid the Penalties and Fees that you may face if you don't comply with this new law. It affects every business in Southern Nevada.
This event is sponsored by ManagedPAY, Howard & Howard and Piercy Bowler Taylor & Kern.
When: November 3, 2016 at 11:45 am – 1 pm
Register: Seating is limited! Register by October 27, 2016 https://newovertimelaw.eventbrite.com
Cost: $15 (includes lunch)
About Piercy Bowler Taylor & Kern
Piercy Bowler Taylor & Kern is a full-service accounting and business advisory firm that provides accounting and auditing, tax, consulting, valuation and litigation support services. Founded locally in 1990, the firm specializes in the casino gaming and leisure time industries, governmental and not-for-profit organizations, real estate development and construction industries and the legal and general business communities. Now with offices in Salt Lake City, Reno and Las Vegas, PBTK is one of the few independent accounting firms in its local markets to perform SEC audits. For more information on PBTK, visit pbtk.com or call Shannon Hiller at 702.384.1120.
How confident (or assured) are you that your financial reports are reliable, timely and relevant? In order of increasing level of rigor, accountants generally offer three types of assurance services: compilations, reviews and audits. What’s appropriate for your company depends on the needs of creditors or investors, as well as the size, complexity and risk level of your organization.
Compilations rely on data provided by management. They provide no assurance that financial statements are free from material misstatement and conform with Generally Accepted Accounting Principles (GAAP). Instead, the CPA puts financial information that management creates in-house into a GAAP financial statement format. Footnote disclosures and cash flow information are optional and often omitted.
Reviewed financial statements, which provide limited assurance that the financial statements are free from material misstatement and conform with GAAP. Here, the CPA 1) applies analytical procedures to identify unusual items or trends in the financial statements, and 2) inquires about these anomalies, as well as the company’s accounting policies and procedures.
Reviewed statements include footnote disclosures and a statement of cash flows. But the accountant isn’t required to evaluate internal controls, verify information with a third party or physically inspect assets.”
An audit provides a reasonable level of assurance that your financial statements are free from material misstatement and conform with GAAP. The Securities and Exchange Commission requires public companies to have an annual audit. Some private companies also may opt for this service to satisfy outside lenders and investors. Audited financial statements are the only type of report to include an express opinion about whether the financial statements are fairly presented and conform with GAAP.
Beyond the analytical and inquiry steps taken in a review, auditors perform “search and verification” procedures. They also review internal control systems, tailor audit programs for potential risks of material misstatement and report on control weaknesses when they deliver the audit report.
Time for a change?
Should you change your level of assurance? Not every business needs audited financial statements, and audits don’t guarantee against fraud or financial misstatement. But the higher the level of assurance you choose, the more confidence you’ll have that the financial statements fairly present your company’s performance. Contact Ryan Whitman for more information.