Audits, Reviews & Compilations

Financial statements serve as the primary source of demonstrating an organization’s financial position and are a critical tool in making management decisions and obtaining financing by third parties.

There are three different types of attest services that are performed on financial statements: audits, reviews or compilations. Each different type of service results in the issuance of a report on the financial statements but only an audit results in the expression of an opinion. While financial statements are generally issued in accordance with generally accepted accounting principles (GAAP), other solutions are sometimes available to avoid the complexities that are mandated by GAAP. Some of these alternatives include GAAP exceptions, income tax basis financial statements, or other comprehensive basis of accounting (OCBOA) financial statements.

The basic difference between an audit, review and compilation is as follows:

Compilation of Financial Statements

This is generally the most cost efficient level of service and presents in the form of financial statements information that is the representation of management without expressing any assurance on the statements.

Review of Financial Statements

This is the next level of service and results in the expression of limited assurance that there are no material modifications that should be made to the financial statements. A review will include inquiries of the organization’s personnel and analytical procedures applied to financial data.

Audit of Financial Statements

This is the highest level of service and results in the expression of an opinion on the financial statements taken as a whole. The scope of services to be performed is substantially greater than that of a compilation or review.

Agreed Upon Procedures

An agreed upon procedures engagement provides an excellent solution when a client or other party (parties) would like independent verification of particular information without producing actual financial statements.

In particular, our firm and the client would "Agree Upon" specific procedures to be performed and we would then report on our findings. Each engagement is tailored specifically to the needs and requirements of the client. These engagements are often utilized as a tool to assist management in analyzing particular elements of their operations or are sometimes required by third parties (such as banks, potential investors, or regulatory agencies).

Some examples of the types of agreed upon procedures we provide include, but are not limited to, the following:

Forecasts & Projections

Occasions exist when an organization (or a proposed organization) must present financial information based on future activity rather than historical activity.

Sometimes this information is needed only for internal purposes such as management's analysis of the impact of entering into a new acquisition or contract. On other occasions the presentation of financial information based on future activity is required by a third party. This may arise if the organization is trying to raise capital or negotiate financing arrangements. In any event, there are two types of solutions available to management: forecasts and projections.

The basic difference between forecasts and projections is as follows:

Financial Forecast

This presents an organization's financial position, results of operations, or cash flows based on management's assumptions reflecting conditions it expects to exist and the course of action it expects to take. In other words, it presents management's anticipated results.

Financial Projection

This presents an organization’s financial position, results of operations, or cash flows based on hypothetical assumptions that may not necessarily be expected to occur.

Internal Control Evaluations

A properly designed internal control environment is essential for accurate financial reporting and can help deter fraud or eliminate the opportunity of any misappropriation of assets

The internal control environment must be designed to accommodate the size and configuration of each individual organization. Beucler, Kelly & Irwin, Ltd. has extensive experience documenting and evaluating the internal control procedures that have been implemented. We will interview personnel in various areas of the organization to gain a full understanding of the control environment, evaluate the effectiveness of these controls, and identify any opportunities for strengthening internal controls and operating efficiency.

Often a few minor changes in the procedures, controls and job responsibilities can have a significant impact on the control environment; particularly in smaller organizations.


Running a business is a time consuming process that often requires a business owner to direct his/her attention to matters other than their field of expertise

Due to personnel restraints and the sensitivity of the information, the maintenance of adequate books and records is yet another burden often placed on the small business owner. Our experience indicates that most small business owners are highly intelligent and motivated individuals; and while they are capable of performing the basic bookkeeping functions, they may not have an accounting background and would rather focus their attention on matters that will contribute to the company's success.

The outsourcing of the bookkeeping function is a cost effective solution that will provide your business with timely, accurate financial records that can be used as a valuable management tool

We have extensive experience assisting clients in the maintenance of accurate books and records. What distinguishes our firm from other organizations that provide bookkeeping services is our in depth knowledge of the tax code and generally accepted accounting principles (GAAP). We believe that it is extremely important to code each transaction to the proper account from inception and to understand the underlying implications of the transactions. This will reduce and often eliminate altogether the need for year-end adjustments to the books thus avoiding any unnecessary surprises and allowing for adequate planning. In addition, our experience lends itself to our ability to analyze the account information rather than simply going through the motions of recording transactions.

We provide a full spectrum of bookkeeping services including, but not limited to, the following:

  • Record vendor invoices and process payments
  • Generate customer invoices and statements
  • Apply customer payments and process deposits
  • Reconcile bank and credit card accounts
  • Record payroll data
  • Set-up and track fixed assets
  • Set-up and track inventory items
  • Prepare budgets
  • Provide QuickBooks software training

Tax Preparation, Planning & Compliance

Our approach to tax return preparation involves more than mere compliance with government regulations

The filing of federal and state tax returns is a requirement that must be met by all individuals and organizations. We have extensive experience helping our clients to fulfill this requirement while simultaneously achieving results that are most beneficial to them. The true value of our services, however, is conducted prior to actually preparing the returns. We believe that it is important to understand our client's short and long-term goals and then construct a tax strategy tailored to realize them. Our strategies are designed to take into consideration retirement and estate plans as well as cash flow requirements with the objective of reducing the overall tax burden. It is also equally important to monitor and adjust this plan as changes in the tax code or the client's goals occur. A proactive approach allows our clients to achieve their objectives in the most tax efficient manner.

Some examples of tax services we provide include, but are not limited to, the following:

  • Preparation of federal, state, and local tax returns for individuals, trusts, estates, corporations, partnerships, and other organizations
  • Calculation of "Safe Harbor" estimated tax payments
  • Development of projections and models to identify proactive solutions to reducing the overall tax burden
  • Representation on tax examinations or litigation before the Internal Revenue Service (IRS), state and local taxing authorities
  • Corporate or partnership structuring including the use of S-Corporations, limited liability corporations, trusts, family limited partners, …etc.
  • Analysis of tax-advantaged investments
  • Consulting on gift and tax estate issues

Estate, Financial & Retirement Planning

We all have established goals for our future

They may be as simple as being able to: maintain a certain lifestyle; provide financial assistance for your children's or grandchildren's education; retire at a particular age; purchase a vacation home for the family to enjoy; or provide a financial legacy for the benefit of future generations and charitable organizations.

Taking the time and effort to develop, implement and monitor a comprehensive strategy is an important step in ensuring that you and your family will be able to realize these objectives. We will assist you in determining the timeline, cash flow requirements and tax implications of your goals and then develop a plan that will achieve the most beneficial and tax efficient results. We will explain various planning techniques and the advantages and disadvantages of using different investment, estate, and other financial vehicles available to accomplish these goals.

In order become and remain your trusted advisor, we believe that we must maintain our independence at all times. The investment and financial vehicles needed to accomplish your goals must be selected based solely on your individual plan. Many financial advisors sell products or receive commissions based on the investment and financial vehicles selected. We do not sell any investment or financial products nor do we receive commissions from third parties. Should your planning require the use of any of these products, we will work with any contacts with whom you already have a relationship or provide you with referrals.

Estate Administration

The administration of an estate can often be a complex, time consuming, and emotional process.

In many instances, certain aspects of this process can be undertaken directly by the executor(s) or family member(s), however, it is often helpful to have the assistance of an experienced team that has knowledge of the process and understands the financial and tax implications involved.

The responsibilities associated with the administration of an estate include, but are not limited to, the following:

  • Obtaining the death certificate, original will and trust documents (if applicable)
  • Filing the original will and legal documents with the probate court
  • Identifying any heirs and beneficiaries of the estate
  • Identifying all assets of the estate, determining the value of the assets, collecting and possibly liquidating the assets
  • Managing any income producing assets of the estate (businesses, real estate… etc)
  • Identifying all liabilities of the estate and making the appropriate disbursements
  • Maintaining a proper "accounting" of all income and expenses of the estate
  • Preparing the federal, state, and local income and estate tax returns
  • Filing a final "accounting" of the estate's assets and expenses with the court
  • Making a distribution of the net assets to the beneficiaries

Our team of professionals can provide assistance with all aspects of the estate administration and help make the process as smooth as possible during a difficult time. We also have a close working relationship with several well-regarded estate attorneys and can recruit their assistance (or provide you with referrals) if required during the process.

Family Office Services

The goal of our family office services is to provide a trusted source that individuals, executives and affluent families can rely upon to perform or assist in the management of the day-to-day financial aspects of their lives

Time is a precious commodity and many individuals would rather devote their attention to other matters rather than spending their time paying bills, monitoring cash flow, managing real estate, or dealing with compliance matters. We view our role as being a personal financial concierge that has the expertise and resources to provide a full scope of services related to your personal finances while alleviating you of the burden.

We provide a full spectrum of family office services including, but not limited to, the following:

  • Provide bill paying and cash flow management
  • Manage the acquisition, maintenance, or sale of personal and investment real estate
  • Perform payroll services for household employees and prepare related payroll tax returns
  • Prepare personal financial statements
  • Provide document and record management
  • Prepare a "Personal Papers" binder to provide to heirs containing all relevant documents related to future estate issues
  • Provide advice on financial and tax aspects of philanthropic endeavors
  • Monitor investments and track cost basis
  • Provide family governance services and provide advice and education to younger generations on various financial matters
  • Provide trust administration services