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Reviews/Prep/Comps/Agreed-upon Procedures

In the course of carrying out your engagement, information will be generated and insights developed to improve controls and safeguards ultimately leading to greater efficiencies and clear, concise and understandable financial information.

Reviews

Some businesses may require a review of their financial statements. If you choose to pursue a review (including agreed-upon procedures as required by state law), it will be conducted in accordance with:

  • Statements on Standards for Accounting and Review Services and Statement on Standards for Attestation Engagements promulgated by the American Institute of Certified Public Accountants (AICPA);
  • The standards contained in Government Auditing Standards, issued by the Comptroller General of the United States, as applicable; and
  • The Louisiana Governmental Audit Guide, issued by the Society of Louisiana Certified Public Accountants and the Louisiana Legislative Auditor.

We will perform inquiries of your management and in-depth analytical procedures, such as trend and ratio analysis. We will also perform procedures, as agreed by management, to test your organization’s compliance with certain laws and regulations.

Because a review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole, Ericksen Krentel will not express such an opinion.

Compilations

Compiled financial statements are prepared without audit or review procedures and generally are recommended where creditors and others do not require assurances from the CPA.

Agreed-Upon Procedures

An agreed-upon procedures engagement begins when a client wants to issue a report of findings based on specific procedures performed on subject matter. Your experienced accountant can help you evaluate the subject matter or assertion. Because your needs may vary, the nature, timing and extent of the agreed-upon procedures may vary as well; consequently, you will assume responsibility for the sufficiency of the procedures since you best understand your specific needs.

We will not perform an examination or a review during an agreed-upon procedures engagement and will not provide an opinion or negative assurance. Instead, the report will be in the form of procedures and findings.

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Hurricane Ida Update

Our thoughts and prayers are with all of the people affected by Hurricane Ida. Ericksen Krentel team members have spent this week checking in on each other, our families, and our clients to ensure that everyone is in a safe position. Our New Orleans and Mandeville offices are currently closed due to power outages. We expect our Mandeville office to re-open shortly and will post the status updates of both offices on our website and social media as we know more details. We will do our best to assess the situation of our clients and people, and intend to return to each office as quickly as possible.
We have learned through our experience with past disasters and the ongoing pandemic to be adaptive to new technologies and have implemented cloud-based applications that allow us to efficiently operate remotely. In the interim, we are available to the extent that is possible in working remotely with our many affected clients and their personnel.
As recovery operations begin to take shape and progress, please do not hesitate to call on us to assist in your financial, tax, and other needs. You can reach your Ericksen Krentel professional directly through their normal email address or if you need immediate assistance, send a message through communications@ericksenkrentel.com to receive a return call from one of our professional team members. We look forward to a complete recovery and once again working directly with our clients.

What to Know About Restaurant Revitalization Grants in the Rescue Plan Act

As the COVID-19 pandemic and its economic devastation continues, the $1.9 trillion American Rescue Plan Act of 2021 (ARPA), which was signed into law March 11, 2021, expands relief provisions first introduced in the Coronavirus Aid, Relief and Economic Security (CARES) Act from March 2020 and introduces new measures to help businesses and individuals.