Audits under Generally Accepted Auditing Standards and reviews under SSARS for privately held companies — starting with an honest read of what your agreement actually requires.
These are three different services at three different levels of assurance and three different costs. Buying the wrong one is common and expensive.
What a private company audit actually asks for, in the order it gets asked — so the first one does not land on your team all at once.
Covenant dates, closing dates and board meetings do not move. The engagement calendar is built backward from yours and put in writing before fieldwork starts.
Independence rules do not permit a firm to audit financial statements it prepared. If JV CPA performs your accounting or financial statement preparation, your audit must be performed by a different firm. We settle which role we can take in the first conversation.
They are performed under different standards. An audit follows Generally Accepted Auditing Standards, provides reasonable assurance and results in an opinion. A review follows SSARS, provides limited assurance based on analytical procedures and inquiry, and costs meaningfully less. Which one you need is usually written into your loan agreement — we will read it with you.
No. If we prepare your financial statements, independence rules require the audit be performed by another firm. We will tell you which role we can take at the outset.
JV CPA INC. is enrolled in the peer review program; our first review is not yet due. Our issuer engagements are separately subject to PCAOB oversight and inspection.
The first audit is the heaviest, because opening balances and processes are being established for the first time. We front-load the request list so the work lands in a block rather than dragging across your quarter.
Forward the covenant language or the investor request. We will tell you what level of service it actually calls for and whether the date is achievable.
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