Lopata, Flegel & Company LLP Assurance

At Lopata, Flegel & Company, we offer a full range of assurance services for privately held companies and provide many financial solutions designed to address our clients’ specific issues. Our accounting professionals are continually trained and educated in new accounting pronouncements, business developments and technology.

Our assurance services include the following:

Audit

The objective of an audit engagement is to express an opinion about whether the financial statements are fairly presented in conformity with generally accepted accounting principles (GAAP).  An audit, which is the highest level of attest service, is conducted in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation.

Review

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 in order for them to be in conformity with GAAP. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit. A review is conducted in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.

Compilation

The objective of a compilation engagement is to present information in the form of financial statements that is the representation of management without undertaking to express any assurance on the financial statements. A compilation is conducted in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.

Agreed-Upon Procedures

The objective of an agreed-upon procedure engagement is to perform specific procedures and report findings, as opposed to performing an examination or providing an opinion. This type of engagement generally focuses on specific areas of concern or to comply with contractual requirements.