Nanavaty, Nanavaty & Davenport is a member of the American Institute of Certified Public Accountants' (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. The Center is a national community of firms with a commitment to quality and to raise awareness about the importance of Employee Benefit Plan Audits. The Center develops and provides to its members guidelines and tools to better serve their clients.
Additionally, we are a member of the AICPA's Government Audit Quality Center (the "Center"). The Center was established to promote the quality of governmental and non-profit organization audits. The Center has created a community of firms that demonstrate a commitment to governmental and non-profit organization audit quality, and supports those firms by providing members with timely communication of regulatory developments, best practices guidance, and technical updates, as well as other useful practice tools. The Center is governed by an executive committee that establishes general policies of the Center and oversees its activities. It also establishes the requirements for membership in the Center as necessary, subject to AICPA Board of Director's approval.
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's operations. We provide financial reporting on all three levels of assurance:
Audit Services An audit is the highest level of service and is the one that is familiar to most people. An audit consists of examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We will design an approach that will consist of tests of documents, contracts, agreements, etc. We will also assess the accounting principles used and any significant estimates made by management, as well as evaluating the overall financial statement presentation. An audit typically includes, but is not limited to, direct confirmation of bank balances, physical inspection of significant equipment and property, and other correspondence with third parties such as attorney's, customers and others that we deem necessary in the performance of the audit procedures. As part of the audit we will obtain a sufficient understanding of the internal control structure in order to plan the audit and determine the nature, timing and extent of the tests to be performed.
Review Services A review is the middle level of service. A review consists principally of inquiries of company personnel and analytical procedures. A review is substantially less in scope than an audit, and does not include detail testing of evidence supporting the amounts in the financial statements, among other procedures typically performed in an audit.
Compilation Services A compilation is the third type of service. A compilation is consists of presenting information provided by management in the form of financial statements and may include footnotes. A compilation is not a review or an audit. No opinion or any other form of assurance is given on the compilation.
In addition to the above services our experience extends to Agreed-Upon Procedures
Engagements; Reporting on Pro Forma Information; Compliance Auditing; and Internal Control Reporting.