Audits, Reviews and Compilations

Frost, PLLC formerly, Terkelsen, Smith & Tyree provides quality auditing services to a range of organizations including corporations, partnerships, closely held companies, non-profit organizations, and employee benefit plans. Lenders, creditors and investors often require some form of financial statements to ascertain the financial position of a company. We provide financial reporting on all three levels of assurance:

Financial Statement Audits

An intensive examination, with the highest level of assurance. Includes physical inspections i.e. taking inventory; communication with 3rd parties such as your customers, banks and attorneys; tests of internal accounting controls.

Doing business can be risky. However, companies that successfully manage their risks can create the greatest value for their stakeholders. These companies consistently achieve their goals by following a disciplined approach to assess business risks and maintain effective control systems.

Frost, PLLC will work with you to enhance and drive process improvement. We apply a structured approach to help you assess your risks—both external and internal—and improve your risk management capabilities.  We can help you enhance your management function, strengthen internal controls and improve your organization.

Our firm provides compilation and review services to businesses, individuals and not-for-profit organizations. Our approach includes developing an understanding of your business and industry to establish a strategy that is tailored to you and the specific needs of your company.

Reviews and compilations are a significant part of our assurance services and can help you identify changes you need to make in your operations to guarantee your organization’s financial success. They are also an invaluable tool to assure you and your business partners of your company’s financial strength.  Our accounting and assurance professionals have the experience to meet your need regardless of the level of assurance required.

Compilations

A compilation is limited to presenting financial data that is the representation of management in the form of financial statements, balance sheet, profit and loss statement, statement of cash flows, and footnotes. We read through the compiled financial statements to determine whether they are in appropriate form and free from obvious material errors. We provide audit, review and compilation services relative to the preparation of business and personal financial statements.

Reviews

A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. In a review of a company’s financial statements, we express limited assurance that there are no material modifications that should be made to the financial statements.