Tax Appreciation Rules for Corporate Vehicles
Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rules.
When a formal opinion that accompanies a full audit is not necessary, but you need specific aspects of your financial data or business operations examined by a CPA, you likely need an agreed-upon procedure (AUP) report. Lumsden McCormick will issue an accountant’s report of findings based on specific agreed-upon procedures applied to subject matter for use by specific parties.
Ensuring the objectivity and integrity of your internal procedures.
Although the American Institute of Certified Public Accountants regulates both audits and AUP engagements, the nature of these services are different. An AUP report is beneficial when you have a specific concern about the financial or operational aspects of your business. Examples include:
Working collaboratively with you, we will determine in advance the scope of the engagement including specific tests and reporting methodology. Lumsden McCormick will provide valuable insight targeting high-risk areas and closely examine financial results to identify specific problems that require immediate attention and assist with getting your accounting records back on track.
For more information about how an agreed-upon procedure report can be beneficial, contact a Lumsden McCormick service leader or complete the form below.