PPP Forgiveness and Repayment: Deadline Approaching
If you received a PPP loan, important forgiveness deadlines are approaching. Are you ready?
Many businesses require one of three levels of financial statement services depending on their various needs. We provide audit, review, and compilation services that help you establish reporting credibility with lenders, investors, vendors, and customers. Our comprehensive, proactive, and accessible approach offers proper balance based on the level of assurance required by your financial statements and third-party relationships.
When you want the highest level of assurance to affirm that your financial statements are free of material misstatement, an audit is required. We believe that for an audit to be truly effective, the unique characteristics and risks of each organization in relation to the operating environment, business goals, and needs of the end user need to be considered. When Lumsden McCormick expresses an opinion on your financial statements, you can be confident your financial statements address compliance with current accounting standards and are performed by an engagement team with industry expertise.
When your need is limited in scope and a complete audit is not required, a review is recommended. The process to perform a review includes primarily applying analytical procedures to financial data and making inquiries of company management. Based on our review, we will report whether or not we are aware of any material modifications that should be made to the financial statements for them to be in accordance with pertinent accounting guidance.
Regardless of your industry, having an understanding of your financial health is critical. The accountants’ objective of a compilation is to assist management present financial data in the form of financial statements; there is no opinion expressed as to the accuracy of the financial statements. The accountant’s compilation report can be issued as of or for any specific time period.
Whether we perform audits or reviews of your financial statements, or simply compile them, you can be assured that we proactively seek ways to help improve your operations.
For more information about audit, review, and compilation services from Lumsden McCormick, please contact an assurance service leader named below or complete the form.
The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.Learn More
As everyone knows, the COVID-19 pandemic has had a global impact beyond health and safety concerns. With millions of Americans vaccinated, where does the economy stand and what can be expected across the Upstate region, New York State, the United States, and Canada?Learn More