Business Audit Services in NJ:Audits, Reviews & Compilations
When a lender, buyer, partner, or surety asks your business for assured financial statements, a licensed CPA firm issues them. Wasserman Accounting CPAs performs audits, reviews, and compilations for New Jersey businesses. If the IRS or the Division of Taxation is auditing your returns, that is tax audit representation, a separate service. Call 609-281-8096.
A CPA or EA answers — not a call center.
Which business audit report you need and how we deliver it
A lender, buyer, partner, or surety sets the level of report: compilation, review, or audit.
Send us the lender’s, buyer’s, or surety’s written request, and we confirm the level before we start work.
We issue all three reports for New Jersey businesses and deliver by the requester’s deadline.
What are business audit services?
Business audit services are engagements in which a CPA firm reports on a company’s financial statements so a lender, buyer, partner, or surety can rely on them. We issue the report at one of three levels:
| Level | Assurance | Requested by |
|---|---|---|
| Compilation | AssuranceNone: we put your statements in proper form | Requested byInternal use, or a lender that needs statements in standard form |
| Review | AssuranceLimited: we give a conclusion | Requested byA bank lender, or a vendor or investor wanting basic assurance |
| Audit | AssuranceReasonable: we give an opinion | Requested byLenders on larger loans, outside investors, buyers, sureties, and the Department of Labor for benefit plans |
Who asks a New Jersey business for audited financial statements?
Your lender names the report, the accounting framework, and the deadline in the financing agreement’s covenants
A buyer or investor names the report in the purchase or investment agreement; a due diligence review is a separate engagement
Your partners or shareholders can require audited statements each year under the partnership or shareholder agreement
Your surety sets the report level it needs before it will underwrite your bonds
The Department of Labor requires a Form 5500 audit for a 401(k) or other defined contribution plan with 100 or more participants holding balances at the start of the plan year
If you filed as a small plan last year, you can keep filing that way until you have more than 120 participants in the plan (29 CFR 2520.103-1(d)). Former employees who left balances in the plan count toward the total.
We cover nonprofit, grant, and charity registration audits on our audit services page.
Got the request letter? We read it first.
What are the steps in a business audit?
- 1
You send us the lender’s, buyer’s, or surety’s written request. We confirm the level and the accounting framework the requester asks for.
- 2
We issue an engagement letter and a document request list, so you know what to gather before fieldwork.
- 3
We test balances, confirm bank and loan balances with third parties, and review your contracts and internal controls.
For a review, we make inquiries and run analytical procedures, and do not test balances.
- 4
We deliver the report to your deadline, with a management letter on any internal control weaknesses we found.
Which business audit services we provide
Financial statement audits, with an opinion
Reviews under SSARS
Compilations
Employee benefit plan audits for Form 5500
Audits for a business sale, partner buy-in, or new investor
Internal control observations and recommendations
Who we help with business audits in NJ
Businesses that need assured statements for a loan, a sale, or an investor
Contractors and other bonded businesses whose surety requires a report
Companies whose 401(k) or other defined contribution plan is near or over the audit threshold
Businesses facing a first audit or changing auditors
- Nonprofits and grant-funded organizations, through our audit services page
How we price a business audit
- The level of report: audit, review, or compilation
- The number of entities, locations, and bank and loan accounts
- Whether you hold inventory we have to observe at year end
- The state of the books when we start fieldwork
- Whether we can build on a prior audit
- The deadline the requester has set
We quote the fee in writing after reading the requirement and your latest statements.
Send us your requirement
Reviewed by April Moore, EA, Practice Manager at Wasserman Accounting CPAs. Enrolled Agent with 20 years in financial accounting, business tax, and quarterly and annual regulatory filings.
Talk to a New Jersey audit and assurance CPA
If a lender, buyer, partner, or surety is asking for audited, reviewed, or compiled statements, we can tell you which level you need and produce them. A CPA or EA answers — not a call center.