Our Services
At Shaw Mumford & Co PC, the careful management of your finances is our top priority. We pride ourselves on giving you personalized and thorough service that meets your business or individual needs.
We provide a full range of tax and assurance or financial statement services for our clients and offer consulting services for special needs.
Tax Services
At Shaw Mumford & Co, PC, we provide tax services for individuals, estates, and a wide range of businesses including LLC's, S-Corporations, and Non-Profits.
Preparing your own income tax return for yourself or your business can be a task that leaves you with more questions than answers. Our tax consulting and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates and not-for-profit organizations.
Here's what you get...
- Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contact.
- Your tax return can be filed electronically so you will get your refund back quicker.
- We will show you potential deductions to limit your tax liability for next year.
Looking for a little information right now? View the latest Tax and Financial News article in our Newsletter.
assurance or financial statement Services
We provide audit, review, and compilation assurance services. We offer these services on both an ongoing and a special needs basis. Listed below is a general description of these services.
Audit - Highest Level of Assurance
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
An Audit allows you to...
- Satisfy stakeholders such as employees, customers, suppliers and government agencies, or other funders, as well as the investing community, as to the credibility of published information.
- Comply with banking covenants.
- Help deter and detect material fraud and error.
- Facilitate the purchase and sale of businesses.
Here's what you get...
You get the highest level of assurance because we go outside your company or organization to obtain more information. Typically, we’ll have written communication with:
- Your customers to check outstanding receivable balances,
- Your contributors or other funding sources (for nonprofit organizations) to confirm contributions or grants,
- Your banks to confirm cash or debt balances and terms,
- Your vendors to verify outstanding payable balances, and
- Your attorneys for information on pending or threatened legal action.
We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client’s supporting work papers.
Audits Not Just for Public Entities
All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants.
Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company’s risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams.
Review - Limited Assurance
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn’t require us to study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with U.S. Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.
Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit.
Compilation - Lowest Level of Assurance
In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
Banks often require compilations from an independent CPA as part of their lending covenants.
Which Report Should You Use?
Each type of financial statement report may suit specific circumstances, depending on requirements from your client's bank or other parties, as well as meet budgetary needs.
Understanding each report's unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child's college tuition, and your mortgage or credit card calculations.
Consulting Services
As much as you would like, not everything fits neatly into your plans. So we provide a full range of consulting services to address those "out of the box" needs.
Check out our Newsletter for the latest article on Financial Planning.