Assurance expectations have evolved.
What now differentiates one firm from another is not expertise as traditionally perceived in a CPA's ability to provide technical textbook answers. Rather, expertise necessitates context. Auditors must now, more than ever, understand the operating environment of their clients and balance technical textbook requirements with business implications.
Audits ● Reviews ● Compilations
We understand what we're asking for and why. Our engagements are staffed with experienced professionals who know how to drive the process.
Successful audits require clear communication. Our seasoned professionals communicate effectively, both with internal team members alongside our client contacts.
We don't leave grenades. Our broad experience allows us to provide real, contextual recommendations that we believe can help our clients.
As part of our commitment to quality, Spire is enrolled in the American Institute of Certified Public Accountants’ (“AICPA”) Peer Review Program. We received a rating of “pass” with no deficiencies on our last peer review.
Assurance engagements are designed to provide varying levels of assurance on historical financial data. A description of each is as follows:
Audit
In an audit, we obtain reasonable, but not absolute assurance that the financial statements are not materially misstated in accordance with a financial reporting framework. Audit procedures consists of examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, an audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
In an audit, we test significant balances and transactions, as well as, areas of high risk. We often perform multiple procedures on each depending upon the risk that there may be a material misstatement due to error or fraud. Procedures would include analytical procedures and substantive procedures. The extent of substantive procedures depends on the significance of the account and the risk of material misstatement. In an audit, we are also required to understand the company’s background, industry and its internal controls over financial reporting.
Review
In a review, we obtain limited assurance that the financial statements are not materially misstated in accordance with a financial reporting framework. A review includes primarily applying analytical procedures to your financial data and making inquiries of Company management. A review is substantially less in scope than an audit. A review does not contemplate obtaining an understanding of the Company’s internal control; assessing fraud risk; testing accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents.
Compilation
In a compilation, we do not obtain any assurance that the financial statements are not materially misstated in accordance with a financial reporting framework. A compilation differs significantly from a review or an audit of financial statements. A compilation does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review. Additionally, a compilation does not contemplate obtaining an understanding of the company’s internal control; assessing fraud risk; testing accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents.
Preparation
Preparation services are just that, we prepare the company’s or organization’s financial statements on plain paper, with or without a statement of cash flows or footnotes based on information provided to us by management. This is a non-attest service and provides no assurance and does not include a report from us. This service is typically provided in conjunction with the above services or as a stand-alone service commonly referred to as “write-up” services.
Similar to its assurance counterparts, attest services provide varying levels of assurance on data other than financial statements. Attest engagements can cover a wide range of subject matters including, but not limited to: compliance with laws and regulations, cost allocations, costs basis for tax credits, pro formas, projections, and forecasts.
Examination
An examination provides reasonable, but not absolute assurance that the subject matter is not materially misstated. Examination procedures consists of a detailed inspection, on a test basis, of evidence supporting the subject matter; therefore, an examination will involve judgment about the number of transactions to be audited and the areas to be tested.
Review
A review provides limited assurance that the subject matter is not materially misstated. A review includes primarily applying analytical procedures to the subject matter and making inquiries of Company management. A review is substantially less in scope than an examination. A review does not contemplate obtaining an understanding of the Company’s internal control; assessing fraud risk; testing the subject matter by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents (for example, cancelled checks or bank images); or other procedures ordinarily performed in an examination. Accordingly, a review report will not express an opinion regarding the subject matter.
Agreed upon procedures
In an agreed upon procedures project, a CPA agrees to perform an agreed to set of procedures on a subject matter. No other procedures are performed and no opinion is expressed on the subject matter.
Compilation
A compilation provides no assurance that the subject matter is not materially misstated. A compilation differs significantly from a review or an examination. A compilation does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review. Additionally, a compilation does not contemplate obtaining an understanding of the company’s internal control; assessing fraud risk; testing the subject matter by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents (for example, cancelled checks or bank images); or other procedures ordinarily performed in an audit. Accordingly, a compilation report will not express an opinion or provide any assurance regarding the financial statements being compiled.
Services provided:
• Systems planning
• Project management
• Process re-engineering
• Accounting and auditing services
Tyler Kimura
Partner
With consulting teams located in both Hawai‘i and mainland U.S.A., our diversely-experienced consulting professionals combine deep local ties, knowledge, and expertise with national and international experience. Our multi-dimensional work process leverages and adapts Best Practice methods that are nationally proven, to meet local conditions. Our local knowledge of organizational culture and community dynamics is what sets us apart from other CPA and consulting firms.
Change is inevitable in today's economy. Whether that's market dynamics, technological disruption or advancement, mergers and/or acquisitions, organizational change management will always be necessary because it deals with a single fact: how people adjust to change. Our team has decades of experience in structuring, facilitating, and assisting with change programs in Hawai‘i, on the mainland, and overseas. We have developed a proprietary methodology that we believe can stretch across cultures and communities.
We are equipped to conduct in-depth assessments of an organization’s current state of technology readiness—spanning security, systems management, network configurations, customer-facing websites, CRM, software applications, and much more.
Our leaders have inspired technology sea changes in some of the largest organizations in the United States and around the world.
Our professionals have decades of experience assisting law firms, spanning all phases of litigation, including discovery requests, financial analysis, funds tracing, damages calculations and critiques, and expert witness reports and testimony. We help clients in every stage of a dispute, including early case assessment, discovery, damage analysis, depositions, and trial or settlement.
