NANAVATY DAVENPORT STUDLEY WHITE LLP
Assurance, Accounting and Tax Advisory Services
The success of an accounting firm depends upon how well it understands the needs of its clients and how competently and efficiently it meets those needs.
At NDSW our niche in the marketplace is our full-service approach for all clients.
Trained by international accounting firms we learned early that the key to a successful business is client service.
So we decided to design every engagement with a Team of Professionals tailored for each client to assist with their Assurance, Accounting, Tax and Advisory Services.
Additionally, we invest time and resources in professional education and computer technology to provide clients with the technical strengths of a large firm but the attention to detail of a small firm.
TAX PLANNING AND PREPARATION SERVICES
At NDSW we understand that planning is the key to successfully and legally reducing your tax liability. We make it a priority to enhance our understanding of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
We know that preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Tax services offered include but are not limited to:
Tax planning & return preparation
Estates, trusts & gift
Taxing authority representation
Divorce and support issues
NDSW is a member of the American Institute of Certified Public Accountants' (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. The Center is a national community of firms with a commitment to quality and to raise awareness about the importance of Employee Benefit Plan Audits. The Center develops and provides to its members guidelines and tools to better serve their clients.
We are also a member of the AICPA's Government Audit Quality Center (the "Center"). The Center was established to promote the quality of governmental and non-profit organization audits. The Center has created a community of firms that demonstrate a commitment to governmental and non-profit organization audit quality, and supports those firms by providing members with timely communication of regulatory developments, best practices guidance, and technical updates, as well as other useful practice tools. The Center is governed by an executive committee that establishes general policies of the Center and oversees its activities. It also establishes the requirements for membership in the Center as necessary, subject to AICPA Board of Director's approval.
Our Audit services are focused on the following:
Non-Public Privately owned businesses
Employee benefit Plans
Common Interest Realty and Homeowner Associations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's operations. We provide financial reporting on all three levels of assurance:
An audit is the highest level of service and is the one that is familiar to most people. An audit consists of examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. We will design an approach that will consist of tests of documents, contracts, agreements, etc. We will also assess the accounting principles used and any significant estimates made by management, as well as evaluating the overall financial statement presentation. An audit typically includes, but is not limited to, direct confirmation of bank balances, physical inspection of significant equipment and property, and other correspondence with third parties such as attorney's, customers and others that we deem necessary in the performance of the audit procedures. As part of the audit we will obtain a sufficient understanding of the internal control structure in order to plan the audit and determine the nature, timing and extent of the tests to be performed.
A review is the middle level of service. A review consists principally of inquiries of company personnel and analytical procedures. A review is substantially less in scope than an audit, and does not include detail testing of evidence supporting the amounts in the financial statements, among other procedures typically performed in an audit.
A compilation is the third type of service. A compilation is consists of presenting information provided by management in the form of financial statements and may include footnotes. A compilation is not a review or an audit. No opinion or any other form of assurance is given on the compilation.
In addition to the above services our experience extends to Agreed-Upon Procedures Engagements; Reporting on Pro Forma Information; Compliance Auditing; and Internal Control Reporting
NDSW understands that Advisory Services are more than consulting. It is for the seasoned professional, the one you Trust, who has experience with business performance and strategic growth.
We gauge our worth by the personal and business successes of our clients. Beyond explaining how to use financials, we advise clients how to build wealth in their companies by focusing on the reduction of operating costs and spending time on business development and strategic management decisions. In addition acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.
Some of the decisions we have helped business leaders make include the following:
Buying and selling a business
Set up a new business
Negotiate banking agreements
Use a business plan to set concrete goals, responsibilities, and deadlines
Considering tax implications before implementing any new business strategy
Litigation support, forensic accounting and IRS audit representation is also available
Elder care issues