MVRsimulation Audited Financial Statements
Annually, MVRsimulation engages with our independent Certified Public Accountant firm, Robert F. Pagano & Associates, P.C., Boston, MA, and with other CPA firms, to perform an audit of our GAAP (Generally Accepted Accounting Principles) prepared financial statements. We do so for assurance during our management reviews that our business practices are fundamentally sound and that data accuracy is maintained. These audits provide the highest level of assurance that our financial statements are prepared accurately. These financial statements are not available to the public however the assertion of their efficacy is public and is provided here.
For the year ending 2018 and continuously since 2005, we have received an unqualified opinion of the accuracy of our financial statements.
Unqualified denotes that there have been no irregularities and our accounting procedures have no departure from GAAP; and that our auditors have not needed to 'qualify' any part of our financial statements by offering an explanation of any data or transaction. Pagano & Associates' unqualified opinion of our 2018 audit is available here.
MVRsimulation maintains GAAP accounting procedures and financial reporting which provide for consistency for our annual reviews. We believe that GAAP is important for transparency to our CPA and auditors and provides for consistent review across the entire fifteen-year period of our audits.
We represent to our auditors that our internal accounting controls and the preparation and fair presentation of financial statements are free from material misstatement, whether due to fraud or error.* Test methods are established to provide for the exploration and review of numerous contracts both of our customers and vendors and of the associated data of those transactions. During the audit process we provide unrestricted access to MVRsimulation managers and employees to discuss these and other transactions and of the general nature of our business practices.
With added assurance, Pagano & Associates is reviewed by their industry peers, a third-party CPA, (and affirmed to the Peer Review Committee of the Massachusetts Society of Certified Public Accountants) for their commitment in the use of General Accepted Auditing Standards. They have received a peer review rating of 'pass' with no deviations to procedure to their system of quality control. This peer review is also provided here.
* Portions copyright © 2020 by American Institute of Certified Public Accountants, Inc., New York, NY. All rights reserved.
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