Bergstein Enterprises Focuses on Safety, Service, and Satisfaction
About Bergstein Enterprises
Bergstein Enterprises, Ltd., a management consulting company for a variety of service companies, operates from a 35,000-square-foot office in Lubbock, Texas. The facility includes a full staff of professionals who specialize in areas such as account and operations management, human resources, equipment, finance, and public accounting. In each area, Bergstein Enterprises approaches its business with a three-fold focus on safety, service, and satisfaction, with quality personnel, referred to as 3SQ. Together, the company's employees create a positive atmosphere that fosters teamwork and customer service.
Pieter Bergstein, the chief executive officer and partner in Bergstein Enterprises, leads the company’s 3SQ initiatives. Throughout his three-decade career in the oilfield services industry, safety has been his primary concern. In addition to holding monthly safety meetings, he seeks out quality employees who hold customer satisfaction as one of their highest goals. He also works closely with the insurance companies regarding safety. As a result, the company has maintained a strong reputation in the oilfield services industry since its formation in 2004.
An Introduction to GAAP Reporting
Management consulting company Bergstein Enterprises offers clients in-depth financial analysis and reporting services. Under the supervision of its chief financial officer, Ben Boston, Bergstein Enterprises creates GAAP monthly statements for all client companies.
The phrase Generally Accepted Accounting Principles, or GAAP, refers to the standardization of best practices in financial statement reporting. This includes both the general methods that the accounting industry uses but also the professional standardization points that the Financial Accounting Standards Board (FASB) has issued. The GAAP also sets forth those terms serving as the driving concepts and assumptions in the profession that, according to the FASB, each external report should include.
A financial report implements GAAP through the inclusion of disclosure and matching principles. These establish what information the report will present and how it will do so. Large companies, which are required to use GAAP when issuing statements, must have an in-depth knowledge of current FASB standards and how to apply them. Such expertise allows the company to present statements that investors, regulatory bodies, and other entities can understand and apply in context.
Internal Control Testing under Sarbanes-Oxley Act
A management consulting company, Bergstein Enterprises serves the regions of Texas and eastern New Mexico from its headquarters in Lubbock, Texas. Established by Pieter Bergstein in 2004, Bergstein Enterprises’ staff consists of experienced professionals, including chief financial officer Ben Boston. A certified accountant with over six years of experience, Boston has conducted the Sarbanes-Oxley (SOX) internal control testing for a major drilling company.
Signed into law on July 30, 2002, the Sarbanes-Oxley (SOX) Act authorized a list of reforms designed to improve federal security, promote corporate responsibility, and reduce incidents of fraud. It also created the Public Company Accounting Oversight Board (PCAOB) to supervise auditing activities.
Testing involves assessing the drilling company’s operations, regulations, and financial reporting history in order to determine if it met SOX achievement objectives. The internal control process looks for evidence of reliable financial reporting and steps taken to comply with relevant laws. In addition, internal control examines a company’s business objectives and performance, including profitability and resource safeguarding protocols.
SOX also addresses formerly perceived weak points in the internal controls for revenue. SOX reforms include requirements that mandate companies to perform auditing tests and submit results in their annual auditing form, evaluate their business model to ensure revenue recognition efficiency, and provide annual and quarterly certifications of CEO and CFO responsibility for company actions.