Audits, Reviews and Compilations
Your Team Needs Tools for Thinking Strategically – We Can Help.
We’ll help you improve the quality of management’s decision-making by gaining a thorough understanding of your business and by analyzing and presenting information for measuring financial performance and achievement of strategic objectives through our services in:
- Financial Reporting Services:
- Audit – a thorough examination of your financial statements with the highest level of assurance
- Review – inquiries and analytical procedures conducted with limited assurance
- Compilation – preparation and presentation of financial statements based upon information provided by you
- Assistance with understanding and applying complex and constantly evolving accounting principles
- Agreed upon procedures
- Accounting assistance and financial statement preparation
- Accounting solutions for business
What is the Difference Between an Audit and a Review? Let’s Break it Down:
Financial Statement Audit
Highest level of assurance service that a CPA performs and is intended to provide creditors, investors and other outside parties with a high level of comfort on the accuracy of financial statements.
Typically appropriate and often required when seeking high levels of financing or outside investors, or when selling a business.
CPA issues a formal report that expresses an opinion on whether the financial statements are presented fairly, in all material aspects, in accordance with the applicable financial reporting framework.
The CPA is required to determine whether his/her independence has been impaired. If his/her independence has been impaired, the CPA cannot perform the audit engagement.
Financial Statement Review
The CPA performs analytical procedures, inquiries and other procedures to obtain “limited assurance” on the financial statements and is intended to provide a user with a level of comfort on their accuracy. The review is the base level of CPA assurance services.
Typically appropriate as a business grows and is seeking larger and more complex levels of financing and credit.
CPA will issue a formal report that includes a conclusion as to whether, based on the review, the CPA is aware of any material modifications that should be made to the financial statements in order for them to be in accordance with the applicable financial reporting framework.
The CPA is required to determine whether he/she is truly independent. If he/she determines that he/she is not independent, the CPA cannot perform the review engagement.
Our Review Process Overview
Establish
Objectives
Objectives
Understand
Your Business
Your Business
Plan Your
Review
Review
General
Fieldwork
Fieldwork
Conclude &
Issue Report
Issue Report
For additional details, please refer to the Financial Statement Services Guide.
