Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.
Audit
An audit is appropriate for entities that must offer a higher level of assurance to outside parties. An audit is a methodical review and objective examination of the financial statements, including the verification of specific accounting documents and information as determined by the auditor or as established by the AICPA professional standards. It includes a review of internal controls, testing of selected transactions, and communication with third parties. An unqualified opinion from a CPA after an audit provides reasonable assurance to outside parties that the entity’s financial statements fairly present its financial position and results of operation in accordance with certain accounting principles.
Review
A review of financial statements provides limited assurance that material changes to the financial statements are not necessary. A review engagement consists primarily of analytical procedures applied to the financial statements, and inquiries of the management team. It is adequate for entities that must report their financial positions to third parties, such as creditors or regulatory agencies.
Compilation
In compiling financial statements for a client, we present information that is the representation of management and expresses no opinion or assurance on the statements. We rely on our knowledge of accounting principles and a general understanding of your business.
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