Providing the Level of Assurance Your Business Needs
A potential investor just asked you for a copy of your reviewed financial statements. What does that mean? What if you don’t have them? Audits, reviews and compilations provide different levels of assurance on your financial statements. Audits are most often required by lenders while other stakeholders may be okay with statements with a lesser level of assurance.
All of these services require that we have knowledge of your business and your industry. Not only does this help us develop more efficient processes, it help us see beyond the numbers so we can provide more insight, suggestions and feedback on your internal controls, risk and operations.
- Audit Services. This is the highest level of assurance offered by CPAs. The objective is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole. Also, the CPA gains knowledge and understanding of your systems of internal control. Upon completion, the report states that an audit was performed in accordance with generally accepted auditing standards, and it expresses an opinion that the financial statements present fairly your financial position and results of operations.
- Review Services. By performing inquiry and analytical procedures, limited assurance is provided that the CPA didn’t become aware of any material modifications that need to be made for the statements to conform with GAAP.
- Compilation Services. Utilized by smaller private companies that don’t need a higher level of assurance, compilations take your company’s data and puts it into a financial statement that meets accounting standards. No assurance on the accuracy of the numbers is given.
Audit, Review and Compilation Experience: Our business was founded in financial management, and we strive to strengthen area businesses. Our team of audit and accounting professionals can bring credibility to your financial statements. We have received clean reports from the Public Company Accounting Oversight Board (PCAOB) and were given the highest possible rating on our AICPA peer review.
It’s imperative that you have complete confidence in the quality of your financials. Contact us to see how we can give you peace of mind along with insight you can use to improve your business.