As a business owner, you may be accountable to creditors, private investors, and shareholders, all of whom are interested in ensuring that the company’s financial statements accurately represent the true financial position of the company. That’s where our financial statement audit services come in.
There are three types of CPA certified financial statements:
Compilations. The first level of service is the compilation. There is no verification that the numbers presented in the statements are accurate and the financial statements produced are for management and third-party use.
Reviews. More involved than a compilation, but not as comprehensive as an audit, reviews provide “limited assurance.” Key personnel are interviewed about the company’s accounting policies and procedures, industry, operations, and financial statements. A review report is issued as well.
Audits. Audit services are the highest level of service provided. We work closely with key personnel to gain knowledge of internal control systems (“checks and balances”). Verification and substantiation procedures are performed in accordance with Generally Accepted Auditing Standards (GAAS).
Financial Statement Audit, Review or Compilation?
You may be wondering which one is best for your business. The answer depends on the level of assurance or financial accuracy that you want. For instance, you may decide a compilation is all you need this year, but in subsequent years, you may decide that a review – or even a financial statement audit – provides better information about your financials and enables you to make better decisions about the future growth of your company. Lending and financing also requires differing levels of assurance.
HELPING YOUR BUSINESS ACHIEVE GROWTH IS WHAT WE DO!
Whether your business or organization needs an audit, compilation, review – or maybe even all three (kidding) – our experience is here to help.
Not sure which level of assurance your business needs to achieve your growth goals? Contact us and we’ll help sort it out.