Audits, Reviews, and Compilations

Whether your business needs the full assurance that an audit provides or just the limited assurance of a review, our professionals are ready to help satisfy your assurance needs.

Audits
An audit provides the highest level of assurance that your company’s financial statements are free of material misstatement and are presented fairly based on the application of accounting principles generally accepted in the United States (US:GAAP).

An audit includes:

• confirmation with outside parties
• testing selected transactions by examining supporting documents
• completing physical inspections and observations
• considering and evaluating the internal control system of the organization

Reviews
A review provides limited assurance on your business’ financial statements. During the review, inquiries and analytical procedures present a reasonable basis for expressing limited assurance that no material modifications to the financial statements are necessary and that they are in conformity with US:GAAP. A review analysis is useful if your company needs some assurance about its financial statements but not necessarily the higher level of assurance provided by an audit.

Compilations (Non-Assurance)
In a compilation, the CPA takes financial data provided by the company and puts the information in a financial statement format that complies with generally accepted accounting principles. There are no testing or analytical procedures performed and a compilation provides no assurance on your company’s financial statements.

To learn more about audits, reviews, and compilations, talk to a Senior Partner today.