Stockholders, creditors, and private investors often need assurance that financial statements accurately represent a company's true financial position. We provide three levels of assurance to meet your needs.
Audit — highest level of assurance
An audit is a methodical review and objective examination of financial statements, including verification of specific information. Our work includes review of internal controls, testing of selected transactions, and communication with third parties.
- Satisfy stakeholders about credibility of published information.
- Facilitate timely, accurate tax payments and avoid penalties.
- Comply with banking covenants.
- Help deter and detect material fraud and error.
- Facilitate purchase and sale of businesses.
Review — limited assurance
A review consists primarily of analytical procedures and inquiries of management. A review report expresses limited assurance that statements conform with GAAP, with required footnotes and disclosures.
Compilation — lowest level of assurance
Compilations present management's information with no opinion or assurance. Banks often require compilations from an independent CPA as part of lending covenants.
Which report should you use?
Each report suits different circumstances depending on bank requirements, budget, and risk tolerance. Call us with questions about which type is right for you.