Audit, Review & Compilation
Compliance with less pain.
Leveraging professional experience, industry knowledge and sensitivity to business needs, we perform procedures designed to meet professional standards and provide clarity and integrity of reporting to stockholders, management and other users who rely on financial statements. We do our best to help you meet your compliance obligations with as little disruption as possible.
Audit
An audit is the most comprehensive examination of your financial records, systems and statements and provides reasonable assurance that financial statements are fairly presented in accordance with GAAP. An audit verifies the accuracy of the information in the statement, expresses an opinion on the fairness of the financial statements, and provides assurance that the underlying data has been tested. An audit is often required by lenders, investors and governmental agencies.
Review
If an audit is not required, a review of your financial statements, with considerably less scope than an audit, provides limited assurance at a significantly lower cost. Inquiry and analytical procedures are performed. However, the extent of investigation performed is much less than in an audit. Typically, reviews are prepared for entities that have bank loans or outside investors, but who don’t require audited statements.
Compilation
A compilation provides no level of assurance that the financial statements are in accordance with GAAP. A compilation presents information that is supplied by management and makes sure the financial statements are free of obvious error. Inquiry and analytical procedures are not performed. Compilations are most often prepared for private businesses that do not need a high level of assurance.
