Audit & Assurance Services
Audit
An audit provides the highest level of assurance. As a result, it is the most expensive financial report assignment. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice. We perform many procedures including a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements. The audit process provides stakeholders, including investors, creditors, and regulators, with a higher level of financial assurance. An audit can help identify financial statement errors and other weaknesses in internal controls. Additionally, an audit can help businesses work more efficiently and increase the accuracy of their accounting records.
Review A review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management. It is less expensive than the audit. During the review, we do not study and evaluate your company’s internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: “We are not aware of any material modifications” for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures. The review can be a good middle ground, providing the advantages of a CPA’s technical expertise without the work and expense of an audit.
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Compilation A compilation engagement does not provide an opinion. It is less expensive than an audit or a review. In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.
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Peer Review Services
The purpose of a peer review is to promote quality in the accounting and auditing services provided by CPA firms. Peer reviews ensure that CPA firms are performing to a high standard and offer firms opportunities to improve the quality of their services and processes.
We perform the following at reasonable rates:
We perform the following at reasonable rates:
Engagement Review An engagement review is a study and appraisal by a reviewer, of a sample of a firm’s accounting work. The reviewer’s objectives are to evaluate whether the engagements submitted for review are performed and reported on in conformity with applicable professional standards in all material respects and report on the evaluation of selected engagements.
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System Review A system review is a study and appraisal by a reviewer, of a firm’s system of quality control (system) to perform accounting and auditing work. The system represents the policies and procedures that the firm has designed and is expected to follow when performing its work.
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Other Services
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